This report, published by PRE in partnership with ICIS, provides latest data and trends on: the current state of flexible films market in Europe including production, demand, collection, and recycling; key constraints and challenges faced across the flexible films value chain; key factors driving future growth of flexible films recycling; and way forward to develop a robust system for flexible films recycling in Europe. This is the second iteration of this market report with the first one published in 2020. PRE intends to continue to update and re-publish this ‘State of Play’ report biennially to provide a periodic narrative and assessment of the progress of flexible films recycling in Europe. While the reference year for data used in this report is 2020, updated positions on legislations, challenges faced, market drivers and other current developments over the past year are also discussed within this report. Whilst the aim of this report is to provide data and narrative on the EU27+3, in some instances we have deviated from this due to data availability but made reasonable estimates wherever possible to provide a regional perspective. This report uses the best available sources to present quantitative data estimates and qualitative insights, alongside results from market research with industry players and experts across the flexible films value chain. The data available in this report mostly reflects the current state of the flexible PE market since the market for PP flexibles is still developing. PRE has also supported with a survey of its members to improve data estimates with figures collected directly from facilities. We would like to express our deepest gratitude and thank PRE and their members, industry participants and market experts who have participated and contributed to the development of this report. We hope you would like this collaborative effort in providing a greater transparency to the rapidly evolving market landscape.