Flexible Packaging Market Scenario Highlighting Major Drivers & Trends, 2024

Flexible Packaging Market is anticipated to showcase excellent growth during the forecast period owing to rising demand for innovative flexible packaging solutions across various end use industry verticals such as food and beverage, pharmaceutical, personal care, and cosmetics. Furthermore, development of the modern retailing sector, rapid adoption of e-commerce services among global population, particularly in developing economies, and rising consumer disposable income are also some of the major driving factors accelerating the growth of the global flexible packaging market in coming years. Furthermore, rising demand from various emerging economies, such as India and Brazil, is also expected to aid in the expansion of the global Flexible Packaging Market in coming years.

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The demand for daily staples as well as fresh food products rose tremendously during the COVID-19 pandemic and subsequent lockdowns. 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.

Solutions in the global flexible packaging market require less energy for manufacturing, creates lesser greenhouse gas emissions, and utilizes fewer natural resources. This makes the products in the global flexible packaging market suitable for various end use industries. Furthermore, they also aid in prolonging the shelf life of various products, especially in the food and beverage industry. This, along with their cost effective nature are two of the major and key driving factors for the development of the global flexible packaging market during the forecast period. However, lack of proper infrastructure facilities for recycling the products in the global flexible packaging market made from plastic polymers may hinder the growth in the industry in coming years.

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ASEAN Flexible Packaging Market: Snapshot

The use of flexible sheets and films in the packaging industry has been present for a substantial amount of time, but has seen commercial success only in the recent decades. Modern flexible packaging provide varying levels of flexibility while maintaining the highest level of durability possible, keeping their primary job of protecting the contents. These factors have strongly championed the use of flexible packaging in the ASEAN regions, where high population density, growing consumerism, increasing need for brand appeal, and the savings in size of package and space that they can achieve.

The ASEAN flexible packaging market is likely to show an optimistic CAGR of 5.7% within a forecast period from 2016 to 2024. It is expected to reach US$6.71 bn by the end of 2024, from its valuation of US$4.32 bn in 2015. The primary propellant for the market currently is the large scale consolidation efforts taken by the leading players in the market. The market also benefits substantially from factors such as economic advancements in the region, increasing rate of investments by multinational players, and dynamic characteristics of the population. Megatrends such as the flourishing modern retail industry and the increasing growth of food and beverages industries is also contributing to the growth of the ASEAN flexible packaging market. Food and beverages in the ASEAN region takes up a majority of the market for flexible packaging. Therefore, product development efforts initiated by manufacturers of flexible packaging in the ASEAN region are targeted towards key food and beverages clients.

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Indonesia to Continue to Shine in ASEAN Flexible Packaging Market
Based on ASEAN nations, the flexible packaging market has been segmented into Indonesia, Thailand, Malaysia, Vietnam, Philippines, and Myanmar. Indonesia is currently estimated to constitute the leading share in the ASEAN flexible packaging market, with Thailand in second place. The markets in Philippines, Vietnam, and Myanmar are likely to show a relatively higher growth rate over the coming years. GDP growth and a rise in disposable income in the ASEAN region will play a key role in propelling the demand for flexible packaging over the coming years.

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Pouches to Maintain Dominant Share, Multi-layered Packaging Gains Traction
Over the coming years, the ASEAN flexible packaging market is forecast to swing from single layer packaging to multilayer variants. The latter segment can be divided further into two layers, three layers, five layers and seven layers. Five-layered flexible packaging and seven-layered flexible packaging are expected to take up the greater shares in the overall market for the given forecast period, with the market segment on the basis of layer types. However, the multi-layered packaging segment currently shows greater barriers to growth, such as high costs of manufacturing and overall reluctance of consumers to purchase the items with costlier packaging. The promotion of this segment as a highly hygienic and safe option for packaging of food products is likely to boost its demand over the coming years.

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