The ASEAN region has seen substantial growth in the packaged food industry over the past decade. Flexible packaging solutions are increasingly being utilized to package convenience food products such as snacks, biscuits, confectionery items and ready-to-eat meals. Flexible pouches, bags and wraps made from materials such as plastic films, foil and paper provide effective moisture and oxygen barriers to help extend the shelf life of packaged food. They are lightweight and take up less space in production, warehousing and transportation compared to rigid containers. The growing preference for on-the-go eating habits and busy lifestyles has also boosted demand for packaged convenience foods that can be easily carried and consumed anywhere.
The global ASEAN Flexible Packaging Market is estimated to be valued at US$ 11.6 billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the ASEAN flexible packaging market is the increasing demand from the e-commerce industry. The growth of online shopping for food and other consumer products has necessitated robust, lightweight and protective packaging solutions for shipping and delivery. Flexible pouches and wraps provide an ideal solution as they act as a buffer during transportation and prevent damage to products. Their printable spaces also allow for effective product branding and marketing communication during the online purchase journey. Leading e-commerce giants in the region have partnered with flexible packaging manufacturers to develop innovative, environment-friendly and customizable solutions that enhance both the consumer and brand experience in the booming digital retail sector.
Porter's Analysis
Threat of new entrants: The ASEAN flexible packaging market has moderate threat from new entrants due to established brand image of existing players and requirement of large investments.
Bargaining power of buyers: Buyers have high bargaining power in the ASEAN flexible packaging market due to the availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Supplyers have moderate bargaining power due to availability of substitute raw materials and dependency of vendors on suppliers.
Threat of new substitutes: Threat from substitutes is moderate as glass and rigid plastics are used for certain applications instead of flexible packaging.
Competitive rivalry: The ASEAN flexible packaging market has high competitive rivalry due to presence of numerous vendor.
Key Takeaways
The global ASEAN flexible packaging market is expected to witness high growth during the forecast period.
Regional analysis: The ASEAN flexible packaging market is dominated by Indonesia, Thailand, Singapore and Malaysia. Indonesia contributes over 35% of the total ASEAN flexible packaging consumption due to large food processing industry.
Key players operating in the ASEAN flexible packaging market are Amcor Ltd, Bemis Company, Sealed Air Corporation, Huhtamaki Group, Constantia Flexibles Group GmbH and Mondi Group.
For more Insights, Read –
https://www.marketwebjournal.com/asean-flexible-packaging-market-trends-size-and-share-analysis/
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