The ASEAN Flexible Packaging Market Is expected to grow at a CAGR of 5% over the forecast years

 



In recent years, the push to reduce the negative environmental impact of certain types of packaging has had an impact on every industry, most notably packaging. To achieve this goal, stakeholders in the flexible packaging market are investigating the use of newer and different materials, such as environmentally friendly bio-based materials and biodegradable plastics. For example, Huhtamäki Oyj launched compostable double-walled hot cups as part of its Bioware product line in July 2019 - the Bioware Impresso, which uses 100 percent PEFC (Programme for the Endorsement of Forest Certification) certified paperboard and uses 25% less material than conventional double- and triple-walled cups.

This adoption of sustainable packaging and  raw mabiodegradableterials is also a result of shifting consumer trends, which is expected to benefit the global flexible packaging market's growth. Bioplastics had a market value of US$ 3.8 billion in 2018 and this segment is expected to grow at a CAGR of 5% over the forecast years.

The food industry has been the largest end-user of flexible packaging, accounting for 30% of the ASEAN Flexible Packaging Market in 2018. This is expected to rise at a 5% annual rate over the forecast period, with the food sector continuing to account for the lion's share of market revenue and sales. This can be attributed to a variety of advantages, including lower production and transportation costs, customizable barrier properties, and product integrity protection provided by flexible packaging.

However, the pharmaceutical industry is quickly gaining prominence in the flexible packaging market, which is expected to grow at the fastest rate of 6% during the forecast period of 2019-2027. The major factors that have contributed to the growing popularity of flexible packaging in the pharmaceuticals sector are customizability, recyclability, and convenience.

The increasing demand for flexible packaging from the Asia Pacific has propelled the region's market growth, which accounted for more than one-third of the global market's revenue share in 2018 and is expected to grow at a 6% annual rate during the forecast years. The expansion of the APAC flexible packaging market can be attributed to several factors, including an increase in per capita packaging demand from developing countries, a concentration of flexible packaging producers in the region, and rising demand for sachets and stick packets.


However, the flexible packaging market in North America held a significant 28 percent share of the global landscape in 2018 and is expected to grow at a CAGR of 5% over the forecast period. Pouches, sticks, and sachets are expected to remain popular in the North American market, fueling its expansion.

The global  ASEAN flexible packaging market is thought to be fairly fragmented, with the top ten players - Amcor Plc, Winpak Ltd., Sealed Air Corporation, Sonoco Products The company, Berry Global Group, Inc., DS Smith Plc, Coveris Holdings S.A., Huhtamäki Oyj, Constantia Flexibles GmbH, and ProAmpac LLC - accounting for 7% of total revenue. These players are increasingly focusing on bolstering their market position and broadening their global reach through acquisitions. For example, in February 2019, Sealed Air Corporation purchased MGM's flexible packaging business to expand its printing and lamination capabilities to better serve the APAC region.

To meet the growing demand for sustainable packaging, players are also investing in R&D geared toward environmentally friendly materials and products. For example, Stora Enso Oyj, a major player in the global flexible packaging market, introduced DuraSense®, a biocomposite material made of wood fiber and polymers that is intended to replace plastic packaging components.

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