How Flexible Plastic Packaging Became a Lifeline for E-commerce, Catapulting Post-COVID Demand and Expanding Industry Opportunities

The Global flexible plastic packaging market is on a significant growth trajectory, projected to reach a value of US$108.3 billion in 2023 and expected to surge to US$171.6 billion by 2033, with a remarkable compound annual growth rate (CAGR) of 4.7%. The COVID-19 pandemic underscored the crucial role of flexible packaging in supporting the global e-commerce industry, leading to a post-pandemic surge in demand for these materials. This surge has created abundant business opportunities and growth in the printing and packaging sector.

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Several key factors are driving this robust demand for flexible plastic packaging:

1. E-commerce Boom: The COVID-19 pandemic accelerated the e-commerce industry, and flexible plastic packaging played a crucial role in safely delivering products to consumers. Post-pandemic, the demand for flexible packaging continues to rise, opening up new opportunities for the printing and packaging sector.
2. Sustainability Initiatives: With a growing global focus on environmentally friendly packaging, manufacturers are increasingly investing in the development of bio-based and sustainable materials for flexible plastic packaging. This commitment to sustainability aligns with evolving consumer preferences and regulatory pressures.
3. Packaged Food Demand: The rise in demand for packaged food products is a significant driver for flexible plastic packaging materials like polystyrene, polyethylene terephthalate, and polyethylene. As consumers seek convenience and longer shelf life, flexible packaging provides a cost-effective solution.
4. Export and Investment: High levels of export activity and investments in the food and beverage industries are further boosting the adoption of flexible plastic packaging solutions. This trend is expected to continue driving market growth.
5. Cost-Effectiveness: Manufacturers are turning to plastic flexible packaging due to its cost-effectiveness and superior shelf life compared to other packaging materials. This makes it an attractive option for a wide range of consumer goods.
6. Changing Lifestyles: Busy and fast-paced lifestyles have led to an increased demand for processed and packaged products, making flexible plastic packaging a ubiquitous choice for households worldwide.
7. Recyclability and Sustainability: Stringent government regulations, environmental concerns, and evolving consumer preferences are pushing manufacturers to develop recyclable and sustainable solutions for flexible plastic packaging. The focus on bio-plastics like bio polypropylene and polybutylene is expected to drive innovation and adoption

The flexible plastic packaging industry with its material segment, product segment, and packaging segment will generate sales of over 33.6 million tons in 2021, according to the annual market analysis conducted by Future Market Insights.

Rising urbanization and busy lifestyle have fueled the demand for convenient and fast foods, thus leading to increase in demand for flexible packaging. These packaging solutions are preferred over hard packaging as they require less energy for production, consume limited resources, readily available and are convenient to store and use.

Consumers are shifting towards buying packaged and processed food items rather than using traditional approach to preparing meals thus boosting the demand for flexible plastic packaging.

The Natural Resources Defense Council reported that Americans waste more than 400 pounds of food per person every year. The wasted food results in generating pollution equivalent to 37 million cars per year.

Flexible plastic packaging is emerging as a key solution to avoid food wastage as it improves shelf-life of the product as well as creates high barrier reducing the contamination of food. This method reduces the storing and shipping expenses. These factors will positively influence the sales of flexible plastic packaging.

Increasing government funding towards developing bio-plastics and improving the recycling infrastructure for efficient processing along growing awareness among consumers regarding the use of sustainable packaging will boost the flexible plastic packaging market growth in upcoming years.

Flexible plastics packaging is replacing rigid packaging owing to its highest sustainability benefits and Superior quality to provide in-transit protection to products. Increasing focus by industry players on converting old packaging into new packaging formats, or a host of other products will create opportunities for industry growth over the forecast period.

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Key Takeaways: 

• North America flexible plastic packaging market will grow at 3.0% CAGR during the assessment period owing to thriving e-commerce industry and increasing demand for convenient packaging solutions from restaurants and food services.
• Europe market will exhibit a growth rate of 2.6% CAGR from 2021 to 2031, driven by increasing research on developing flexible bio-plastics and elevated export and production of flexible plastic packaging in the region.
• Japan will hold more than 14% of the East Asia market in 2021, backed by increasing development in recycling infrastructure and limited usage of non-biodegradable plastics in the country.
• Polylactic acid (PLA) bioplastics are gaining traction owing to their superior durability, recyclability and lightweight nature. The segment is predicted to expand by 1.11x of its current valuation over the assessment period.
• General barrier packaging will account for more than 80% of the global market share by the end of 2031. Increasing demand for safe and sterile packaging options for packing vegetables and fruits will be the key growth driver.

“Rising usage of flexible plastic packaging in online retail and e-commerce industry and increasing consumer reliance on online delivery of essential products especially during pandemic will drive the flexible plastic packaging market growth over the forecast period,” says the FMI analyst.

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Competitive Landscape

Leading market players are focusing on new product development to expand their product portfolio and penetrate new markets. They are also working towards devising new methods for sustainable packaging to gain the competitive edge in flexible plastic packaging industry.

For instance, in 2021, ThyssenKrupp’s plant engineering business won another order to construct a new bioplastics plant in South China. The plant will be based on patented PLAneo technology and is predicted to produce 30,000 tons of polylactide (PLA) annually.

In January 2021, Yum China which holds mahor stakes in leading fast food joints in China launched plastic reduction and sustainable packaging initiatives and aims to 30% reduction non-degradable plastic packaging weight in next five years.

Key Companies Profiled              

1. Amcor Ltd.
2. Constantia Flexibles Group GmbH
3. Berry Global Group, Inc.
4. Huhtamäki Oyj
5. Sonoco Products Company
6. Bemis Company, Inc.
7. Sealed Air Corporation
8. AR Packaging Group AB
9. Mondi Group
10. DS Smith Plc
11. CCL Industries Inc.

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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