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. Dynamic industry changes, such as the introduction of new regulatory initiatives, have encouraged manufacturers to develop new packaging options. Growing concerns regarding the use of bio-degradable plastics for flexible packaging and its impact on the environment have also driven manufacturers to develop sustainable packaging options that are safe and secure. In order to reduce the cost pressure and maintain the integrity of product packages, manufacturers are considering sustainable packaging solutions that require fewer materials and energy to manufacture a package, reduce transportation expenses, and offer extended shelf-life to the product.
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Due to stringent government regulations, changing consumer preferences, and environmental pressures, manufacturers are steering their strategies toward circularity and leveraged new plastic technologies to develop recyclable and sustainable solutions that include specific properties such as oxygen, moisture, light, puncture, and chemical resistance, and easy-tear propagation. While, key focus areas for manufacturers include the development of alternative bioplastics solutions such as polybutylene succinate and biopolyproplyene, along with the price and disposal of bioplastics, which will need to be examined to ensure successful usage.
Governments all over the world are encouraging the use of sustainable packaging in order to minimize waste. In 2018, the UK strode forward to become the world leader in sustainable packaging. With an investment of USD 80 million (£60 million), the government called on innovators to develop packaging, which will reduce the impact that the harmful plastics are having on the environment. The Packaging and Packaging Waste Directive has been established in Europe, which has two main objectives: to help prevent obstacles to trade and reduce the impact of packaging waste on the environment. According to this directive, the EU States shall ensure that the recovery and recycling of packaging are made effectively and that the use of hazardous constituents in packaging is kept to a minimal level.
The APAC region is projected to account for the largest share in the flexible plastic packaging market
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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