ASEAN Flexible Packaging Market Connected with Growth in E-commerce

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ASEAN Flexible Packaging Market Connected with Growth in E-commerce
The global ASEAN flexible packaging market is estimated to be valued at US$ 5,579.42 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

The global ASEAN flexible packaging market is estimated to be valued at US$ 5,579.42 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:


Flexible packaging finds wide applications in various end-use industries such as food & beverage, pharmaceutical, personal care, and homecare industries owing to their advantages such as lightweight, cost-effectiveness, moisture protection, and durability. Flexible packaging provides excellent barrier properties against moisture, gas, light, and microbial activity, which increases the shelf life of packaged products. Flexible packaging products such as stand-up pouches, bags & sacks, and wraps are increasingly becoming popular for convenient packing of food & beverage products.


Market key trends:


One of the key trends fueling growth of the ASEAN flexible packaging market is rising e-commerce shopping. E-commerce platforms are gaining widespread traction across ASEAN countries. Flexible packaging solutions such as stand-up pouches, roll stocks, and laminates provide effective product and brand protection during shipping and logistics. Their lightweight and durability attributes make flexible packaging ideal for secondary and tertiary packaging of products delivered through online shopping channels. Additionally, flexible packaging offers branding opportunities through printing of product information, which aids customers in informed decision making online. The growth of e-commerce is thus creating high demand for flexible packaging, especially stand-up pouches and roll stock films in the ASEAN region.

Porter's Analysis



Threat of new entrants: The threat of new entrants is moderate. New players may face challenges due to stringent regulations and the need for high capital investments.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players offering flexible packaging solutions. Buyers can negotiate on prices and demand innovative offerings.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials. However, suppliers of specialized materials may wield more power.

Threat of new substitutes: The threat of substitutes is low as flexible packaging offers advantages over rigid packaging and other substitutes in terms of cost, moisture protection, and ease of transportation.

Competitive rivalry: The ASEAN flexible packaging market features tough competition among major players due to their wide product portfolio and widespread geographic presence.



Key Takeaways



The ASEAN Flexible Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period 2023-2030, due to increasing demand from the food and beverage industry. The global food and beverage sector is expanding rapidly with changing consumer preferences, thereby driving the need for flexible packaging solutions.

Regional analysis indicates that Indonesia, Thailand, Malaysia and Vietnam are emerging as the fastest growing markets for flexible packaging in ASEAN due to rising consumption of packaged food and beverages in these countries. In particular, Indonesia is the dominating market, accounting for over 30% of the total share in 2021 led by growing urbanization and rising disposable incomes.

Key players operating in the ASEAN flexible packaging market include Amcor Limited, Prepack Thailand Co., Ltd., Berry Plastics, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles Gmbh, and AR Packaging Group. These market players are focusing on expanding their production capacities and product portfolios through acquisitions and new product launches to gain a competitive edge in the high-potential ASEAN market.

 

Read more -  https://www.pressreleasebulletin.com/asean-flexible-packaging-market-trend-analysis-share-demand-and-size-forecast/

 

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