Global Flexible Plastic Packaging Market size is projected to grow from USD 160.8 billion in 2020 to USD 200.5 billion by 2025, at a CAGR of 4.5% from 2020 to 2025.
Major role play in flexible market is AEP Industries Inc. (Us), Amcor Limited (Australia), American Packaging Corporation (Us), Ampac Holdings, Schur Flexibles Group and International Paper Company.
Ampac Packaging LLC, Bischof + Klein SE & Co. KG, Bemis Company Inc., Sealed Air Corporation, Sonoco Products Company, Graphics Packaging Holding Company, Constantia Flexibles Group GmbH, Oracle Packaging Inc., Honeywell International Incorporated, and Amcor Limited are prime players of the global converted flexible packaging market. Recently, Tesco, a multinational grocery chain, has partnered with Sealed Air, SABIC, Plastic Energy, and Bradbury’s Cheese for creating new packaging from recycled materials. It can be used in packing of bread, cheese, salads, and other foods to maintain their freshness. KORORCY Oct 2020 has awarded for their new development use of recyclable mono-materials for flexible packaging. KORORCY is our new generation product developed as a sustainable packaging solution in line with this vision. It contributes to a sustainable world with its recyclability, but it is also ideal for complying with the recycling regulations of local authorities. Mono-material based flexible packaging films are encouraged at CEFLEX (Circular Economy for Flexible Packaging) meetings as well.
Beauty products manufacturers, like L’Oreal and Unilever, are also investing in eco-friendly packaging approaches to make more sustainable usage of plastics in the personal care industry. Moreover E-commerce, digital printing, and sustainability are driving market development and growth. Customers are increasingly becoming more eager to pay extra for certain product attributes boosted by flexible packaging. For instance, according to the Flexible Packaging Association, more than 60% of consumers in North America are keen to pay more for tangible and functional packaging benefits, such as product protection, shipping friendly and supply chain efficacy, among others. As part of a $400 million drive to achieve its sustainability goals, Lego Group Sept 2020 announced plans to swap its plastic inner bags for recyclable paper ones. From 2021, the company will start using FSC-certified recyclable paper bags to package the loose bricks in its boxes, as part of its self-stated ambition to make all its packaging “sustainable by the end of 2025.”
Market Segmentation of Flexible packaging By Product Pillow pouches, Stand-up Pouches, Four sides seal pouches and others. By Material: Plastic, Paper, Aluminum Foil, and Others. By Application Food & beverage, Personal care, Healthcare, Industrial and Others. By Region it includes North America, Europe, Asia-Pacific and Row. According to the Packaging Industry Association of India (PIAI), the sector is growing at 23 -25% per annum. In recent years, India has witnessed sustainable packaging growth owing to the increase of packaged food consumption and awareness, and demand for quality products. Consumer awareness surrounding packaged food, specifically packaged food deliveries, has heightened.