Market Overview:
Flexible packaging refers to packaging that is flexible rather than rigid. It includes packaging materials such as plastic films, aluminium foils and paper. Flexible packaging offers advantages such as lightweight, transportation-ease, and moisture and oxygen barriers that help extend shelf life. It is commonly used for packaging of food products, beverages, pharmaceuticals and various other consumer goods.
Market key trends:
One of the key trends driving growth in the ASEAN flexible packaging market is the increasing demand for convenient packaging from the food and beverage industry. Flexible packaging solutions allow for portion control packaging, stand-up pouches and other formats that add value for consumers through re-sealability, easy opening, pouring and ease of consumption "on-the-go". The flexible nature of these packages allows brands to highlight graphics and contents in an eye-catching manner. This is proving instrumental in driving sales across products.
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.
Segment Analysis
The ASEAN flexible packaging market is dominated by the plastic sub-segment owing to its low cost and lightweight properties. Plastic segment accounted for over 35% value share in 2022. Plastics such as polyethylene, polypropylene, and polyvinyl chloride are commonly used materials for flexible packaging. Their heat-resistant and durable properties make them ideal for food & beverages, consumer goods and other applications.
Key Takeaways
The ASEAN flexible packaging market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from food & beverages sector.
Regional analysis
By region, Southeast Asia dominated the ASEAN flexible packaging market in 2022 and is expected to maintain its dominance during the forecast period. Indonesia, Malaysia, Vietnam have emerged as high growth flexible packaging markets in ASEAN region on account rapid industrialization.
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. The market is highly competitive with major players focusing on backward integration and capacity expansion strategies to consolidate their position.
The global ASEAN flexible packaging market size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from food & beverages sector. The food & beverages segment accounts for over 30% of the flexible packaging consumption in ASEAN region.
