The ASEAN flexible packaging market provides packaging solutions for various consumer goods such as food and beverages, personal care products, homecare products, and others. Flexible packaging offers advantages like ease of use, lightweight and portability which increases product appeal and drives sales. Flexible pouches, bags, films and wraps also help reduce food wastage by extending shelf life of products. The growing e-commerce industry is also fueling demand for flexible solutions that package products efficiently for shipping and storage.
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.
The ASEAN Flexible Packaging Market Trends in ASEAN region is witnessing high growth owing to rising income levels and expanding middle-class population which is increasing consumption of packaged foods, beauty products and other consumer goods. Manufacturers are also focusing on environment friendly and sustainable packaging solutions made from recycled materials to attract conscious customers and meet sustainability goals. ASEAN countries offer lucrative opportunities for flexible packaging providers to expand globally by catering to rapidly growing consumer markets and capitalizing on trade agreements between member countries.
Market key Trends
Digital printing technology is gaining popularity in the flexible packaging industry as it allows for small batch printing, customization and changing designs frequently to attract customers. Sustainable and bio-based flexible packaging made from renewable plant-based materials like cassava, sugarcane and corn are also a key trend as consumers prefer eco-friendly alternatives. Advanced barrier films extend product shelf life by keeping moisture, oxygen and light away from packaged items. The use of smart and interactive packaging integrating RFID tags and QR codes for product tracking and providing information is an emerging trend in the ASEAN Flexible Packaging Market.
Porter’s Analysis
Threat of new entrants: Limited barriers for new players to enter the market in ASEAN region. Bargaining power of buyers: Major FMCG companies have significant bargaining power over flexible packaging suppliers in ASEAN market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials. Threat of new substitutes: Threat from rigid packaging is low given advantages of flexible packaging like lightweight and resealability. Competitive rivalry: Intense competition among established flexible packaging players to gain market share in ASEAN through product innovation and capacity expansion.
Geographical Regions
ASEAN countries like Thailand, Indonesia, and Malaysia account for over 50% of the total flexible packaging market value in the region. These countries are major manufacturing hubs for numerous end-use industries driving flexible packaging demand.
The fastest growing market for flexible packaging in ASEAN is Vietnam. Rising middle-class population, growing food processing and consumer goods sectors are fueling over 5% yearly growth in the flexible packaging market of Vietnam through 2024. Vietnam also offers lucrative opportunities for flexible packaging companies to set up manufacturing units due to low-cost production environment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
