Global ASEAN Flexible Packaging Market is estimated to be valued at US$ 5138.98 Million in 2021, according to the Global ASEAN Flexible Packaging Market Report, by Product Type (Pouches, Bags, Films, and Roll stocks), by Layer Type (Mono-layer and Multi-layer), by Material Type (Polyethylene, Polypropylene, Nylon, and Polystyrene), by End-use (Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, Homecare & Toiletries, and Sports Goods) published by Coherent Market Insights.
Flexible packaging are packaging materials that maintain and keep the product safe. It protects the freshness of the product for longer time. Moreover, it also increase the shelf-life of many products especially food products. Flexible packaging is available in different shapes and sizes such as pouches, films, roll stocks, and bags.
Global ASEAN flexible packaging market was valued at US$ 5138.98 Million in 2021. ASEAN flexible packaging market is expected to exhibit a CAGR of 4.5% over the forecast period (2022–2030), to reach US$ 7617.25 Million by 2030.
ASEAN flexible packaging impact in the recent months owing to the lockdowns imposed globally to curb the spread of COVID-19. This resulted in the increased demand for the solutions in the global flexible packaging market. Furthermore, during the pandemic, pharmaceutical industry also contributed to the robust demand for innovative and safe solutions offered by the players and manufacturers in the global flexible packaging market. Rising demand for household essentials, medical goods, and healthcare products is also anticipated to foster the development trajectory of the global flexible packaging market in coming years. Moreover, increased demand for products in the global flexible packaging market for timely delivery of finished goods as well as raw materials is also expected to favor the industry growth in coming years.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/asean-flexible-packaging-market-3987
Key Trends and Analysis of the Global ASEAN Flexible Packaging Market:
- Adoption of advanced technologies for increasing the production of the flexible packaging material is a major trend in the market and this is expected to accelerate the market growth. For instance, in April 2020, Comexi, a specialist in solutions for printing and flexible packaging industry conversion, and Constantia Flexibles, a producer of flexible packaging, strengthened their relationship with the installation of three machines at the opening of the Constantia Ecoflex Ahmedabad in India. The objective of establishing new the plant is to focus on the production of more sustainable and fully recyclable flexible packaging material.
- Mergers and acquisitions by key manufacturers is a growing trend in the market for regional as well as a global presence. For instance, in April 2018, Constantia Flexibles acquired India’s Creative Polypack. Constantia Flexibles Group is now the third-largest flexible packaging company in India after successful acquisition of Creative Polypack. Moreover, Creative Polypack manufactures film-based flexible packaging for food and home & personal care (HPC) industries, as well as paper-based soap wrappers.
Key Takeaways of the Global ASEAN Flexible Packaging Market:
- Among product type, pouches segment in the ASEAN flexible packaging market is expected to dominate the market throughout the forecast period
- Among layer type, multi-layer segment in the ASEAN flexible packaging market is expected to dominate the market throughout the forecast period. The segment was valued at 4,443 Mn in 2019 and is forecast to reach a value of US$ 6,621.2 Mn by 2027.
- Among material type, polyethylene (PE) segment dominated the ASEAN flexible packaging market in 2019, accounting for 32.5% share in terms of volume, followed by polypropylene segment
- Among end-use, food & beverage segment is expected to dominate the ASEAN flexible packaging market throughout the forecast period
New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the flexible packaging are key strategies adopted by players in the global ASEAN flexible packaging market. For instance, in October 2019, UFlex Limited launched a cutting-edge packaging solution called ‘Asepto Eye’ for the beverages segment. The newest offering from Asepto gives a stylish revival to aseptic packaging due to its packaging excellence, taking forward the innovative trail that the brand Asepto professes.
