According to MarketsandMarkets forecasts, the size of the flexible plastic packaging market will grow from USD 102.19 billion in 2017 to USD 131.65 billion in 2022, with an estimated CAGR of 5.2%. Due to the growth of the middle class population, the growth of demand in the food and beverage and medical and health industries, and the preference for convenient packaging, the flexible plastic packaging market is expected to show a rapid growth trend.
Depending on the type, the market can be divided into:
* Vertical packing bag
* Flat bottom bag
* Gusset bag
* Small dispensing bag
* Large parcel belt
According to materials, the market can be divided into:
* plastic film
* Aluminum foil
According to printing technology, the market can be divided into:
* Flexo printing
* Gravure printing
* Digital Printing
* Other printing technologies
Depending on the application, the market can be divided into:
* Food and Drink
* Health and Medical
* Beauty and cosmetics
Depending on the region, the market can be divided into:
* North America
* Asia Pacific
* South America
* Middle East and Africa
According to the division of materials, the fastest growing plastic film market during the forecast period will have the largest share in 2020. This growth is due to its application in almost all types of packaging types, providing good product visibility, and providing safe and attractive packaging. Plastic film is also used as a raw material for the production of soft plastics, which are widely used in the packaging field, and are durable, clean, thin, transparent and cost-effective.
According to the division of printing technology, the flexographic printing plate will have the largest share in 2020, and according to the application division, the food and beverage sector will dominate the flexible plastic packaging market in 2020. Due to the high demand for food and beverage packaging, it provides durability, product protection, and extended product shelf life. Flexible plastic packaging for food and beverage products reduces the possibility of product contamination. It is expected that these two sectors will increase the most in the divided regions between 2017 and 2022.
In terms of value, the vertical packaging segment has the largest market share and will grow at the highest compound annual growth rate over the forecast period. This growth can be attributed to packaging bags, which are very helpful in terms of ease of use and portability because they are innovative forms of flexible plastic packaging.
In 2019, as manufacturers focus on developing low-cost flexible plastic packaging, the Asia Pacific region has the largest share (in terms of value) of the total flexible plastic packaging market, followed by North America and Europe. The Asia-Pacific region is expected to grow fastest. This is due to the large customer base of FMCG and durable consumer products (the population growth of countries in the region); this in turn is expected to lead to the growth of the flexible plastic packaging market. The North American flexible plastic packaging market is very developed and mature; the US and Canadian markets are expected to grow fastest between 2020 and 2022.