The APAC flexible packaging market is expected to grow from US$ 75,981.97 million in 2021 to US$ 1,05,026.15 million by 2028. It is estimated to grow at a CAGR of 4.7% from 2021 to 2028.
In a nutshell, e-commerce effectively erases the huge investments or outlays on physical infrastructure to develop a regional presence, which has led to a revolution in the way business is conducted across the region. Developing countries present solutions to many prevalent problems, such as providing remote healthcare & education, food & beverages, personal care & cosmetics, and industrial.
Moreover, the immense potential that e-commerce is acting as a powerful tool in reducing the gap and giving developing countries the chance to achieve economic equality. The growing telecommunications infrastructure and rising consumer demand for food & beverages ensure that developing countries have become strong contenders in the regional e-commerce sector.
The ministry of commerce & industry, the government of India, announced on Dec 17, 2021, that India's e-commerce order volume increased by 36% in the last quarter of 2020, with the personal care, beauty & wellness (PCB & W) segment being the largest beneficiary. In addition, India's e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026. Hence, the retail sector is growing through e-commerce and simultaneously witnessed lucrative growth for the flexible packaging market in emerging economies.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC flexible packaging market at a good CAGR during the forecast period.
APAC Flexible Packaging Market Revenue and Forecast to 2028 (US$ Million)
APAC Flexible Packaging Market Segmentation
The APAC flexible packaging market is segmented based on material, product type, application, and country. Based on material, the market is segmented into plastics, paper, aluminum foils, and others. The plastic segment dominated the market in 2021.
Based on product type, the market is segmented into pouches, bags, films and wraps, and others. The bags segment dominated the market in 2021.
Based on application, the market is segmented into food and beverages, medical and pharmaceutical, personal care and cosmetic, industrial, and others. The food and beverages segment dominated the market in 2021.
Based on country, the regional market is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC. China dominated the market in 2021.
Amcor plc, Berry Global Inc., Constantia Flexibles, Flexpak services, Huhtamaki, Mondi, Sealed Air, Sonoco Products Company, and Transcontinental Inc. are the leading companies in the regional market.