LONDON--(BUSINESS WIRE)--The global flexible plastic packaging market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
Bioplastics are biodegradable plastics derived from renewable biomass sources. Growing awareness about environmental pollution and the need for sustainability is compelling brand owners to adopt sustainable packaging. This is helping to increase the demand for flexible bioplastic packaging. Many governments in various countries and regions across the world have implemented legislation that mandates the use of bioplastics over hazardous polymer and plastic materials. These initiatives and stringent regulations on the use of plastic are encouraging end-user industries to shift to bioplastics, including flexible bioplastic packaging. Thus, such initiatives are expected to increase the demand for bioplastics, which will drive the market for flexible plastic packaging.
As per Technavio, the emergence of recyclable flexible plastic packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global flexible plastic packaging market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Flexible Plastic Packaging Market: Emergence of Recyclable Flexible Plastic Packaging
The need to focus on sustainable packaging and reduce the use of plastic packaging due to environmental concerns has increased the demand for recyclable flexible plastic packaging. Most of the end-users of flexible plastic packaging have been introducing various initiatives to increase the use of recyclable packaging. For instance, in March 2019, Moy Park Ltd., a food processing company headquartered in Ireland, launched Remove, Reduce, Recycle, and Research campaign. The campaign aims at reducing its overall usage of packaging by 6% year-over-year while also increasing the use of recyclable packaging. Owing to the demand from end-users for recyclable flexible plastic packaging, some of the major vendors have introduced recyclable flexible plastic packaging. So, the increase in new product development will boost market demand during the forecast period.
“Apart from the emergence of recyclable flexible plastic packaging, the continuous development of new products and the rising focus on improving the shelf life of products are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Flexible Plastic Packaging Market: Segmentation Analysis
This market research report segments the global flexible plastic packaging market by product (pouches, bags, films and wraps, and others), by end-user (food and beverage, healthcare, and others) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rapid expansion of end-user industries in the region.
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Market Landscape
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- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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