The technology has been considered as the most economical approaches for preservation, distribution and packaging of food, beverages, pharmaceuticals and other consumables products. The market designs personalized packaging to fit the products of various sizes, shapes, and appearances, including handles, opening & reclosing features such as zips and spouts.
Growing per capita income in emerging economies, paradigm shift in lifestyles, growth of health consciousness are some of the key drivers positively influencing the industry growth. Availability of raw material resources, and lower trading barriers giving rise to international trade have been anticipated to drive the technology over the forecast period.
Various developments such as Modified Atmosphere Packaging (MAP) and Intelligent Packaging technologies have substantially impacted the sector in an encouraging manner. The technological developments have boosted the scope for various end use application in the pharmaceutical, food & beverage, and consumer goods industry. Increased shelf life of perishable products, light weight packaging, easy identification of tampered packaging, and effective resistance from foreign adulteration are some of the other factors escalating the global demand. Although, complicated procedure & problematic recycling processes due to multilayer packaging may restrict growth.
Standup pouches type segment is predicted to grow at the highest rate during the forecast period. The standup pouches segment is anticipated to hold the largest share and is projected to grow at the highest CAGR over the forecast period. The segment growth is accredited to the rising implementation of advanced customs owing to their portability & ease of use. Standup pouches offer many features such as pour spouts, zipper re-closure slider closures, strong shelf presence, and release valves.
The plastic films segment is also expected to have the largest share owing to its diversified application in cosmetics, and food & beverages. Light weightlessness, cleanliness, cost-effective, durability, and transparent are few of the features owing to which plastic films are used as raw materials to produces plastic.
The food & beverage application sector is estimated to witness enormous growth owing to the increasing demand for convenience food and fast foods. Flexible plastic packaging in food & beverage sector reduces the possibility of product contamination and protects from light, moisture, gas, & temperature.
Asia-Pacific region is expected to hold the largest share in the market. The Asia-Pacific region has been anticipated to have the largest share, followed by North America and Europe, as the industrialists’ in the region are focused on producing low-cost plastic packaging products. Large customer base for FMCG products and consumer durables owing to huge population in emerging countries is one of the prominent factor projected to drive the market.
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