Latest News- Flexible Plastic Packaging Market: Pouches is expected to lead the Product segment during 2024-2028
The Flexible Plastic Packaging Market is being driven by Rising focus on improving the shelf life of products
The Flexible Plastic Packaging Market is expected to grow at a CAGR of 4.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 43.9 billion. In the dynamic flexible plastic packaging market, vendors are consistently investing in product innovation to stay competitive. Notable instances include Amcor Plc's December 2022 MOU with Licella Holdings to establish advanced recycling facilities in Australia, aiming for a local circular economy and a 30% recycled content target by 2030. Such initiatives are likely to spur competitors to introduce innovative, sustainable solutions.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Pouches, Bags, Films and wraps, Others) End-user (Food and beverage, Healthcare, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Flexible Plastic Packaging Market Research Report
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The Flexible Plastic Packaging Market encompasses a wide range of products, including plastic films, bags, and pouches, used for packaging various consumer goods, particularly in the food industry. Key drivers in this market include the need for freshness, barrier protection, and durability in packaging. However, concerns over plastic pollution and contamination, as well as price fluctuations, pose challenges. Kraft paper and aluminum foil remain significant competitors, but flexible plastic packaging offers advantages such as printability and ease of use. Production capacity expansions through acquisitions and collaborations with robust vendors are prime reasons for market growth. Plastic resins, used in the production of flexible plastic packaging, are essential raw materials. Flexible plastic packaging for packaged food plays a crucial role in various market facets, including competition and market position. Richdale Plastics, and other key players, leverage their expertise in this area to provide innovative solutions, ensuring their market position remains strong. Overall, the flexible plastic packaging market continues to evolve, adapting to consumer needs and industry trends.
In the global packaging market, Technavio identifies the flexible plastic packaging segment as a significant contributor. This category offers numerous advantages, including superior protection, extended product shelf life, and ease of use. Flexible plastics, such as polyethylene, polypropylene, and polyvinyl chloride, exhibit excellent performance, durability, and cost-effectiveness. These attributes make flexible plastic packaging an indispensable solution for various industries, including food, beverages, pharmaceuticals, and oil.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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