The ASEAN Flexible Packaging Market Presents Lucrative Growth Opportunities Due To Rising E-Commerce Sales
The ASEAN Flexible Packaging Market Presents Lucrative Growth Opportunities Due To Rising E-Commerce Sales
The COVID-19 pandemic has impacted the growth of ASEAN flexible packaging market. During the initial months of the pandemic, many industries using flexible packaging

The ASEAN flexible packaging market is estimated to be valued at US$ 6464.9 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.
Flexible packaging finds widespread application for various end-use industries such as food, pharmaceuticals, personal care, and others due to properties such as lightweight nature, ease of transportability, and convenience in storing and dispensing products. Adoption of flexible packaging formats for food packaging has been increasing owing to advantages such as barrier properties, excellent product protection, and increased shelf life of food products.

Key Takeaways

Key players operating in the ASEAN flexible packaging are Dow Inc., Covestro AG, Eastman Chemical Company, SABIC, Arkema S.A., Mitsubishi Chemical Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Teijin Limited, LG Chem Ltd. Growing demand for flexible plastic films from food & beverage and personal care industries and increasing shift towards flexible plastic films in place of rigid plastics has been fueling market growth. Technological advancements in terms of developing high barrier flexible films have increased application of flexible packaging in moisture sensitive products.

Market Trends and Opportunities

The ASEAN Flexible Packaging Market Trends is witnessing notable growth in demand for recyclable flexible packaging materials. Many companies are investing in R&D to develop sustainable and recyclable flexible packaging solutions using materials such as bio-based plastics to cater to growing environmental concerns. Rising e-commerce sales in the region is another key factor opening growth opportunities for flexible pouches and rolls. E-commerce sector prefers flexible packaging over rigid formats for online shipping of products.

Market Opportunities

Growing FMCG sector in ASEAN countries and increasing preference of brand owners towards flexible packaging presents lucrative opportunities for market participants. Advancements in digital printing technology allow flexible packaging manufacturers to offer customized packaging solutions to brand owners. This trend is gaining popularity and expected to drive future demand.

Impact of COVID-19 on ASEAN Flexible Packaging Market

The COVID-19 pandemic has impacted the growth of ASEAN flexible packaging market. During the initial months of the pandemic, many industries using flexible packaging witnessed decline in demand as countries imposed lockdowns. This led to reduction in production volumes. However, as the pandemic intensified, demand for flexible packaging increased rapidly from pharmaceutical, food and beverage industries to meet rise in demand for packaged and ready-to-eat food, home delivery of medical supplies etc. The packaging industry adapted quickly to cater growing e-commerce sector. With people confined to their homes, online shopping for daily essentials gained prominence. This benefited flexible plastic packaging which is lightweight, affordable and easy to use for home deliveries. In the post-COVID era, demand for flexible plastic packaging is projected remain high owing to change in consumer purchasing behaviors and increased focus on hygiene and safety. However, fluctuating raw material prices due to disruptions in supply chain remains a key challenge. Packaging manufacturers need to seek alternative materials and optimize production processes to reduce costs.

The ASEAN region in terms of value concentration of flexible packaging market is South East Asia comprising countries like Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. This is due to rapid industrialization and urbanization leading to growth in processing industries utilizing flexible plastic packaging. The food processing sector dominates flexible packaging consumption in South East Asia. The fastest growing region for ASEAN flexible packaging market is expected to be Vietnam. It is anticipated to witness highest CAGR during the forecast period due to expanding consumer base, rising disposable incomes, growing foreign investments in food manufacturing sector and policy initiatives encouraging flexible packaging usage. Factors like relatively lower labor and production costs compared to other ASEAN countries will further aid market growth in Vietnam.
Get More Insights On, ASEAN Flexible Packaging Market
Explore More Related Topic On, Adaptive Clothing Market

disclaimer

What's your reaction?

Comments

https://timessquarereporter.com/public/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations