Market Size of Latin America Flexible Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.89 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Flexible Packaging Market Analysis
The Latin American flexible packaging market is expected to register a CAGR of 3.89% during the forecast period. With the recent outbreak of COVID-19, flexible packaging manufacturers have been flooded with a pool of issues that are expected to be only for the short term. Some of the effects of lockdown include supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems, etc.
- Several market players are establishing collaborations and partnerships to drive better additional revenues due to the increasing demand. For instance, in 2020, Amcor announced its partnership with Moda vacuum packaging systems in North America and Latin America. This partnership combines Amcor's shrink bag and roll stock film for meat barrier films, and its polyvinyl chloride ("PVC") films include a broad array of PVC meat films used primarily to wrap fresh meats, especially poultry.
- Argentina's packaging industry faced a difficult phase during the economic crisis that escalated with the pandemic. The purchasing power of low-income and middle-income social groups reduced drastically, curbing any innovation and premium packaging opportunities. Argentina witnessed a sharp fall in wages, rising unemployment, and a decline in consumption habits, affecting packaging types and sizes across different categories.
- Since the last decade, awareness among the population regarding the harmful effects of plastic usage has been growing drastically. Many public campaigns and initiatives by the Latin American governments have increased awareness among the public. Thus, plastic packaging consumption witnessed a significant impact in the past few years.
