ID: MRFR/PNT/9402-CR | 100 Pages | Published By Snehal Singh on September 2022
According to the MRFR analysis, the Global Flexible Plastic Snack Food Packaging Market size is projected to reach USD 213,245.7 million by 2030 at a CAGR of 5.31%.
Plastics are used in many types of food packaging methods owing to the fact that plastic packaging protects food from damage, ensures food safety, and extends the freshness of foods. Currently, different companies rely on innovative packaging and advertising to draw the attention of buyers. A consumer chooses a product that is portable, compact, convenient, and eco-friendly. Packaging material plays an important role in dictating the product's style, thereby making it attractive and increasing its demand. All such factors affect the market value of the product.
The demand for flexible plastic snack food packaging has decreased considerably from the industrial sectors due to the COVID-19 pandemic. The packaging industry also witnesses a mixed impact owing to the significant changes in on-premises and off-premises business. The flexible plastic snack food packaging is essential to preserve, protect, and maintain the integrity and quality of the food products. However, the COVID-19 pandemic induced a steep decline in the purchase ad production of flexible plastic snack food packaging.
Consumer preferences and tastes are the key factors governing purchasing decisions regarding food products. The popularity of premium products in organic food, beverages, and baked food markets with lesser synthetic chemicals, preservatives, and other questionable additives has increased significantly. Such a change is expected to shift the impact of the changing consumer taste and preferences on the global flexible plastic snack food packaging market from moderate to high over the forecast period. Extending the shelf-life of food products offers numerous benefits. Hence, the impact of the need for extending the shelf-life of food products on the global flexible plastic snack food packaging market is expected to shift from high to moderate over the forecast period.
Government authorities are introducing measures for environmental safety and concerns regarding the use of packaging materials, including plastics. Such regulations affect the packaging industry, which involves the substantial use of plastics. However, many manufacturers of plastic food packaging solutions are investing in developing various grades of plastic that are environmental-friendly and introducing innovative waste management techniques during the packaging processes. Thus, the impact of the stringent regulations on packaging material waste and recycling on the global flexible plastic snack food packaging market is expected to shift from high to moderate during the forecast period.
Retailers tend to increase the purchase of buying in bulk from product manufacturers to improve their profit margins. Rising retail chains and outlets to enhance the customer foothold is expected to augment the product growth over the projected timeframe. Thus, the growing retail sector is expected to offer lucrative growth opportunities for the players operating in the global flexible plastic snack food packaging market during the forecast period. Increased government support for SMEs from countries, including the US and India, is expected to provide market expansion opportunities. Thus, untapped small and medium-sized manufacturers offer lucrative growth opportunities for the vendors operating in the global flexible plastic snack food packaging market during the forecast period.
The global flexible plastic snack food packaging market supply chain has evolved from a conventional approach to highly efficient supply chain processes. The supply chain includes the stages of design & development, raw material supply, manufacture, distribution, and end-use industry. In the designing stage, the overall layout of flexible plastic snack food packaging products, including wraps, rollstocks, stand-up pouches, lay flat pouches, and others, are chosen. The raw materials are procured from the suppliers after finalizing the designs of the flexible packaging. An uninterrupted supply of high-quality raw materials in the required quantities not only ensures the longevity of the product but also enhances its efficiency. After the raw material is procured in the required quantities, manufacturers produce flexible plastic snack food packaging according to the dimension and requirements of the clients. The flexible plastic snack packaging is widely used in the food industry. The size of the package depends on the size and the sale as per the customer requirements. The packaging solutions are often customized based on the final use and material handling capacities demanded by the market players.
Based on product type, the global flexible plastic snack food packaging market is segmented into Stand-Up Pouches, Lay Flat Pouches, Films and Wraps, Rollstocks, Gussetted Bags and Other. Stand-up pouches are a type of flexible packaging, which can stand erect on its bottom for display, storage, and use. Stand-Up pouches accounted for the largest market share in 2019; the market is expected to register dominancy during the forecast period. Lay-flat pouches offer simple, efficient, and economical packaging solutions for the food packaging industry. Lay Flat pouches were the second-largest market in 2019. It is projected to register the highest CAGR in the forecast period.
