Flexible Plastic Packaging
Global Flexible Plastic Packaging Market
Source: MarketsandMarkets
CAGR
+4.5%
Food is again the segment making a splash, this time with the flexible plastic packaging market. According to MarketsandMarkets, the size of the global flexible plastic packaging market is projected to grow from $160.8 billion in 2020 to $200.5 billion by 2025 — a CAGR of 4.5% for the time period.
Pouches, of course, is the fastest-growing segment within flexible plastics packaging, again because of food. Freedonia is expecting demand in the segment to increase 6% annually through 2024, at the expense of rigid and other flexible packaging types.
MarketsandMarkets is expecting the barrier film market to reach $4.1 billion by 2025, growing at a CAGR of 5.3% between 2020 and 2025. The company says that market is witnessing high growth owing to demand for a longer shelf-life of food products, increasing demand for customer-friendly packaging and a rising number of retail chains in developing countries. The Asia-Pacific region is expected to register the highest CAGR for the period. PE is the major shareholder here, but the inorganic oxide segment projects to be the fastest growing due to its moisture barrier properties, transparency and cost-effectiveness.
Market Outlook by Packaging Segment
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Packaging Machinery & Automation
Cover and feature illustrations by fairywong / DigitalVision Vectors via Getty Images