Press release
ASEAN Flexible Packaging Market: Rising Urban Population to Fuel Demand for Flexible Packaging
Already making up almost half of the retail packaging industry, the flexible packaging market is set to rise exponentially. In the Association of Southeast Asian Nations (ASEAN) in particular, the market is scaling new highs, thus connoting the presence of several large players. In a recent study, Transparency Market Research (TMR) finds that the vendor landscape of the ASEAN flexible packaging market exhibits the presence of numerous players. While none of the players hold dominance, the top seven companies held just over 10% of the overall market in 2016. “Their cumulative share is not expected to exceed 13% between 2016 and 2024, rendering the vendor landscape highly fragmented,” said a lead TMR analyst.Read Report: http://www.transparencymarketresearch.com/asean-flexible-packaging-market.html
Capacity expansion, mergers & acquisitions, new product launches, and expanding regional footprint are among the most popular strategies adopted by the market players to strengthen their foothold in the ASEAN flexible packaging market. Among the aforementioned companies Amcor Limited currently enjoys lead, as it is expected to hold anywhere between 5% and 7% of the ASEAN flexible packaging market during the forecast period.
According to TMR, ASEAN flexible packaging market stood at US$4.32 bn in 2015. By the end of 2024, the market is forecast to reach US$6.71 bn. If the figures hold true, the ASEAN flexible packaging market will exhibit a CAGR of 5.7% between 2016 and 2024. By end use, the food and beverages industry dominates the ASEAN flexible packaging market. It held an estimated share of 64.2% in the market in 2016. Country-wise, Indonesia emerged dominant with an estimated share of 33.3% in the market in the same year.
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Rising Urban Population to Fuel Demand for Flexible Packaging
Growth witness by the flexible packaging market in ASEAN is primarily enabled by the rising population. In addition, the market is set to gain from the expanding retail and food and beverage sectors in ASEAN. As the latter constitute the leading end-use industry, effects of growth witnessed in the industry will percolate as lucrative opportunities for the flexible packaging market. Legislations benefiting the food and beverages industry will thus have a positive impact on the ASEAN flexible packaging market, and so will the rising population.
The high performance flexible packaging solutions ensure enhanced shelf-life of various food items, which is a chief driver of the ASEAN flexible packaging market. Expansion in the retail industry means rising purchase of flexible plastic packs by a large consumer base in developing nations. “Beyond industries, the demand for flexible plastic packs has considerably risen in small confectionaries and retail outlets, which has provided the market significant impetus,” said a lead TMR analyst.
Rapid evolution of the retail sector is touted as a leading contributor to the market’s growth. However, this evolution is spearheaded by the rising consumerism in ASEAN. Considering the benefits it provides, flexible packaging is fast replacing the conventional rigid packaging solutions. This will pave way for the market to exhibit further growth in the near future.
Toughening Legislations have Negative Impact on ASEAN Market
On the downside, toughening legislation provides considerable threat to the use of flexible packaging in the tobacco industry. Besides this, the market is reeling under the restricted scope of recycling owing to the presence of multiple raw material components. Also the long storage and shelving capabilities of flexible packaging can go against the market’s growth targets. It is important to note here that thin films used in certain flexible packaging do not provide physical protection as that of rigid packaging. As flexible packaging solutions are supple, it is easy to disturb their shape. This causes difficulties in handling and is thus considered a restraint for the market.
Nevertheless, growing urban population will ensure that the demand for flexible packaging solutions remains high across ASEAN. The versatility of flexible packaging as a pack material is expected to increase its application considerable in the coming years.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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