From $50.44 billion in 2020, the global Flexible Plastic Pouches market is projected to reach $96.87 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 8.5% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, increasing demand from emerging economies, rising popularity of flexible plastic pouches with aesthetic appeal, and changing consumer lifestyle.
Global Flexible Plastic Pouches Market: Market Dynamics
Rising health awareness and growing disposable income has resulted in the growing demand for packaged food and beverages, which, in turn, drives the demand for pouches. The growing trend of adopting western culture, along with an increase in the standard of living and increased popularity for convenience food products, contributes toward the rise in demand for packaged food products. The rise in demand for packaged food would eventually boost the demand for plastic pouches.
On the other hand, stringent regulations pertaining to the flexible plastic packaging may hinder the market. It is very crucial to adhere to such regulations. In addition, rising popularity of pouches in alcohol packaging is providing ample opportunities the market.
Impact of COVID-19 on Flexible Plastic Pouches
The demand for various flexible plastic packaging types has increased after the Covid-19 pandemic. There has been an increase in the use of single-use plastics. Safety concerns aroused as a result of the pandemic have further propelled the market growth. E-commerce has also flourished due to the pandemic. Consumers are buying one-time usable plastic pouches owing to hygiene issues. An increase in demand for FMCG products due to the pandemic is also driving the market.
Polyethylene (PE) Segment Dominate the Market in 2020
The polyethylene material segment accounted for a larger market share. This can be attributed to its low production costs, high clarity, and heat seal-ability that make it suitable for pouch packaging. Polyethylene is the desirable material for various end use applications. The demand for this material is witnessing a considerable increase too.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period. Growth of the market in this region can be attributed to the rise in disposable income of people and growing middle-class population. The food and beverages industry in this region is also undergoing major developments. China is expected to be the fastest-growing market across the globe during the forecast period. This is attributed to the population growth in the country, along with the high availability of packaging material coupled with technological development.
List of the Key Players Profiled in the Market Include:
• Amcor PLC • Mondi Group • Berry Global Inc • Smurfit Kappa • Sonoco Products Company • Huhtamaki • Sealed Air Corp • Uflex Limited • Printpack • Wipf Holding Ag • Clondalkin Group • Daklapack Europe B.V. • Gualapack S.P.A. • Korozo Ambalaj San. Ve Tic. A.S. • Novolex • Coveris • Constantia Flexibles Inc • Goglio Spa • Glenroy, Inc • Proampac
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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