July 19, 2024
ASEAN Flexible Packaging Market

The Growing Demand For Convenient Packaging Solutions Is Anticipated To Openup The New Avenue For ASEAN Flexible Packaging Market

Market Overview:

The ASEAN flexible packaging market comprises various flexible packaging products such as pouches, bags, wraps, and other products. These packaging solutions are preferred owing to their lightweight, versatility, and cost-effectiveness. Flexible packaging provides product safety as well as increases the shelf life of products. Pouches are widely used for packaging of food & beverages, personal care, and homecare products. Growing demand for innovative and sustainable packaging from food industry is expected to support market growth over the forecast period.

Market Dynamics:

The ASEAN flexible packaging market is driven by growing food processing industry and changing consumer lifestyle & demands in the region. Food processing industry is rapidly growing in the ASEAN countries due to improving economic conditions. Changing lifestyle of people is generating high demand for packed and convenience food products. Moreover, increasing disposable income is driving consumer spending on packaged food & beverages, and personal care products. This in turn is fueling the growth of flexible packaging market. Additionally, flexible packaging provides extended shelf life to products and ensures product safety during distribution. Flexible packaging formats such as stand-up pouches require less material as compared to rigid packaging, which makes it cost-effective for manufacturers. All these factors are expected to accelerate the ASEAN flexible packaging market growth during forecast period.

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 flexible plastic packaging which accounts for more than 70% share of the market. Flexible plastic packaging is preferred in ASEAN countries due to properties like lightweight, durability, versatility and ability to extend shelf life of products. Many FMCG companies use flexible plastic pouches, bags, wraps for food, beverage, personal and homecare products owing to rising demand for convenient packaging formats.

PEST Analysis

Political: Government regulations regarding plastic waste management are becoming stringent in countries like Thailand, Indonesia and Vietnam which can impact flexible plastic packaging producers and recyclers. However, some policies also promote use of flexible packaging to reduce garbage problems.
Economic: Growing economies of major ASEAN countries coupled with rising disposable incomes are driving demand for packaged FMCG goods and supporting flexible packaging market growth. High dependence on exports also favors flexible plastic packaging for international trade.
Social: Urbanization and fast paced lifestyle have increased popularity of convenient, on-the-go packaging among consumers in the region. Also, nuclear families prefer smaller packaged household products.
Technological: Advancements in digital printing, downgauging and lightweighting of film are allowing innovative and appealing product designs. Active and intelligent packaging technologies also extend shelf-life of food and other items.

Key Takeaways

The ASEAN flexible packaging market size was valued at US$ 5611.89 Mn in 2023 and is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period of 2023 to 2030, to reach a market size of US$ 8132.58 Mn by 2030. This can be attributed to factors like growing regional FMCG sector, rising consumer disposable incomes, changing consumer lifestyles and demand for convenient packaging formats across ASEAN countries.

On a regional level, Vietnam and Indonesia are expected to witness fastest growth in the ASEAN flexible packaging market during the forecast period. This can be due to numerous factors like growing population, emerging middle class, rapid economic development and expansion of manufacturing activities in these countries.

Key players operating in the ASEAN flexible packaging are Amcor Limited, Prepack Thailand Co., Ltd., Berry Plastics, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles Gmbh, and AR Packaging Group. Major players are focusing on capacity expansions, mergers and acquisitions to strengthen their product portfolio and market presence across the region.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it