One of the rising developments in the packaging industry is with the development of flexible plastic packaging. Flexible plastic packaging requires various kinds of plastic materials and it is used to seal different type of items. The type of material to be used in packaging depends on the type of product to be packaged and the application of that product. Flexible packaging is one of the industry's fastest-growing segments, combining the best plastic, film, paper, and aluminum foil qualities to deliver a wide variety of protective properties. It basically takes the form of a packet, pouch, wrapper, or outer sheath, or any portion of a package that can be readily altered in shape. Such packaging is used for consumer products and industrial applications, for the protection, marketing, and distribution of a wide range of products.
Innovation and technological advancements in packaging have contributed to the growth of lighter weight packaging which enhances the shelf value, durability, product safety and seal capacity. Flexible packaging allows visibility of its contents, attracts the shelf appeal and inculcates consumer trust at the place of purchase thus the industry continue to advance at an unprecedented rate. The flexible plastics packaging market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by material type, product type, printing type, and by application. In the material type, it is segmented into paper, plastic films, bioplastics, and aluminum foil. Among the material type segment, bioplastics and plastic films type is growing at a fast pace and is anticipated to have the largest market share. This is owing to the fact that more and more environmental concerns are assertive towards greener alternatives. Subsequently bioplastics emit lesser greenhouse gases and are easy to biodegrade, while the plastics films are cost-effective, more enduring, and are majorly used in household sectors for various applications. By product type, it is segmented into flat pouches, gusseted bags, wraps, standup pouches, roll stock, and others. In the product type segment flat pouches, roll stock has the largest share this is on account of their various industrial applications in packaging. CLICK TO DOWNLOAD SAMPLE REPORT
According to the report published by the Environmental Protection Agency, it is estimated that 14.5 million tons of plastic containers and packaging were generated in 2017, which is approximately 5.3 percent of MSW generation.
There is a significant increase in the usage of flexible plastics since there is a growing need for the packaging of the processed foods & beverages. Flexible plastic packaging possesses several beneficial properties such as it is lightweight, easy to use, and are cost-effective. On the other hand, flexible plastic packaging has greater flexibility and durability over conventional plastic packaging types. As a result, flexible plastic packaging is progressively replacing rigid packaging methods, which is anticipated to contribute to the substantial growth of the global flexible plastic packaging market.
Cost-efficiency and improved product shelf-life has driven the market for large-scale flexible plastic packaging. Owing to busy lifestyles, the market for convenient products have improved, leading to increased demand for flexible packaging. Flexible plastic packaging requires less energy as well as less money spent on packaging; moreover, it uses 35 percent less retail shelf space, making it cost-effective comparative to other packaging types. Also, market preference has slowly changed from conventional methods of home-made food preparation to buying packaged goods which acts a major growth factor for the flexible plastic packaging market.
Despite the growing market for flexible plastic packaging, there have been strict regulations and sudden changes in plastic legislation that could lead to uncertainty in the market, which in turn could adversely affect the demand for flexible plastic packaging. Also, in terms of recycling, flexible plastic packaging formats are made up of layers of plastic and metal (aluminum) and recycling of these products requires a lot of separation and categorization. Segregation enables these components to be further converted into recycled resins. Due to the lack of a concrete segregation process, the recyclability of flexible plastic packaging is extremely difficult. Challenges faced in the development of these technologies creates this vicious cycle and acts as a restraint towards the market growth for the product. According to the report of EPA, in 2017, recycled plastic containers and packaging amounted to 1,9 million tons or 13 percent of plastic containers and packaging rendered. Besides, approximately 17 percent of the plastic containers and packaging waste produced was combusted with energy recovery, while the rest (69.9 percent) was landfilled. In addition, the flexible plastic packaging industry is gradually shifting to alternative solutions rather than plastics which may further impact the demand for flexible plastic packaging.
Our in-depth analysis of the flexible plastic packaging market includes the following segments:
Based on regional analysis, the flexible plastic packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The Asia Pacific, followed by North America, holds a significant share of the world flexible plastic packaging market, owing to the native presence of many industries, also because people are increasingly demanding fast-moving consumer goods, especially in emerging economies like China and India, increased disposable income has contributed to a rise in demand for packaged high-quality food. For several nations, the rise in population has also contributed to a rise in food and beverage consumption, which eventually raises the demand for flexible packaging items. These countries rising exports contribute to the growth of the flexible packaging industry. The market in North America is mature and developed and is increasing at a steady phase and is predicted to considerably contribute to the expansion of the product market throughout the forecast period.
The flexible plastic packaging market is further classified based on region as follows:
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