Flexible Packaging Market - Industry Shares, Market Strategies And Key Players

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.

Get an exclusive sample of this report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=22523

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.

Browse Press Release of this Research Report @ https://www.transparencymarketresearch.com/asean-flexible-packaging-market.html

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.

Based on products, the ASEAN flexible packaging market can be divided into pouches, bags, films and rollstocks, and other flexible packaging products. Pouches took up the leading share in the market in 2015, in terms of demand volume and growth rate. This segment is additionally expected to remain a highly attractive over the forecast period. The pouches segment is further divided into standup pouches, retort pouches, and vacuum pouches, among which standup and retort pouches are forecast to show a profitable future. The segment of bags is divided into wicketed bags and gusseted bags.

The leading players in the ASEAN flexible packaging market so far, have included Sonoco Products Company, Bemis Company, Inc., Amcor Limited, Constantia Flexibles GmbH, Mondi Group, Berry Plastics Group, Inc., and AR Packaging Group.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.

Contact TMR

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.