Report : Asia-Pacific Flexible Packaging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Plastics, Paper, Aluminum Foils, and Others), Product Type (Pouches, Bags, Films and Wraps, and Others), and Application (Food and Beverages, Medical and Pharmaceutical, Personal Care and Cosmetic, Industrial, and Others)
At 4.7% CAGR, the APAC Flexible Packaging Market is speculated to be worth US$ 1,05,026.15 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC flexible packaging market was valued at US$ 75,981.97 million in 2021 and is expected to reach US$ 1,05,026.15 million by 2028, registering an annual growth rate of 4.7% from 2021 to 2028. Flexible packaging applications building materials, furniture’s, and other household items and growing retail sector through e-commerce in developing countries are the critical factors attributed to the market expansion.
Flexible packaging is made of flexible or easily yielding materials that, when filled or closed, can be readily changed in shape. They are highly used in industrial applications and building materials to protect, market, and distribute a vast array of products. Hence, the growing building material sector in various economies across the region will offer more opportunities for the growth of the flexible packaging market. Furniture and household items play a vital role in creating a human-centric space. Special protection in logistics operations and storage needs to be maintained for flexible protective packaging for furniture and household items. Bulky, the glass or ceramic products and angular products require intelligent packaging solutions that protect products' quality in the event of vibrations and powerful collisions. The evolving landscape of residential, commercial, and industrial buildings, and hospitality, is dominated by changes in consumers' lifestyles. The flexible packaging solutions such as heavy-duty corrugated boxes, water activated tapes, bubble wrap and foams, poly furniture covers, stretch wraps are providing protection to furniture and helps to maintain quality. Hence, the increasing demand for furniture products also creates massive demand for flexible packaging solutions, thereby driving the market growth.
On the contrary, fluctuating raw material prices hurdles the growth of APAC flexible packaging market.
Based on material, the APAC flexible packaging market is segmented into plastics, paper, aluminum foils, and others. The plastics segment held 58.2% market share in 2021, amassing US$ 44,243.41 million. It is projected to garner US$ 61,575.58 million by 2028 to expand at 4.8% CAGR during 2021–2028.
Based on product type, the APAC flexible packaging market is segmented into pouches, bags, films and wraps, and others. The bags segment held 43.6% market share in 2021, amassing US$ 33,160.32 million. It is projected to garner US$ 47,866.39 million by 2028 to expand at 5.4% CAGR during 2021–2028.
Based on application, the APAC flexible packaging market is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. The food and beverages segment held 60.5% market share in 2021, amassing US$ 45,954.27 million. It is projected to garner US$ 66,240.46 million by 2028 to expand at 5.4% CAGR during 2021–2028.
Based on country, the APAC flexible packaging market has been categorised into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 38.2% market share in 2021. It was assessed at US$ 29,023.22 million in 2021 and is likely to hit US$ 41,372.34 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the APAC flexible packaging market are Amcor plc, Berry Global Inc., Constantia Flexibles, Flexpak services, Huhtamaki, Mondi, Sealed Air, Sonoco Products Company, and Transcontinental Inc. among others.
- In Sep 2021, Berry Global Inc.has expanded polypropylene thermoforming capabilities to make clear drink cups and lids for quick-service restaurants, coffee shops, convenience stores and other food service markets. It improves the restaurant operation efficiencies while offering a more sustainable packaging option.
- In Sep 2020, Mondi has recently developed and innovated into B2B business where they had a successful loyalty program into Color Copy Club.