The global flexible plastic packaging market size was assessed to be $ 97.56 billion in 2019 and is determined to reach $ 131.94 billion by 2025, at an annual rate of 5.5%. The base year taken for the study is 2019 and the estimated timeframe is 2020 to 2025.
Packaging can be explained as an inexpensive way to offer the presentation, protection, identification, containment, convenience and compliance of a complete product. throughout storage, transportation, display and use. Flexible packaging is known for packaging or a material made of flexible and easily productive materials, when it fills or closes when it can be instantly changed to so many shapes. In addition, flexible packaging consists of plastics, paper, and metals as the main components of flexible packaging products made of aluminium foil, paper foil, laminated paper, and plastic layers.
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The plastic sector leads the market due to its wide application in packaging in different end-use companies. Different plastics such as PVC, PE, PP, PET and others are widely used in these sectors. Based on value, the plastic film sector had the largest share and is expected to rise at a higher CAGR during the forecast period.
The pouches sector has the largest market share, which includes vertical pouches, retort pouches, and pillow pouches. These pouches have more moisture and oxygen barrier properties, combined with low material usage and economic properties.
By printing technology:
Flexography has the largest market share, which is a conventional printing method that can be used on different types of substrates, including corrugated cardboard, cellophane, plastic, label stock, fabric, and metal foil.
food & beverage
The food and beverage segment has the largest share due to increasing demand for ready-to-eat and take-away food and beverages. Flexible plastic food and beverage packaging reduces the risk of product contamination.
Impact of Covid-19 on Flexible Packaging Market:
The packaging industry faces unique challenges when faced with COVID-19. For instance, the 21-day national shutdown in India has almost completely closed the packaging supply chain. The government is doing its best to continue to provide essential supplies to the 1.3 billion people in India on a regular basis. However, this will not be possible without the product packaging facing a terrible situation. That said, we are facing an extraordinary situation that will require extraordinary measures. The industry is working with the government to provide these essentials in the most efficient way possible. In the meantime, it is important that everyone stay still and not panic as we move through this difficult phase. That said, in a standard industry situation, the challenges differ. While the fragmented nature of the industry adds to many of the problems, it is only part of the puzzle.
However, a common point that can be mapped between companies and industries is the chaos these challenges cause. Chaos in terms of faulty packaging design, lack of packaging stock, incorrect artwork, product recalls – it’s a long list. At a broader level, resulting in loss of activity and income. And therein lies the biggest problem. Organizations are intrinsically connected to thinking about things like products, quality, usability, and benefits. This often eliminates bulbs from the packaging. In some cases, we discovered that companies were unaware of the impact of their packaging on their activities and results. And in most cases, this may be related to their insufficient understanding of the packaging supply chain. At the macro level, GDP growth slowed to a seven-year low of 4.7% in October-December 2019. The National Statistics Office also set economic growth at 5% for fiscal year 2019-2020 in its second estimates. These factors had a direct impact on employment rates and affected consumer sentiment, holding back spending. This situation, associated with the COVID-19 pandemic, is putting pressure on supply and also hurting the economy. At the micro level, the fragmented nature of supply creates challenges for the industry. Added to this is the fact that packaging as a product category has no brand. Together, this creates a bad customer experience with issues like inconsistent packaging quality and time-consuming vendor discovery.