Flexible Plastic Packaging Market size was over USD 181.67 Billion in 2023 and is likely to reach USD 634.61 Billion by the end of 2036, growing at around 10.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of flexible plastic packaging is assessed at USD 198.18 Billion. The primary growth factor of the market is increasing awareness about the environmental impact and health hazards posed by traditional rigid packaging. This has resulted in an increased demand for sustainable, reusable, and recyclable forms of packaging. As per recent data, in 2018, 14.5 million tonnes of plastic packaging and containers were produced, or around 5.0 percent of the total amount of MSW (municipal solid trash) that was produced.
Flexible plastic packaging utilizes reduced energy, less natural resources, and produces less greenhouse gas emissions during production. Flexible plastic packaging extends product shelf life and decreases product waste; for instance, bananas packaged in flexible plastic bloom more slowly, extending shelf life. This kind of packaging frequently eliminated as little packing as possible, reducing the cost of product warehousing and shipping while preserving or enhancing product protection. As per World Bank estimates, 250 million metric tonnes of plastic garbage are produced annually, and only around 14% of that plastic is recycled, according to estimates that vary significantly. By 2030, the industry potentially emits 1.34 billion tonnes of greenhouse gases annually, which is the same number of emissions as 300 brand-new 500-megawatt power plants.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
10.1% |
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Base Year Market Size (2023) |
USD 181.67 Billion |
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Forecast Year Market Size (2036) |
USD 634.61 Billion |
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Regional Scope |
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Material Type (Paper, Plastic Films, Bioplastics, Aluminum Foil)
The global flexible plastic packaging market is segmented and analyzed for demand and supply by material type into paper, plastic films, bioplastics, and aluminum foil. Among these segments, the paper segment is anticipated to capture the largest market size in the global flexible plastic packaging market owing to its strong capacity for printing large formats such as boxes and bags at lower costs than other materials types. Out of the 33.9 million tonnes of paper and paperboard recycled in 2018, over 32.1 million tonnes were ribbed boxes. 96.5 percent of corrugated cardboard was recycled. After recycling, 230,000 tonnes of corrugated boxes got burned, and 940,000 tonnes were deposited in landfills in 2018.
Our in-depth analysis of the global market includes the following segments:
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By Material Type |
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By Product Type |
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By Printing Type |
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By Application |
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Asia Pacific Market Forecast
The Asia Pacific flexible plastic packaging market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. This is primarily attributed to increasing awareness about environmental concerns and the growing demand for sustainable alternatives such as compostable packaging. As per recent data, in total, the Indian packaging business is worth over 32 billion dollars and comprises over 10 lakhs at another through 10,000 firms. Plastics now meet more than 40% of India's packaging demands.
Syntegon Technology, formerly known as Bosch Packaging Group, released a statement announcing that it is partnering up with a European project to promote a circular economy for flexible packaging. REFLEX is a group of companies and organizations representing the value chain of flexible packaging that seeks to create a network for collection, sorting, and reprocessing in Europe by 2025. It is dedicated to the production of ‘Designing for Circular Economy Guidelines’ which has been developed for flexible packaging.
Sonoco Products Company, one of the biggest international diversified packaging companies, today announced the receipt of a prequalified label, Check Locally for reusability from How2Recycle for the Natrellis line of food packaging. Tellus Products, LLC is a company that creates USA-grown and made, greenhouse compostable packing materials for food manufacturing products.
Author Credits: Abhishek Anil
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