The ASEAN flexible packaging market is likely to show an optimistic CAGR of 5.7% within a forecast period from 2016 to 2024
ALBANY, NEW YORK, UNITED STATES, September 17, 2020 /EINPresswire.com/ — TMR anticipates that the ASEAN flexible packaging market is expected to witness growth with a CAGR of 5.7% during the forecast period between 2016 and 2024. This growth is primarily attributable to the high adoption of the advanced technologies coupled with robust investment in innovation and product improvement, which benefits market growth. Additionally, a robust increase in population coupled with rising their disposable income, which leads to increase the affordability of the advanced packaging materials. This factor is expected to propel market growth in the coming years and help it grab the value of US$6.71 bn by 2024-end. The market stood at a valuation of US$4.32 bn in 2015.
The flexible packaging market features consolidated vendor landscape owing to the presence of a limited number of international players in the market. The key players in the flexible packaging market include Amcor Limited, Sonoco Products Company, Constantia Flexibles GmbH, Mondi Group, Berry Plastics Group, Inc., and Bemis Company, Inc. Additionally, the new companies are entering in the flexible packaging market, which are continuously investing to explore the market potential. Further, these companies are looking to strengthen their position on the ASEAN flexible packaging market by adopting strategies including capacity expansion, mergers and acquisitions, and introduction of new products.
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Booming Packaged and Processed Food & Beverages Industry Benefits Market’s Growth
The flexible packaging market is largely gaining traction on the back of robust development of the food and beverages industry in the region. Robust development of the products and flourishing modern retail industry in the ASEAN region are benefiting the flexible packaging market and is likely to be a key factor to drive market growth in the coming years. Packaged and processed food industry in the ASEAN region is booming; thus, the key players in the flexible packaging market are targeting in the industry to boost their sales.
From the regional forefront, the flexible packaging market in Indonesia witnessed high demand than other countries in the region. This is likely due to the high adoption of flexible packaging such as bags, pouches, and films in the region for spill-proof packaging of food and beverages. Additionally, the market in Thailand is standing in the second position. However, the market in Vietnam, Myanmar, and the Philippines are expected to show the most lucrative growths.
Continuous Upgrade of Products May Offer Growth Opportunities in Coming Years
Rising knowledge of benefit and effectiveness of packaging of the snacks and beverages with flexible packaging is boosting demand for bags, rollstocks, pouches, and films. Moreover, the market in the ASEAN region is a benefit due to the rising implication of the several regulations for the safe packaging of food and beverages.
However, the restrictions on most of the materials used for manufacturing flexible packaging due to its non-recyclability, and the lengthy storage capacities of flexible packaging are hampering the growth of the global flexible packaging market. Furthermore, the material used for manufacturing some of the thin films comes under restrictions, which is negatively impacting on its sales and market growth too. Nonetheless, growing adoption of other materials for manufacturing these packaging and continuous upgrade of the products are likely to drive market growth in the coming years by offering robust growth opportunities.
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This information is encompassed in the report by TMR, titled, “Flexible Packaging Market (Product Type – Pouches (Stand-up Pouches, Vacuum Pouches, and Retort Pouches), Bags (Gusseted Bags and Wicketed Bags), and Films & Rollstocks; Layer Type – Mono Layer and Multi-layer (Two Layers, Three Layers, Five Layers, and Seven Layers); Material Type – Polyethylene (PE), Polypropylene (PP) (Bi-axially Oriented Polypropylene (BOPP), Copolymer Polypropylene (COPP), and Oriented Polypropylene (OPP)), Nylon, and Polystyrene; End Use – Food and Beverages, Pharmaceuticals, Cosmetics and Personal Care, Homecare and Toiletries, and Sports Goods) – ASEAN Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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.
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.
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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.