Flexible Plastic Packaging Market to Grow 5%
Market growth in flexible plastic packaging is due to an increase in manufacturing activities and rising demand for conveniently packaged products.
The flexible packaging market is projected to expand from $102.19 billion in 2017 to $131.65 billion by 2022, growing at a compound annual growth rate (CAGR) of 5.2%, according to a recent report from MarketsandMarkets™. Demand is growing for the global flexible plastic packaging market due to an increase in manufacturing activities and rising demand for conveniently packaged products. The growth in demand from the food and beverage industry also provides an opportunity for market growth, especially in the emerging Asia-Pacific and South American regions.
The stand-up pouches segment is estimated to account for the largest share in 2022, mainly because of the growing consumption of food and beverage, dairy, and cosmetics products. Stand-up pouches are appealing as well as functional, as they offer various features such as zipper re-seal, slider closure, and release valves. In addition, the growing healthcare industry also provides an opportunity to the market to grow further due to the rising consumption of over-the-counter products for which stand-up pouches are used, especially in the emerging markets of Asia-Pacific and South America.
On the basis of key regions, the flexible plastic packaging market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia-Pacific region accounted for the largest share among all the regions in 2016, and is projected to grow in value at the highest rate from 2017 to 2022. This is mainly due to increasing demand for flexible packaging in China and India, coupled with the growing food and beverage industry in these countries. Due to increasing disposable incomes, the urbanized population is shifting toward healthy and safe packaged foods. Therefore, rising income and consumption level are also expected to lead to the growth of the flexible packaging market in this region. ASI
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