The ASEAN Flexible Packaging Market is driven by growing e-commerce industry
The ASEAN flexible packaging market has been gaining significant traction over the recent past, due to the growing need for lightweight as well as convenient packaging. Flexible packaging provides excellent barrier properties along with cost efficiency. Flexible pouches, bags, films and wraps are superior in terms of brand communication compared to rigid packaging. They are produced from materials like paper, plastic, aluminum foil and offer greater design flexibility. Flexible packaging finds usage in a variety of applications across food and beverages, personal care and homecare industries. Growth in the retail sector along with rising disposable incomes has been fueling sales of conveniently packaged goods. The ASEAN region is witnessing rapid urbanization with changing consumer habits, thereby auguring well for flexible packaging adoption.
The Global ASEAN Flexible Packaging Market is estimated to be valued at US$ 6464.9 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the ASEAN flexible packaging are Dow Inc., Covestro AG, Eastman Chemical Company, SABIC, Arkema S.A., Mitsubishi Chemical Corporation, Evonik Industries AG, Sumitomo Chemical Co., Ltd., Teijin Limited, LG Chem Ltd. Flexible packaging helps extend the shelf life of products and reduce food wastage. This drives volume sales and boosts demand. The booming e-commerce sector has emerged as a major revenue generator for the ASEAN Flexible Packaging Market Trends Growing preference for online shopping is prompting flexible packaging manufacturers to offer customized solutions.
The global flexible packaging market is expected to witness substantial gains owing to rising export volumes from ASEAN countries. China, Japan and South Korea are major export destinations, attributed to burgeoning industrialization and focus toward packaged goods. Extensive R&D investments by key stakeholders to develop innovative and sustainable packaging materials will aid the flexibles industry expansion.
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