CHICAGO, July 23, 2021 /PRNewswire/ -- According to the new market research report "Flexible Plastic Pouches Market by Material (PE, PP), Type (Flat Pouches, Stand-up Pouches), Application (Food, Beverage), and Region (APAC, North America, Europe, South America, and Middle East & Africa) - Global Forecasts to 2026", published by MarketsandMarkets™, the Flexible Plastic Pouches Market size is estimated at USD 53.7 billion in 2021 and is projected to reach USD 73.5 billion by 2026, at a CAGR of 6.5%.
The Flexible Plastic Pouches Market is witnessing high growth owing to the increase in demand for lightweight, convenient, and cost-effective packaging products & solutions for food and beverage applications.
Polyethylene is the largest material segment of the Flexible Plastic Pouches Market
The Flexible Plastic Pouches Market is segmented on the basis of material into polyethylene, polypropylene, and others. The polyethylene material segment accounted for a larger market share. This is attributed to its unique flow properties such as propensity to stretch when strained, low production costs, high clarity, heat seal-ability, high elongation, and softness make it suitable for pouch packaging. Polypropylene is projected to be the fastest growing material segment. This is attributed to its good resistance to almost all types of chemicals, including strong acids, alkalis, and most organic materials, and its high melting point makes it a superior material for boilable packages and sterilizable products.
Flat pouhes is the largest type segment of the Flexible Plastic Pouches Market
The Flexible Plastic Pouches Market is segmented on the basis of type into flat pouches and stand-up pouches. The flat pouches segment led the market in terms of both value and volume. Its cost-effectiveness and aesthetic display in stores contribute toward its leading share in the Flexible Plastic Pouches Market.
Food is the largest application segment of the Flexible Plastic Pouches Market
The Flexible Plastic Pouches Market is segmented on the basis of application into food, beverage, and others. Food application segment accounts for largest market share in the market. Its malleability and low weight, along with the protection that it offers against contaminants make pouches an ideal packaging solution for food packaging products, leading to its large market share.
APAC is the largest market for Flexible Plastic Pouches Market
The APAC region is projected to be the largest market and to grow at the highest CAGR during the forecast period. Growth in APAC is backed by the increase in disposable income of people in countries such as China and India, growing middle-class population, rise in demand for packaged food, and the growth of the food & beverage industry. Moreover, the growth of the Flexible Plastic Pouches Market in the APAC region is attributed to the higher consumer spending and manufacturing of packaging materials in developing economies, such as China and India. China is projected to be the fastest-growing market across the globe during the forecast period. This is attributed to the population growth in the country, along with the high availability of packaging material coupled with technological development. This directly affects the growth of the Flexible Plastic Pouches Market in the APAC region.
Berry Global Inc. (US), Mondi (UK), Huhtamaki (Finland), Sealed Air Corp. (US), Sonoco Products Company (US), Smurfit Kappa (Ireland), Amcor Plc (Switzerland), GogllioSpA (Italy), Constantia Flexibles (Austria), and ProAmpac (US) are key players in Flexible Plastic Pouches Market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets' flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.