Comparing 11 vendors in Flexible Plastic Packaging Market across 74 criteria.
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The Flexible Plastic Packaging Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Flexible Plastic Packaging. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 60 companies of which the Top 11 Flexible Plastic Packaging Companies were categorized and recognized as the quadrant leaders.
According to the Flexible Packaging Association, flexible packaging is any package or any part Of a package whose shape can be readily changed. Common examples of flexible packaging include bags, pouches, shrink films, tubes, sleeves, and carded packaging. Flexible packaging is a means Of packaging products through non-rigid materials, which provides more economical and customizable options.
The flexible plastic packaging market refers to the industry that produces and supplies packaging materials made from various types Of plastic that can easily bend, twist or stretch. Flexible plastic packaging material refers to a type Of packaging material that is made from thin, pliable plastic films or sheets. These films can be easily shaped and molded into various forms, such as pouches, bags, wrappers, or liners, to suit the specific packaging needs of different products. Flexible plastic packaging is highly versatile, lightweight, and durable. It often provides excellent barrier properties against moisture, oxygen, light, and other external factors that can affect the quality and shelf life of the packaged contents. It is commonly used in food, beverage, pharmaceutical, personal care, and other industries, where it helps to protect and preserve products, reduce waste, and enhance convenience and portability for consumers.
The 360 Quadrant efficiently maps the packaging based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the Flexible Plastic Packaging quadrant. While the top criteria for product footprint evaluation included Product Type, Sustainable Initiatives, Product Features and Functionality, Product Applications, Product Industry Verticals, Packaging Type (Pouches, Bags, Roll Stock, Films & Wraps, Others), Printing Technologies (Flexography, Rotogravure, Digital Printing, Others), and Material (Paper, Plastic, Metal).
Key trends highlighted in 360 Quadrants:
- The global flexible plastic packaging market was valued at USD 182.4 billion in 2022 and is projected to reach USD 264.9 billion by 2030, growing at a CAGR of 4.8% from 2022 to 2030. The flexible plastic packaging market is poised for substantial expansion in the coming years, driven by a surge in the need for packaged food and beverages, the flourishing e-commerce sector, and continuous advancements in packaging technology. The market is also propelled by a rising demand for packaging solutions that are lightweight, convenient, and cost-effective across various industries such as pharmaceuticals, personal care, and food & beverages.
- Another prominent factors that is driving the growth of flexible plastic packaging companies is the rising trend of online ordering for daily essentials and fresh food, further fueling the demand for flexible plastic packaging. Key factors contributing to the growth of this market include the optimization of packaging material usage, cost-effectiveness, extended shelf life, heightened demand from diverse end-use sectors, and the ongoing upswing in e-commerce sales.
- Based on the application, the personal care & cosmetic segment is projected to be the fastest growing segment at a CAGR of 5.75% over the forecast period. The increasing consumer spending, the launch of new brands in the field, growing e-commerce, availability of affordable products, are some of the major reasons for the expected growth of this segment. The market was followed by the pharmaceuticals & healthcare segment.
- The key flexible plastic packaging companies have been focusing on broadening their product portfolio. For instance, in September 2022, Amcor PLC revealed a strategic venture with ePac Flexible Packaging, a prominent provider of top-tier flexible packaging materials. This collaboration is set to augment Amcor PLC's stake in ePac Holdings LLC. Furthermore, in May 2022, Amcor PLC diversified its product range by introducing High Shield laminates into its pharmaceutical packaging portfolio. These laminates deliver elevated barrier properties and performance, meeting the stringent requirements of pharmaceutical companies.
- Based on printing technology, the flexography segment accounted for the highest share of the market, followed by rotogravure. Digital printing is also observed to be the one of the most rapidly growing printing technologies, enabling companies to create highly customized and flexible designs, thereby making it a fast growing segment.
- The ability of flexible plastic packaging to reduce the amount of packaging waste without compromising the safety and hygiene of food products has led to a rise in demand for it. In 2022, the food segment accounted for 53%, the largest share of the flexible plastic packaging market.
- The high demand for the plastic segment is attributed to its excellent barrier protection, lightweight nature, flexibility in design, and cost-effectiveness. Due to these properties, this segment held the largest share (78%) in 2022. Additionally, the use of bioplastics is gaining popularity in the developed markets of North America and Europe. Flexible plastic packaging companies have started adopting this trend and have started incorporating new products aligned to it.
- In terms of regional analysis, the Asia Pacific region dominated the market in 2022, accounting for nearly a share of 40% in terms of value. This growth is majorly attributed to the higher consumer spending and manufacturing of packaging materials in developing economies. The North American market is also expected to witness a growth driven by the technological advancements in the food, beverage, and healthcare industries.
- Notable flexible plastic packaging companies like Amcor (Switzerland), Berry Global (USA), Mondi PLC (UK), Constantia Flexibles Group (Austria), and Sealed Air (USA) are the top players in the flexible plastic packaging market. However, due to high fragmentation, these top five players account only for 12% of the overall flexible plastic packaging market.
- The global market for flexible plastic packaging is highly competitive and flexible plastic packaging companies are focused on market consolidation by adopting organic and inorganic growth strategies such as partnerships and launches. For instance, in February 2023, Sealed Air acquired flexible packaging firm Liquibox for USD 1.15 billion. The deal was aimed to expedite the growth of SEE’s CRYOVAC fluid and liquid packaging brand.
- Another notable activities by these flexible plastic packaging companies includes examples such as - In January 2023, Amcor completed the acquisition of MDK, a Chinese firm specializing in medical device packaging. This strategic move is poised to enhance Amcor's position as a leader in the Asia Pacific medical packaging sector, with a particular focus on catering to the markets in China, India, and Southeast Asia. Additionally, in December 2022, Amcor Limited entered into a Memorandum of Understanding (MOU) with Licella Holdings, signaling their joint investment in advanced plastic recycling facilities in Australia. This collaboration underscores Amcor and Licella's shared commitment to fostering a local circular economy for soft plastics in Australia and aligns with Amcor's overarching goal of achieving 30% recycled content across all its products by 2030.
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