Research Nester published a report titled “ASEAN Flexible Packaging Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers a detailed overview of the global ASEAN flexible packaging market in terms of market segmentation by type, layer, material, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global ASEAN flexible packaging market is projected to grow at a CAGR of ~5% by attaining a substantial revenue during the forecast period, i.e., 2023 – 2033. Growing sales in retail sector are anticipated to propel the growth of the market during the forecast period. As of 2021, the global retail sector generated around USD 25 trillion of sales. Additionally, increasing utilization of nylon and spiking demand for flexible packaging in cosmetic industry is further estimated to propel the market growth over the forecast period. In 2019, the total production of nylon was projected to be around 550,000 metric tons.
Additionally, by type, the global ASEAN flexible packaging market is segmented into bags and pouches. Out of these sub-segments, the bags segment is estimated to obtain a largest share in the market during the forecast period. The growth of the segment can be accounted to mounting utilization of bags for multiple activities throughout the day. As of 2022, the bags & container segment amounted nearly USD 40 billion.
Furthermore, the global ASEAN flexible packaging market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the North America region is estimated to grow at a rapid pace over the forecast period on the back of higher demand for flexible packaging in food and beverage industry. It is estimated that the food & drink segment in the region was projected to hit about USD 28 million.
Rising demand for Ready-to-Eat Meals to Foster the Growth of the Market
It is noticed that about 35% of the American adults purchased or ordered ready-to-eat meals.
The hectic lives of people across the globe is anticipated to boost the demand of ready-to-eat meals over the forecast period. manufacturers are recommended to use particular methods of packaging to preserved the health properties, freshness, and taste of the food for a longer period, and flexible packaging is one of them. Therefore, such factors are anticipated to propel the growth of the market during the forecast period.
However, increment in the solid waste produced by packaging materials is expected to operate as a key restraint to the growth of the global ASEAN flexible packaging market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global ASEAN flexible packaging market which includes company profiling of AR Packaging Group AB, Amcor Limited, Prepack Thailand Co., Ltd., Constantia Flexibles Group GmbH, Berry Global Inc., Sonoco Products Company, Mondi plc, Sealed Air Corporation, Ardagh Group S.A., and Tetra Laval Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments.
On the whole, the report depicts a detailed overview of the global ASEAN flexible packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
