The Flexible Plastic Packaging Market is to Touch $195.8 billion by 2030; The growing demand for sustainability is expected to drive the expansion of the flexible plastic packaging market and The expansion of the food sector will fuel the growth of t

The Flexible Plastic Packaging Market size is estimated to reach $195.8 billion by 2030, growing at a CAGR of 4.3% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Flexible Plastic Packaging Market – By Raw Material (Polypropylene (PP), Polyethylene (PE), Poly-vinyl chloride (PVC),  Polyamide, Polyethylene terephthalate (PET), Polystyrene (PS), Others.), By Type (Pouches, Plastic Films, Wraps, Roll Stocks, Bags, Tubes, Others.), By Application (Food, Beverage, Healthcare, Personal Care, Pharmaceuticals, Tobacco  Products, Pet Products, Others.), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” The growing demand for sustainability is expected to drive the expansion of the flexible plastic packaging market and The expansion of the food sector will fuel the growth of the market are fueling the growth of the Flexible Plastic Packaging industry during the forecast period.

In 2023, the Asia-Pacific region led the flexible plastic packaging market. Rising disposable incomes and the fast-paced lifestyles of consumers are driving the increased use of flexible plastic packaging in the region. Moreover, growth across key sectors like food, beverages, and healthcare is fueling demand for flexible plastic packaging solutions. For example, the World Bank has approved a $400 million loan for China's Food Safety Improvement Project, which aims to enhance food safety management, including eco-friendly packaging and plastics recycling. This initiative will boost demand for flexible plastic packaging such as pouches, wicketed bags, and plastic films, supporting market growth during the forecast period. In India, the food grocery and food services sectors are growing rapidly, with respective compound annual growth rates (CAGR) of 25% and 15%, according to data from Invest India. These sectors dominate the Indian food retail market, driving increased demand for flexible plastic packaging. This growth is expected to further contribute to the expansion of the flexible plastic packaging market.

Manufacturers around the world are increasingly committing to the development of sustainable and bio-based flexible plastic packaging solutions as part of their efforts to improve the planet. With growing concerns about the harmful effects of plastic, both governments and manufacturers are taking proactive steps to accelerate environmental sustainability. For example, Dow, a US-based leader in flexible plastic packaging, has outlined a comprehensive sustainability plan aimed at reducing plastic waste by 2050 and boosting global plastic recycling rates by 2030. As part of this initiative, Dow aims to collect and recycle 1 million metric tons of plastics by 2030. These strategic actions towards sustainability will drive the development of bio-based flexible plastic packaging solutions, thereby contributing to the market's growth in the coming years.

The growing food sector is expected to drive the expansion of the flexible plastic packaging market in the forecast period. The COVID-19 pandemic significantly boosted the food market, with consumers purchasing bulk groceries, increasing online food orders, and heightening demand for packaged food. This surge in food consumption will lead to a higher demand for flexible plastic packaging solutions made from materials like polyethylene, polyethylene terephthalate, and polystyrene. Additionally, factors such as increased investments, rising imports and exports, and industry expansion are fueling market growth. For example, according to an Invest India report, India exported 664,753.46 metric tonnes of poultry products worth $134.04 million to over 57 countries in FY 2022-23. Exports of other animal products in the same period totaled $4.06 billion. Moreover, the food processing sector in India attracted $12.354 billion in foreign direct investment (FDI) from April 2000 to September 2023, accounting for 1.89% of total FDI equity inflows. These trends in export growth and investment are expected to drive the increased demand for flexible plastic packaging solutions, thus supporting the market's growth in the coming years.

• In May 2023, Huhtamaki introduced a groundbreaking sustainable flexible packaging solution that combines superior protection, full recyclability, and affordability. The innovation features mono-material options, including paper, PE, and PP retort, delivering enhanced resource efficiency by minimizing material usage. This breakthrough is aligned with customer commitments and future policies, demonstrating Huhtamaki's dedication to addressing challenges in lightweight and sustainable packaging. The company's significant global investment ensures robust supply capacity, further driving the evolution of sustainable flexible packaging solutions.

Key companies profiled in the Flexible Plastic Packaging Market are Amcor plc, Berry Global Group, Inc., Sealed Air Corporation, Sonoco Products Company, Huhtamäki Oyj, Constantia Flexibles Group GmbH, Mondi, ProAmpac Holdings, Inc., Coveris Holdings S.A., TC Transcontinental and others.