Our in-depth analysis of the global ASEAN flexible packaging market includes the following segments:
Booming Demand for Ready-to-Eat Meals - In 2020, more than 35% of American population was anticipated to be consuming ready-to-eat meals.
The global population is becoming more inclined to purchase ready-to-eat meal since it takes less time and effort to be prepared. Ready-to-eat meal is prepared in way so the health properties of the food can remain for a longer period. Packaging of such type of food becomes important because it can help in preserving the nutrition and taste of the food. Hence such a higher demand is anticipated to accelerate the growth of the market over the forecast period.
Growing Production of Polyethylene to Boost the Market Growth- As of 2019, the gross production of the polyethylene was estimated to be around 20,000 metric tons solely in the USA.
Increasing Utilization of Nylon - For instance, approximately 550,000 metric tons of nylon were produced in 2019.
Higher Demand for Flexible Packaging in Cosmetics Industry- It is observed that in 2022, the cosmetics segment across the globe projected to generate a total revenue of USD 5.50 billion.
The global ASEAN flexible packaging market is segmented and analyzed for demand and supply by type into bags and pouches, out of which, the bags segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the rising utilization of bags in countless activities. For instance, in 2022, the bags & container segment was valued at about USD 40 billion.
Regionally, the global ASEAN flexible packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be ascribed to the growing demand in the food and beverage industry of the region. For instance, in 2022, the food & drink segment in the region was estimated to reach approximately USD 28 million. Additionally, higher penetration of the key players in the region is further estimated to hike the market growth during the forecast period.
The global ASEAN flexible packaging market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Higher demand for flexible packaging in cosmetics industry is estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: Increment in the solid waste produced by packaging materials is estimated to challenge the market growth.
Ans: The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are 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 others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, layer, material, and by region.
Ans: The bags segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.