Thailand Flexible Packaging Market Size (2024 - 2029)

Thailand Flexible Packaging Market Analysis

The Thailand Flexible Packaging Market size is estimated at USD 5.12 billion in 2024, and is expected to reach USD 6.95 billion by 2029, growing at a CAGR of 6.31% during the forecast period (2024-2029).

• The Thailand packaging sector rose steadily over the last decade due to changes in substrate preferences, the opening of new markets, and altering ownership dynamics. Sustainability and environmental issues are continually being raised, particularly in industrialized countries, and the sector is witnessing various technologies that cater to paper and plastic packaging. The rise of e-commerce and food delivery services, consumers' increasing demand for hygiene, convenience, and product safety, increased investment demand for extended shelf life, and changing lifestyles are the key causes pushing the country's market development post-COVID-19.
• Thailand's economic progress has resulted in a constant increase in flexible packaging product manufacturing and consumption. Thailand's flexible packaging industry is growing and contributing significantly to the country's economy. This expansion is driven by increased demand for flexible packaging materials that can be used to pack anything. According to International Monetary Fund, Thailand's gross domestic product at current prices is expected to rise by USD 192.8 billion (+33.58 percent) between 2023 and 2028. In 2028, the GDP is expected to be USD 767 billion.
• Consumers prefer plastic-based flexible packaging over other items because it is lightweight and unbreakable, making it easy to handle. Because of the cheaper production costs, even big firms favor plastic packaging. However, paper-based flexible packaging is predicted to increase fastest among all flexible packaging raw materials. This is primarily due to the trend towards environmentally friendly packaging. Paper packaging is likely to gain further from its use in online shopping. The pulp industry's exports will continue to grow.
• However, the increasing awareness about the environmental impact of single-use plastic and unsustainable business plastic solutions increased the demand for sustainable products that positively impact the environment. The initiative by local government bodies in Thailand raised awareness and significantly impacted plastic packaging consumption. According to World Bank, despite the high municipal solid waste collection and recycling rate of 88.8% in Thailand, the uncollected plastic waste results in an estimated 428 kilotons/year of mismanaged plastic waste. Due to large volumes of waste generated, Bangkok contributes 18.4% of exposed mismanaged plastic waste.
• The COVID-19 pandemic created a demand for good quality packaging for various end-user industries as the pandemic raised concerns about the ability of COVID-19 to survive on packaging surfaces. The pandemic, which resulted in nationwide lockdowns, had a far-reaching financial impact on the flexible packaging market in the early stages. However, this paved the way for cost-effective, sustainable, and easy-to-transport packaging material.

Thailand Flexible Packaging Industry Segmentation

Flexible packaging consists of bags and pouches that can be modified and are of free shape. The flexible packaging for commodity goods and services is witnessing a high volume, low margin offered by a polymer manufacturer. It includes a wide range of processes, ranging from extrusion, slitting, rewinding, printing, coating, and lamination.

The Thailand Flexible Packaging Market is segmented by Product Type (Pouches (Type (Stand-up, Flat), End-user (Food, Beverage, Pet Food)), Bags, Film-wraps (Type (BOPP, BOPET, CPP, PVC, PE) End-user (Food, Consumer Goods, Medical)). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.