May 25, 2024

ASEAN Flexible Packaging Market Growth Accelerated by Sustainability Initiatives

Flexible packaging products including plastic films, foil, paper, and others are used extensively across various industries due to its advantages like lightweight, versatility, cost-effectiveness and ability to extend the shelf life of products. Flexible packaging has emerged as a viable solution for food and beverages, pharmaceuticals, personal care and several other industries.

The global ASEAN Flexible Packaging Market is estimated to be valued at US$ 2.85 billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing consumer preference for environment-friendly packaging has compelled companies to invest in R&D activities to develop new packaging formats from renewable and recycled materials. Bio-PNPLA or poly(lactic acid) films manufactured using agricultural waste are gaining traction in the food industry. Moreover, the implementation of pollution control regulationsby governments of ASEAN countries is further driving the adoption of sustainable flexible packages made from recycled PET or renewable sources in the regional market.

Segment Analysis
The ASEAN flexible packaging market is dominated by the food and beverage sub-segment, which accounts for over 40% of the market share. Food and beverages such as snacks, salty foods, cookies, frozen foods, packed processed food, dairy products etc require flexible packaging as it protects the product from damage and contamination and also increases the shelf life of products. It provides convenience in handling, storage and consumption. The e-commerce and online retail penetration is also driving demand for flexible packaging in the food and beverage segment in the ASEAN region.

Key Takeaways
The ASEAN flexible packaging market is expected to witness high growth over the forecast period owing to growing population, increasing disposable incomes, expanding middle class, rising demand for packaged and processed foods.

Regional analysis shows that Indonesia, Thailand and Vietnam are dominating the flexible packaging market in the ASEAN region currently due to large consumer markets and presence of major food brands and retailers. Key players operating in the ASEAN flexible packaging market are Amcor, Mondi, Sonoco, Berry Global, Huhtamaki and Constantia Flexibles.

Key players operating in the ASEAN flexible packaging market are Amcor, Mondi, Sonoco, Berry Global, Huhtamaki and Constantia Flexibles. Amcor and Mondi have a significant market share in the region due to their large production footprint and extensive portfolio of flexible plastic packaging products. Sonoco is also a leading player with its presence across the major ASEAN countries and sustainable flexible packaging offerings. Berry Global and Huhtamaki are rapidly expanding in theASEANregionthrough acquisitions and partnerships with local converters.Constantia Flexibles is a key European supplier with substantial operations inIndonesia,MalaysiaandThailand.

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