Flexible packaging has emerged as a
viable solution owing to its advantages such as eco-friendly design,
lightweight, and ability to extend product shelf life. Flexible packaging
solutions allows manufacturers to package diverse food and consumer products
efficiently and cost-effectively. The flexible packaging option is gaining
popularity for packaging foods, beverages, pharmaceuticals and other consumer
goods across the ASEAN region. The flexible packaging solutions are available
in varied packaging formats such as stand-up pouches, shrink films, vacuum bags
and roll stock.
The Global ASEAN Flexible Packaging Market is estimated to be valued at US$ 6464.9 Mn in 2024 and is expected
to exhibit a CAGR of 3.6% over the
forecast period 2024 To 2031.
With increasing disposable incomes
and growth of retail and e-commerce channels, demand for packaged and
convenient food & beverage products has increased significantly among ASEAN
consumers. ASEAN
Flexible Packaging Market Trends caters effectively to the evolving
needs of consumers for packaged products. The packaging offers secure and
tamper-proof packaging formats and helps preserve freshness of contents for
longer durations.
Key Takeaways
Key players operating in the ASEAN Flexible Packaging are Dow Inc., Covestro
AG, Eastman Chemical Company, SABIC, Arkema S.A., Mitsubishi Chemical
Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Teijin Limited,
LG Chem Ltd.
The ASEAN flexible packaging market offers significant opportunities with
growing packaged food and ecommerce sectors. Flexible packaging solutions help
brands differentiate and offers scope for innovation. Countries like Indonesia,
Vietnam and Philippines offer major opportunities with fast growing
middle-class demanding packaged goods.
Major global flexible packaging players have been making investments and
acquisitions to expand their footprint in the ASEAN region. Local players are
also strengthening their product portfolios and cooperation with MNCs and
retailers. ASEAN’s strategic importance as an export hub is attracting
significant investments in production and R&D facilities.
Market DriversGrowing consumption of packaged foods and beverages due to urbanization and
busy lifestyles is a major market driver. Flexible plastic packaging preserves
freshness and extends shelf-life of products. Demand from e-commerce and need
for tamperproof and secure packaging also supports market growth. Growth of
organized retail sector stocking packaged consumer goods boosts flexible
packaging uptake.
Market Restrain
Concerns regarding plastic waste management act as a restrain on broader
adoption of flexible plastic packaging solutions. Shift towards sustainable
packaging using recyclable or biodegradable materials poses challenges for
flexible plastic packaging producers. Regulations restricting usage of plastic
packaging in some ASEAN countries can also restrain market potential to some
degree over the forecast period.
Segment Analysis
Plastic material segment currently dominates the ASEAN flexible packaging
market share and is expected to retain its leading position over the forecast
period 2024-2031. This is primarily attributed to high demand of plastic
material like polyethylene, polyvinyl chloride and polypropylene from food
& beverage industry in the region. Plastic provides advantages such as
better water and moisture resistance to packaged food products along with
cost-effectiveness as compared to other available packaging materials such as
paper and aluminum foil. Within plastic material segment, polyethylene accounts
for largest market share owing to its widespread usage in producing food
packaging items like pouches, wrappers and other single use containers.
Global AnalysisIn terms of region, Thailand and Indonesia are the fastest growing flexible
packaging markets in ASEAN region. This is mainly due to expansion of food
processing industry and rising domestic consumption of packaged food in these
countries. Both countries hold around 30% market share collectively. Indonesia
leads the ASEAN flexible packaging market with market value forecast to surpass
US$ 1.5 billion by 2031. It is followed by Vietnam which is also witnessing
significant growth attributed to enhancements in manufacturing sector. Overall,
continuous economic development along with evolving consumer preference towards
convenient packaged food is strengthening the ASEAN flexible packaging industry
landscape regionally.
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Flexible Packaging Market
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