China Flexible Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The china flexible packaging market was valued at USD 39. 00 billion in 2020 and is expected to reach a value of USD 50. 40 billion by 2026, registering a CAGR of 4. 3%, over the forecast period 2021 - 2026.

New York, June 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "China Flexible Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06079803/?utm_source=GNW
The increasing demand from end-user industries such as food, pharmaceutical and medical, personal care, and household care, are expected to create a significant demand for flexible packaging products over the forecast period in the country.

- Despite the presence of a large base for packaging in the country, flexible packaging still recorded the strongest growth, and the fastest among all packaging types, driven by its low cost, and many product advantages.
- Moreover, the demand for frozen food in China is on the edge of further growth, owing to the rapid development of food outlets, along with reduced tariff barriers on frozen food imports by the government. The preference and influence of western foodservice in the country are increasing. This trend of expanding western restaurants and dishes is expected to raise the demand for seafood, such as sushi, platters, lobsters, and oysters.
- According to the National Bureau of Statistics of China, the operating revenue of frozen food manufacturers in China is expected to reach USD 11,992 million by 2020 from USD 11,608 million in 2018.
- With increasing Chinese consumers inclining toward products containing fish, meat, and vegetables, which are mainly retort-packed to keep them shelf-stable, is a factor driving the market. Moreover, readymade meals have also gained increased popularity among consumers in the country.
- Packaging companies also need to comply with the strict governmental laws and certification policies, which increases their operational difficulties as they need to meet the set standards, thereby hindering the market’s growth.

Key Market Trends
Food Sector to Occupy the largest Market Share

- In China, standardization is driving the demand for ready-to-eat food, pushing manufacturers to invest in efficient, flexible packaging solutions, such as retort pouches. Owing to this, the Chinese manufacturer, JMU Limited, in 2018, set up a new R&D center to develop ready-to-cook and ready-to-eat food products as part of the efficiency revolution.
- BASF organization worked with Zhuhai Fucheng Science and Technology Co. Ltd, one of the major producers of retort pouches and food packaging in China, to develop a food cooking bag that supports efficient production. This bag can withstand high temperatures of disinfection, with much steam blocking performance.
- Moreover, food companies are expanding their businesses, in terms of geography and product lines, to cater to this rising demand for packaged food.
- With the increasing revenue of dried processed food in the country, it is evident that the demand for flexible packaging products will increase, driving the market growth forward.

Plastic to Witness a Significant Growth Rate Over the Forecast Period

- Plastics are one of the most preferred materials in terms of packaging applications, owing to factors such as performance, durability, and cost-effectiveness. Plastics are the primary raw material for flexible packages. Some of the commonly used polymers are polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), and biaxial oriented polypropylene (BOPP).
- The government regulations against single-use plastic packaging material are causing many companies to ramp up their eco-friendly plastic alternatives. Biodegradable plastics made from the agricultural sources, such as corn and sugar cane are emerging as an alternative to traditional petroleum-based products.
- Furthermore, China’s production of polylactide acid (PLA), a type of biodegradable plastic raw material, is expected to rise quickly from a very small base in the near future, providing cheaper raw materials to the local packaging industry.

Competitive Landscape
The china flexible packaging is highly competitive owing to the presence of many small and large players in the market. The market appears to be fragmented with the major players adopting strategies like product innovation, mergers and acquisition, and partnerships. Some of the major players in the market are Sealed Air (China) Co. Ltd, Mondi (China) Film Technology Co. Ltd., Tetra Pak International SA among others.

- May 2019 - Sealed Air Corporation signed a definitive agreement to acquire Automated Packaging Systems, Inc. (APS), a leading manufacturer of high-reliability, automated bagging systems. APS, which is known for inventing Autobag bagging machines and pre-opened bags on a roll, also provides full flexible packaging systems, equipment, sustainable materials, and technical services.
- April 2019 - Tetra Pak launched connected packaging platform, which is expected to transform milk and juice cartons into interactive information channels, full-scale data carriers, and digital tools.?

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