UNITED KINGDOM, London. Growth opportunities in the Global Flexible Plastic Packaging Market look promising over the next four years. Shifting consumer preferences and an evolving retail landscape have increased the demand for flexible packaging with features such as improved shelf life, convenience, and ease of use.
A growing need for innovative flexible plastic packaging options that meet recyclability, regulatory, and sustainability standards are further factors augmenting lucrative market expansion possibilities. Frost & Sullivan, a global consulting firm, forecasts the global flexible plastics packaging market to generate revenues of $172.29 mill. from 2018 to 2023 with a steady CAGR of 3.2% during this period.
From a regional perspective, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to the increasing number of dual-income households. While North America faces challenging competition from emerging markets and is set to experience average growth, European regulations regarding recyclability and sustainability of plastics used in packaging are expected to impact this region.
From a competitor position, the supply base is fragmented with multinational companies playing a dominant role in most regions; the top five participants typically cater to less than 30% of the market. To gain a competitive advantage, the study recommends players emulate innovative companies such as Amcor, Berry, Huhtanaki, and Mondi, and introduce product innovation aimed at sustainability, enhanced consumer convenience, and ensuring higher recyclability.
Additional growth opportunities participants should aim to secure include: