Flexible Plastic Packaging Market Estimated huge growth at a CAGR of 4.5% by 2025

The report "Flexible Plastic Packaging Market by Type (Pouches, Rollstocks, Bags, Wraps), Material (Plastic & Aluminum Foil), Application (Food, Beverage, Pharma & Healthcare, Personal care & Cosmetics), Technology, and Region – Global Forecast To 2025", The 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. The market is projected to grow in accordance with the increase in the demand for flexible plastic packaging for food, beverage, and cosmetics products across the globe. Furthermore, the flexible plastic packaging market has witnessed a significant increase in its demand for the supply of grocery, drugs, and vegetables & meat through online channels, during the ongoing COVID-19 pandemic.

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Browse 138 market data tables and 47 figures spread through 228 pages and in-depth TOC on "Flexible Plastic Packaging Market”

COVID-19 impact on global flexible plastic packaging market

The global flexible plastic packaging market is expected to witness a moderate decrease in its growth rate in 2020-2021, as the packaging industry witness a significant decline in its production. However, there seems an increase in the demand for flexible plastic packaging for food, beverage, and pharmaceutical applications for product packaging, during COVID-19.

• People are resorting to panic-buying and bulk stocking due to the fear of lockdowns. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for flexible plastic packaging. Governments of many affected countries, for instance, India, have asked the food industry players to ramp up production to avoid supply-side shocks and shortages and maintain uninterrupted supply. FMCG companies are responding by demanding more of flexible plastic packaging products. For example, Britannia Industries has urged the Indian government to ensure interstate movements of suppliers of raw materials and packaging materials.
• The demand for flexible plastic packaging in the pharmaceutical industry, is expected to remain robust as hospitals, drugs, and PPE manufacturers are responding to the crisis. The demand for household essentials, healthcare, and medical goods is not expected to decrease dramatically, and retail distribution for these types of products through online delivery can be expected to increase. This in turn, boosts the demand for flexible plastic packaging solutions for the timely delivery of raw materials and finished goods to their respective end users.

Food segment is estimated to be the largest segment in the flexible plastic packaging market in 2019.

Food segment, by application, accounted for the largest demand for flexible plastic packaging  in 2019, in terms of value and volume. This dominant market position is attributed to the boost in the demand for flexible plastic packaging solution across the food industry. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns, in COVID-19 pandemic. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for flexible plastic packaging solutions.

https://www.openpr.com/news/2165299/flexible-plastic-packaging-market-worth-200-5-billion-by-2025

The APAC region is projected to account for the largest share in the flexible plastic packaging market during the forecast period.

The APAC region is projected to lead the flexible plastic packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for flexible plastic packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving the global economy, expanding the working population, and rising domestic demand for food and pharmaceutical products  are expected to boost the market for flexible plastic packaging.

Constantia Flexibles (Austria), Amcor (Australia), Berry Global Inc. (US), Mondi (Austria), Sonoco (US), and Sealed Air Corporation (US)  are the key players operating in the flexible plastic packaging market. Expansions & investments, acquisitions, agreements, and new product launch are some of the major strategies adopted by these key players to enhance their positions in the flexible plastic packaging market.

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