Flexible packaging solutions are widely used for packaging food & beverage, personal care, pharmaceutical, and other products. Flexible packaging provides oxygen and moisture barrier properties along with printability and cost-effectiveness. Adoption of sustainable and eco-friendly packaging is growing rapidly with increasing environmental concerns. The ASEAN flexible packaging market offers various sustainable packaging solutions made from renewable and recyclable materials.
The global ASEAN Flexible Packaging Market is estimated to be valued at US$9.2 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:
Adoption of sustainable packaging solutions has been propelling the growth of ASEAN flexible packaging market. With growing awareness about reducing plastic waste and carbon footprint of packaging, flexible packaging manufacturers are increasingly focusing on developing packaging solutions from eco-friendly materials. They are investing in R&D to offer flexible pouches, wraps, bags and other packaging made from renewable and recyclable sources like paper, bioplastics etc. which can decompose quickly and cause less harm to the environment. This shift towards sustainable packaging driven by government regulations and consumer demand for green products is expected to drive the ASEAN flexible packaging market during the forecast period.
SWOT Analysis
Strength: ASEAN nations have seen rising incomes and urbanization rates in recent years, driving demand for packaged goods. Flexible packaging is convenient and lightweight. Weakness: Lack of proper waste management infrastructure in some ASEAN countries can lead to environmental issues with flexible plastic packaging. Cost of raw materials fluctuates. Opportunity: Growing e-commerce sector within ASEAN presents an opportunity to increase flexible packaging use for product shipping and online orders. Increased foreign investments in ASEAN nations help market expansion. Threats: Stricter environmental regulations around plastic packaging in Western countries could affect the raw material supply chain. Economic slowdowns dent consumer spending on packaged goods.
Key Takeaways
The global ASEAN flexible packaging market is expected to witness high growth.
Regional analysis: The ASEAN region has become a major manufacturing hub, supported by lower labor costs and proximity to large consumer markets in China, India, Japan and Australia. Indonesia is the fastest growing market for flexible packaging due to rising incomes, urbanization and population growth. Thailand dominates ASEAN production and exports of flexible packaging.
Key players: Key players operating in the ASEAN flexible packaging market are Amcor, Mondi, Berry Global, Sonoco and Sealed Air. Amcor has a strong presence across Southeast Asia with multiple production sites and leading market share. Mondi expanded its flexible plastic packaging capabilities through acquisitions in Indonesia and Vietnam.
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