Top 23 Flexible Plastic Packaging Companies, Worldwide 2023

360 Quadrants releases its list of “Top 23 Flexible Plastic Packaging Companies, Worldwide 2023,” in partnership with MarketsandMarkets. The report recognizes standouts in the flexible plastic packaging market, ranging from mid-sized enterprises to Fortune 500 companies. The vendor evaluation was conducted on over 200 companies, of which the top 23 were categorized and recognized as the new economic quadrant leaders.

Key trends highlighted in 360 Quadrants:

• The ability of flexible plastic packaging to reduce the amount of packaging waste without compromising on 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.
• Since pouches are versatile, lightweight, and easy to transport, they are widely adopted in flexible plastic packaging. The pouches segment held the largest share (33.41%) in terms of value in 2022.
• 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.
• The Asia Pacific region accounted for 43% of the total flexible packaging market. This dominance is mainly attributed to the continuously changing demographics and rapid industrialization in emerging economies like India and China. Other regions, such as North America, are projected to witness growth in the flexible plastic packaging market, majorly due to technological advancements in the food, beverage, and healthcare industries.
• 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.
• Companies are adopting various strategies in order to accelerate their growth in the flexible plastic packaging market. 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.
• In 2022, PPC Flexible Packaging, LLC announced the acquisition of Plastic Packaging Technologies, LLC. Through such ventures, PPC Flexible Packaging aims to grow steadily and evolve, both organically and inorganically. Amcor, another key market player, launched several products in 2022, such as a new platform for paper-based packaging, more sustainable packaging for pharmaceuticals, and others.