by The ASEAN flexible packaging market is estimated to be valued at US$ 5,719.7 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible packaging is increasingly used for packaging convenience foods, frozen foods and fresh produce. Flexible packaging provides advantage of resealability and durability compared to rigid packaging materials. Pouches made of flexible materials are lightweight and take less storage space. These properties make flexible packaging ideal solution for on-the-go consumption trends.
Market Dynamics:
The ASEAN flexible packaging market is driven by the rising demand for convenience foods among busy consumers in urban areas. Flexible pouches and rolls provide resealability and ease of handling, making them suitable packs for snacks, candies and ready-to-eat meals. The increasing urbanization in ASEAN countries such as Vietnam, Indonesia and Philippines is prompting lifestyle changes and boosting demand for packaged foods and beverages. This is positively impacting the growth of flexible packaging market. Additionally, flexible packaging manufacturers are focusing on developing high barrier films and laminates to increase shelf-life of perishable products. Reclosable zip locks and stand-up pouches with extended shelf-life are witnessing immense popularity.
SWOT Analysis
Strength:
– Strong economic growth in Southeast Asian countries leading to increasing demand for consumer goods.
– Growing popularity of ready-to-eat foods and beverages boosting the flexible packaging market.
– Rising environmental regulations favoring the use of flexible packaging over rigid plastic packaging.
Weakness:
– High initial investment required for setting up manufacturing facilities.
– Strong competition from well-established players restricting the scope for small players.
Opportunity:
– Untapped rural areas representing significant growth potential.
– Innovation of bio-based and recyclable materials opening new avenues.
Threats:
– Stringent government regulations on plastics usage posing challenges.
– Volatility in raw material prices affecting the costs.
Key Takeaways
The global ASEAN Flexible Packaging Market Growth is expected to witness high, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for smaller pack sizes and on-the-go consumption.
Regional analysis
The flexible packaging market in Southeast Asia is dominated by Indonesia, Malaysia, Thailand and Vietnam. Thailand accounted for the largest market share in 2021 owing to the presence of various multinational food and beverage brands and retailers. The Indonesian market is expected to witness the fastest growth during the forecast period supported by rising population, improving economic conditions and increasing exposure to Western lifestyles.
Key players
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 expanding their production capacities and services portfolio through collaborations with brand owners and retailers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
