Asia Pacific Flexible Packaging Market - Forecasts from 2018 to 2023
Asia Pacific flexible packaging market is projected to grow at a CAGR of 6.01% over the forecast period to reach a market size of US$49.928 billion by 2023 from US$35.170 billion in 2017. Some of the key factors behind the significant growth of Asia Pacific Flexible Packaging Market are rising disposable income, improvement in the standard of living, and growing consumer demand for convenient packaging solutions. Hectic work lifestyle has induced the demand for easy-to-use and carry packaged food & beverages products, thereby driving the growth of Asia Pacific Flexible Packaging Market. The demand for flexible packaging is also derived from the growth of various end-user industries such as healthcare, food & beverages among others. Moreover, lightweight material, low production cost, and easier transportation reduce the overall operating cost for manufacturers, leading to an increased adoption of these solutions to cater their packaging needs.
Emerging economies like China and India are expected to witness the substantial growth of flexible packaging market. China is expected to be the largest market for flexible packaging solutions due to its shift from production-based to a consumption-based economic structure. Rising number of supermarkets in the Asia Pacific region will boost the demand for flexible packaging solutions.
The technological advancements and innovations in the flexible packaging industry offer environmental-friendly benefits such as reduced use of plastic by way of package minimization, use of sustainable raw materials, reduced waste in the distribution chain, and reduced energy consumption during the recycling process. Moreover, flexible packaging generates fewer greenhouse emissions and contributes less to landfill waste against other packaging formats. Apart from governmental pressure towards sustainability, even consumers are now demanding sustainable packaging solutions due to rising environmental concerns, which will further augment the demand for flexible packaging solutions.
Major industry players profiled as part of the report are Bemis Company, Inc., WestRock Company, Sonoco Products Company, Southern Packaging Group Limited, Mondi plc, and Takigawa Corporation among others.
The Asia Pacific flexible packaging market has been analyzed through following segments:
Cosmetic and Toiletries
Pharmaceutical and Healthcare
Caps/closures and lids