The Asia-Pacific flexible packaging market is expected to grow from USD 26.51 billion in 2016 to USD 47.32 billion by the end of 2021 at a CAGR of 10.14%. China is set to have the highest market share, followed by Japan and South Korea. This growth is attributed to the steady economic growth of the region. The GDP growth for 2016 - 2017 is forecasted to be more than 5% which is helped by growth in economies, robust credit growth, and good labor markets.
Asia-Pacific Flexible Packaging Market-Market Dynamics
China, India, and Japan are the leading exporters of goods to various parts of the world. China exported more than USD 2 trillion worth of goods, leading to the growth of the flexible packaging market. Another factor that has increased the sales of the flexible packaging market is the e-commerce market. Internet penetration in Asian markets has boosted the e-commerce market in this region. There are more than a billion people in the APAC region who use the internet, either on their smartphones or computers. Smartphones have revolutionized the e-commerce retail market by having customers place orders from their phone. Global companies like eBay and Amazon have invested heavily in the APAC market because of its huge sales and revenues. Domestic companies like Flipkart, Alibaba, Rakuten, etc. have an established market in their countries and are expanding heavily. All these shipments require the flexible packaging market to support the orders.
Some of the factors driving the market include:
Some of the factors restraining the market are:
These problems can be allayed by the fact that the governments in this region are opening the markets to companies from abroad. Policies are being changed by the governments to attract more investment. Also, they are implementing new projects to help the infrastructure to support the supply chain.
The high growth segments in this region are consumer durables, food & beverage industry, and apparel. The changing lifestyles and the consequent dependence of consumers on processed, packaged, and pre-cooked food are increasing the sales of flexible packaging. Rigid packaging in all its formats (bottles, cans, tins, glass, and plastic containers) is visibly giving way to flexible packaging due to its convenient format, light weight, superior barrier properties, prudent use of material resources, and high-quality printability.
Plastic is the most widely used material in the flexible packaging industry and recent material innovations have even made plastic recyclable, thus cementing its place as the leader in flexible packaging. Metallic packages have huge potential to grow but high costs have hindered their full-scale production.
The report provides a comprehensive analysis of the market segmented on the basis of packaging material used and the end-user industry. Detailed estimates for the next five years are included along with the analysis of the major players and their strategies.
Some of the key vendors mentioned in the report are:
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