According to GMI Research report, “Global Flexible Plastic Packaging Market By Type, By Material, By Application and By Geography – Opportunities & Forecast 2016–2021”, the global flexible plastic packaging market was estimated to be USD 107.4 billion in 2016 and is projected to reach USD 137.9 billion by the end of 2021, exhibiting a CAGR of 5.1% during the forecast period. The key factors driving growth of the market are cost effectiveness and performance advantages of lightweight bags and pouches, increased shelf life of the product coupled with growing industrial demand for downgauging as well as high demand from the end-use industries especially food & beverage.
On the basis of type, stand-up pouches are expected to grow at the highest CAGR through 2021
Surging demand from several industries such as food & beverage, healthcare, and cosmetics & toiletries worldwide has led to burgeoning market growth of stand-up pouches on account of being cost-effective, light in weight, portable, user friendly and offer features such as zipper re-closure, pour spouts, slider closures, etc. Moreover, these pouches provide increased shelf space when compared with traditional packaging such as boxes, cartons, etc. Furthermore, they have excellent oxygen and odor barrier properties which helps to protect the product.
On the basis of material, plastic films dominated the market in 2016
The plastic films segment governed the largest share in flexible plastic packaging market globally due to high-performance features such as enhanced barrier property, lightweight, graphics properties and ease of use making them a best fit for the manufacturing of pouches and bags. Plastic films are generally made from polyethylene, polypropylene, PVC, BOPET, EVOH and polyamide which makes them visually attractive and at the same time provides more security when compared with other materials, such as paper and foil. As a result, the market is likely to witness significant growth over the coming years.
Food & Beverages application to lead the market during 2016-2021
Food & Beverages segment is predicted to capture the largest share and grow at the fastest rate during the forecast period owing to booming demand by the consumer-packaged goods and beverage manufacturers worldwide. In addition, flexible plastic packaging provides enhanced food perseveration capability, durability and increased shelf life. Apart from this, the manufacturers can customize the packaging into any shape and size as per their required need, thereby keeping themselves ahead of the competition.
Asia-Pacific controlled the largest share in the market in 2016
Escalated demand from the food and beverage industry can be attributed as the potential reason for the growth of flexible plastic packaging market in Asia-Pacific region in 2016. The rise in GDP growth rates coupled with soaring disposable income of people of emerging economies, especially China and India are further bolstering growth of the market in the region. North America and Europe are the other key dominant regions in flexible plastic packaging market across the globe. United States and Canada are projected to grow at the highest rates from 2016 to 2021 in the North American region.
For more details, browse the Table of Contents:https://www.gmiresearch.com/report/global-flexible-plastic-packaging-market-2016-2021-by-type-material-application-geography-opportunities-forecast-players-trends-size-growth-insights-cagr.htmlEarly buyers will get customization upto 25% on report
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