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.
The global flexible plastic packaging market is projected to generate revenues of $172.29 million from 2018-2023 with a steady CAGR of 3.2% during this period, according to a study shared by Frost & Sullivan, San Antonio, Texas. 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. Plus, a growing need for innovative flexible plastic packaging options that meet recyclability, regulatory and sustainability standards further augment lucrative market expansion possibilities.
“Due to current regulatory, consumer and environmental pressures, manufacturers are steering their strategies toward circularity and leveraged new plastic technologies to develop recyclable and sustainable solutions that include specific properties such as oxygen, moisture, light, puncture and chemical resistance and easy-tear propagation,” says Prateeksha Kaul, senior research analyst, chemicals, materials and nutrition. “Further key focus areas for manufacturers include the development of alternative bioplastics solutions such as polybutylene succinate and biopolyproplyene. However, competitive factors like price and the disposal of bioplastics will need to be examined to ensure successful usage.”