The material type segment covers different types of materials that are used for producing flexible plastic packaging solutions for snack foods.Based on material, the global flexible plastic snack food packaging market has been classified into Biaxially-Oriented Polypropylene (BOPP), Polypropylene (PP), Polyethylene (PE), Linear Low-Density Polyethylene (LLDPE), Polyester and Others. Polyethylene is used as a packaging material where moisture and vapor need to be kept out as it does not allow water vapor to pass through it. Polyethylene accounted for the largest market share in 2019; the market is expected to register a steady growth during the forecast period. Polyester or Polyethylene Terephthalate (PET) is a type of plastic resin and one of the most commonly used plastic material. Polyester is strong, transparent, lightweight, and versatile in nature. Polyester was the second-largest market in 2019 and will be the same by 2026.
Flexible plastic snack food packaging solutions have wide applications in the food packaging industry. By application, the global flexible plastic snack food packaging market has been classified into Bakery Snacks, Candy & Confections, Savory Snacks, Nuts & Dried Fruits and Others. Bakery snacks accounted for the largest market share in 2019. The segment is expected to dominate the market during the forecast period. Savory snacks are those snacks that are generally consumed either with a meal or on the go. These foods are preferably consumed during the picnic or sporting events. Savory snacks were the second-largest market in 2019.
The regions are classified as North America, Europe, Asia-Pacific, Middle East & Africa and South America. The North American region has witnessed increased investments in research & development and product innovation as far as flexible plastic snack food packaging is concerned. North America was the second-largest market. The EU region is the home to several luxurious brands, which supports the market's growth for flexible plastic snack food packaging. Germany accounted for the largest market share in Europe. Asia-Pacific includes China, India, and Japan, where the increasing consumption of snack foods drives the regional market. Asia-Pacific accounted for the largest market share in 2019 and the region is expected to dominate the market during the forecast period. The per capita disposable income among individuals in the Middle East and African region has been increasing at a steady rate in recent years. This has led to increased purchases of snack food products that can be eaten on-the-go in the region. South America is a developing region. The per capita disposable income among individuals in the region has been growing at a steady rate in recent years, indirectly driving the demand for flexible plastic packaging solutions in the region.
The global flexible plastic snack food packaging market comprises many global and regional players. These players are adopting several strategies such as mergers & acquisitions, product development, joint ventures, partnerships, and expansion to expand their market share and improve their global market position. High competition, constant changes in technology, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete based on cost, product quality, and reliability. These players need to offer cost-effective and superior products to succeed in the competitive market environment.
The Global Flexible Plastic Snack Food Packaging Market is segmented based on product, material and application in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views and predict the emerging and fast-growing segments, regions, and countries with potential of development in the Global Flexible Plastic Snack Food Packaging Market.
|Market Size 2030||USD 213245.7 Million|
|CAGR 2030||5.31% CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product type, Material Type and Application Type|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa, and South America|
|Key Vendors||Sonoco Products Company, Amcor PLC, Sealed Air Corporation, Bryce Corporationis, Swiss Pack, Coveris, Huhtamaki, ProAmpac, Clondalkin Group and Uflex Limited|
|Key Market Opportunities||Growing retail sector Untapped small and medium-sized manufacturers|
|Key Market Drivers||Changing consumer taste and preferences Need for extending the shelf-life of food products|
The Global Flexible Plastic Snack Food Packaging Market would register a growth of ~5.31% during the forecast period.
The global flexible plastic snack food packaging market size is projected to reach USD 213,245.7 million by 2030
Stringent regulations stringent regulations on packaging material waste and recycling is the key restraining factor for the global flexible plastic snack food packaging market.
Asia Pacific would enjoy the upper hand in the Global Flexible Plastic Snack Food Packaging Market