Flexible Packaging Market to Touch US$6.71B by 2024 - Transparency Market Research
High Demand across Retail and F&B Industries to Drive Growth of Flexible Packaging Market
ALBANY, New York, November 14, 2017 (Newswire.com) - Transparency Market Research estimates that the ASEAN flexible packaging market will exhibit a CAGR of 5.7% over the period between 2016 and 2024, rising from a valuation of US$4.32B in 2015 to US$6.71B by 2024.
Indonesia to Emerge as Most Promising Regional Market
From a regional point of view, the market for flexible packaging in Indonesia currently accounts for the dominant share of revenue in the ASEAN market. The market in Indonesia is also likely to remain at the top in terms of demand as well as revenue generation over the report’s forecast period as well, with the market in Thailand taking the second position. The markets for flexible packaging in Vietnam, Philippines, and Myanmar are expected to witness growth at relatively higher paces over the report’s forecast period.
Of the key product types made from flexible packaging technology, including bags, pouches, rollstocks, and films, the segment of pouches held the dominant share in the overall market in 2015, in terms of both revenue generation and volume-wise consumption. The segment is also expected to remain the most attractive product segment in the near future.
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Thriving Retail and Food and Beverages Sectors to Drive Growth
A number of factors have contributed to the overall development of the flexible packaging market on both the global front and in the ASEAN market, helping it capture nearly half of the retail packaging industry in the recent years. The key driving factors impacting the ASEAN flexible packaging market include the rising population and the thriving retail and food and beverages sectors. Moreover, the market is also expected to benefit from the several regulations pertaining to the safe packaging of food and beverages in most countries in the ASEAN region.
On the other hand, the restrictions faced by most variety of materials used for flexible packaging in terms of recycling and the lengthy shelving and storage capacities of flexible packaging could work against the growth targets of the market. Also, some thin films used in certain varieties of flexible packaging are not at par in terms of physical protection compared to rigid packaging. These factors could collectively have a negative impact on the overall development of the market to a certain extent.
The competitive landscape of the Association of Southeast Asian Nations (ASEAN) flexible packaging market sees the presence of numerous players, with the top seven companies cumulatively accounting for only about 10% of the market in 2016, observes Transparency Market Research in a recent report. The collective share of these top seven vendors is not expected to rise to more than 13% over the period between 2016 and 2024, bringing little difference to the highly fragmented nature of the vendor landscape of the market.
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Although the market indicates a high level of competition, new companies are continuously venturing into the market owing to the high potential of growth it connotes. To strengthen their hold on the market, companies in the ASEAN flexible packaging market are focusing on strategies such as mergers and acquisitions, capacity expansion, and introduction of new products. Some of the leading companies in the market presently are Amcor Limited, Constantia Flexibles GmbH, Sonoco Products Company, Mondi Group, Bemis Company, Inc., and Berry Plastics Group, Inc.
This review of ASEAN flexible packaging market is based on a recent market research report by Transparency Market Research, 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.”
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Source: Transparency Market Research