ASEAN Flexible Packaging Market: Snapshot
The use of flexible sheets and films in the packaging industry has been present for a substantial amount of time, but has seen commercial success only in the recent decades. Modern flexible packaging provide varying levels of flexibility while maintaining the highest level of durability possible, keeping their primary job of protecting the contents. These factors have strongly championed the use of flexible packaging in the ASEAN regions, where high population density, growing consumerism, increasing need for brand appeal, and the savings in size of package and space that they can achieve.
The ASEAN flexible packaging market is likely to show an optimistic CAGR of 5.7% within a forecast period from 2016 to 2024. It is expected to reach US$6.71 bn by the end of 2024, from its valuation of US$4.32 bn in 2015. The primary propellant for the market currently is the large scale consolidation efforts taken by the leading players in the market. The market also benefits substantially from factors such as economic advancements in the region, increasing rate of investments by multinational players, and dynamic characteristics of the population. Megatrends such as the flourishing modern retail industry and the increasing growth of food and beverages industries is also contributing to the growth of the ASEAN flexible packaging market. Food and beverages in the ASEAN region takes up a majority of the market for flexible packaging. Therefore, product development efforts initiated by manufacturers of flexible packaging in the ASEAN region are targeted towards key food and beverages clients.
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Indonesia to Continue to Shine in ASEAN Flexible Packaging Market
Based on ASEAN nations, the flexible packaging market has been segmented into Indonesia, Thailand, Malaysia, Vietnam, Philippines, and Myanmar. Indonesia is currently estimated to constitute the leading share in the ASEAN flexible packaging market, with Thailand in second place. The markets in Philippines, Vietnam, and Myanmar are likely to show a relatively higher growth rate over the coming years. GDP growth and a rise in disposable income in the ASEAN region will play a key role in propelling the demand for flexible packaging over the coming years.
Pouches to Maintain Dominant Share, Multi-layered Packaging Gains Traction
Over the coming years, the ASEAN flexible packaging market is forecast to swing from single layer packaging to multilayer variants. The latter segment can be divided further into two layers, three layers, five layers and seven layers. Five-layered flexible packaging and seven-layered flexible packaging are expected to take up the greater shares in the overall market for the given forecast period, with the market segment on the basis of layer types. However, the multi-layered packaging segment currently shows greater barriers to growth, such as high costs of manufacturing and overall reluctance of consumers to purchase the items with costlier packaging. The promotion of this segment as a highly hygienic and safe option for packaging of food products is likely to boost its demand over the coming years.
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Based on products, the ASEAN flexible packaging market can be divided into pouches, bags, films and rollstocks, and other flexible packaging products. Pouches took up the leading share in the market in 2015, in terms of demand volume and growth rate. This segment is additionally expected to remain a highly attractive over the forecast period. The pouches segment is further divided into standup pouches, retort pouches, and vacuum pouches, among which standup and retort pouches are forecast to show a profitable future. The segment of bags is divided into wicketed bags and gusseted bags.
The leading players in the ASEAN flexible packaging market so far, have included Sonoco Products Company, Bemis Company, Inc., Amcor Limited, Constantia Flexibles GmbH, Mondi Group, Berry Plastics Group, Inc., and AR Packaging Group.
Rising Demand from Food and Beverage Sector will Boost ASEAN Flexible Packaging Market
The increasing adoption of advanced technologies with robust innovation and product development will help promote the growth of the ASEAN flexible packaging market in the coming years. Rising information on advantage and viability of bundling of the tidbits and refreshments with adaptable bundling is boosting interest for sacks, rollstocks, pockets, and movies. Besides, the market is likely to witness a significant growth in the coming years owing to the rising ramifications of the few guidelines for the protected bundling of food and refreshments.
The ASEAN flexible packaging materials market is classified on the basis of material type, layer type, product type, end use, and regions. The product type segment is further grouped into films and rollstocks, bags, and pouches. The increasing awareness about the benefits of beverage and snacks packaging is boosting the demand for rollstocks, films, and bags.
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The adaptable bundling market is to a great extent recovering foothold owing to powerful improvement of the food and refreshments industry in the locale. Vigorous advancement of the items and prospering current retail industry in the ASEAN district are profiting the adaptable bundling market and is probably going to be a vital factor to drive market development in the coming years. Bundled and handled food industry in the ASEAN locale is blasting; in this manner, the vital participants in the adaptable bundling market are focusing in the business to help their deals.
From the local cutting edge, the adaptable bundling market in Indonesia saw appeal than different nations in the district. This is likely because of the high appropriation of adaptable bundling, for example, sacks, pockets, and movies in the area for spill-confirmation bundling of food and drinks. Also, the market in Thailand is remaining in the subsequent position. In any case, the market in Vietnam, Myanmar, and the Philippines are required to show the most rewarding developments.
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