Flexible Plastic Packaging Market to Increase at a CAGR 5.2% Through 2018 to 2028

As reported by a recent Future Market Insights study, flexible plastic packaging consumption will equate a valuation of over US$ 85 billion in 2019. Sales of bags and sacks, notably in the retail sector, currently accounts for over a third of market share. While flat pouches remain preferred over stand-up pouches, the report projects growing adoption of the latter in the future.

Cost competitiveness of flexible plastic packaging is primarily driving adoption. In addition to the ability of flexible plastic packaging to extend product’s shelf-life, it significantly accounts for overall packaging downsizing, which is another strong demand determinant favoring the growth of flexible packaging market. While adoption of flexible plastic packaging has been pervasive across multiple end-use verticals over the recent past, manufacturing activities are more likely to be instrumental in creating room for the growth of flexible plastic packaging landscape.  

Cutting-edge technology enabled smart packaging formats such as vacuum skin packaging (VSP) and modified atmosphere packaging (MAP) are gradually rising on the back of conventional general barrier technology.

A majority of flexible plastic packaging consumption remains concentrated among FMCG companies. The report has estimated gradually increasing adoption of flexible plastic packaging technologies and formats across the industrial sectors over the course of coming years. A healthy Y-o-Y growth is slated for the market in industrial packaging applications, in 2019 and ahead.P