ASEAN Flexible Packaging Market: Snapshot

Flexible packaging systems made using flexible films and sheets have fundamentally enhanced and improved the product offerings in the global packaging market. Owing to flexibility, durability and protective barrier properties of the flexible packaging products, the flexible packaging market has emerged as a crucial element of growth in the global packaging industry wherein the Asia Pacific region has gained immense strategic significance. The ASEAN flexible packaging market has exhibited market dynamics particularly driven by flourishing urban class of population in countries including Indonesia, Philippines, Vietnam and Myanmar.

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The ASEAN flexible packaging market is expected to exhibit a positive CAGR of 5.7% over the forecast period, 2016-2024. Growth witnessed in the market is spurred by factors such as market consolidation, investments by multinational players, economic advancements in the region and dynamic characteristics of the population. The ASEAN market for flexible packaging is expected to be positively influenced by megatrends including boom in modern retail and strong growth in food and beverages sector. Food and beverages in the ASEAN region accounts for over half of the flexible packaging market share. Resultantly, product development activities undertaken by packaging manufacturers in the region are targeted towards major clients in food and beverages markets.

Spurred by these factors, the flexible packaging market in ASEAN is expected to reach US$6.71 bn by the end of 2024, from its valuation of US$4.32 bn in 2015.

Pouches Constitute Leading Product Segment

On the basis of product, the ASEAN flexible packaging market is segmented into pouches, bags, films and rollstocks, and other flexible packaging products. Of these, pouches accounted for highest market share and growth rate in 2015, and is expected to emerge as the most attractive market segment over the forecast period. The pouches segment is further sub-segmented into standup pouches, vacuum pouches and retort pouches, wherein standup pouches and retort pouches are expected to exhibit lucrative growth rate. The bags market segment is further sub-segmented into gusseted bags and wicketed bags. The ASEAN flexible packaging market will evolve in terms of new product offerings as packaging manufacturers cater to the custom needs of their clients.

The market is expected to shift from mono layer flexible packaging to multilayer flexible packaging. The multi-layer market segment is further sub-segmented into two layers, three layers, five layers and seven layer, wherein five layer packaging and seven layer packaging account for significant share of the market. Multiple layer packaging has high barrier properties which makes it vastly suitable for packaging of food products. Flexible packaging made of multiple layers of different material types have shown to enhance shelf life of perishable food products while preserving the product quality. Based on the material type the ASEAN flexible packaging market is segmented into polyethylene (PE), polypropylene (PP), nylon, polystyrene (PS) and others.

Indonesia to be Main Contributor to ASEAN Flexible Packaging Market

Lastly, on the basis of nation, the ASEAN flexible packaging market has been segmented into Indonesia, Malaysia, Thailand, Philippines, Vietnam and Myanmar. Indonesia flexible packaging market is estimated to constitute the highest market share in the ASEAN region followed by Thailand. Flexible packaging market in Philippines, Vietnam and Myanmar is expected to witness comparatively higher CAGR over the forecast period, 2016-2024. GDP growth and the rise in disposable income witnessed across these nations will play a major role in fuelling the demand for flexible packaging.

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Some of the leading players operating in the ASEAN flexible packaging are Sonoco Products Company, Bemis Company, Inc., Amcor Limited, Constantia Flexibles GmbH, Mondi Group, Berry Plastics Group, Inc., and AR Packaging Group.

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