by Market Overview:
Flexible packaging caters to ease of handling and versatility to package products of various shapes and sizes. It provides advantages of lightweight packaging, moisture retention, oxygen and odor barriers to products. The rise in demand for packaged and processed foods needs aseptic and convenient packaging formats like flexible packaging.
Market key trends:
One of the key trends driving the ASEAN flexible packaging market is the rising demand for sustainable packaging. Consumers and brand owners are demanding packaging materials made from recycled or renewable content due to rising environmental consciousness. This is boosting the demand for bio-plastic, paper, and recyclable materials for flexible packaging. Brand owners are focusing on green marketing initiatives by incorporating sustainable product features in their packaging formats as a key differentiator in the market. This transition towards sustainability in the flexible packaging sector will remain a key defining factor over the forecast period.
The ASEAN flexible packaging market has been witnessing notable growth due to factors such as increasing demand for flexible and sustainable packaging solutions from various end-use industries such as FMCG, food and beverages, healthcare, etc. Flexible packaging provides advantages such as lightweight, low environmental footprint, re-sealability, sustainable properties, compatibility with filling lines and logistics, which has been driving its demand. Furthermore, the increasing awareness about food safety and changes in lifestyles and consumption patterns have also been fueling the growth of the flexible packaging industry in ASEAN countries.
The global ASEAN Flexible Packaging Market Share is estimated to be valued at US$ 5611.89 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Flexible packaging offers advantages such as lightweight, re-sealability, compatibility with filling lines and logistics which provides strong value proposition to customers.
Weakness: Significant investment required for machinery and technology upgradation in flexible packaging production.
Opportunity: Growing FMCG and food & beverage sectors in ASEAN countries present significant market opportunity. Increasing health awareness is also driving demand for flexible and sustainable packaging solutions.
Threats: Stringent government regulations regarding use of plastics and preference for eco-friendly alternatives can hamper the market growth. Volatility in raw material prices is also a major challenge.
Key Takeaways
The global ASEAN flexible packaging market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for packaging from fast moving consumer goods and food & beverage sectors.
Regional analysis: Southeast Asia is expected to dominate the ASEAN flexible packaging market during the forecast period. Countries like Thailand, Indonesia, and Vietnam are major consumers of flexible packaging in ASEAN region. Thailand accounted for around 25% of the total flexible packaging demand in ASEAN countries in 2022.
Key players analysis: Key players operating in the ASEAN flexible packaging market are Amcor Limited, Prepack Thailand Co., Ltd., Berry Plastics, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles Gmbh, and AR Packaging Group. These players are focusing on capacity expansions and investments in new product development to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
