The global flexible packaging market size reached US$124.9 billion in 2021. Looking forward, market intelligence sources expect the market to reach US$162.4 billion by 2027, exhibiting a CAGR of 4.5 per cent during 2022-2027.
Keeping in mind the uncertainties of Covid-19, we are also continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. Technical advances have dramatically changed how flexible packaging is viewed. Product differentiation, technical development and innovation will continue to reign as key growth drivers for the industry.
Catalysed by advancements in packaging technology, the global demand for flexible packaging material is exhibiting strong growth. Moreover, the popularity of flexible packaging among consumers has also increased as it is a cost-effective alternative for storage issues, minimises product wastage along with keeping the food safe and healthy.
The growing industrialisation in the Southeast Asian region is constantly increasing the demand for packaging options to increase the shelf life of products and maintain their quality for a long time. This has made flexible packaging an immensely significant part of various industries like food & beverage, consumer electronics, etc. With the growth in these industries, the Southeast Asia Pacific flexible packaging market is expected to thrive in the coming years.
However, the stringent regulations regarding raw materials and recyclability can severely hamper the market growth in the projected period. Plastic is a major component of the flexible packaging market and lately, this segment has witnessed some concerns regarding increasing pollution, its non-biodegradable issue, etc. that can severely impact this market’s performance in Southeast Asia Pacific countries.
As we are about to enter or already be in the post-pandemic era, we at APEX international are very pleased to announce the upcoming Asean Flexible Packaging Summit 2023 which aims at establishing a business platform focused on product development, innovation and business expansion within flexible packaging industry all across countries including Indonesia, Thailand, Vietnam, India, Asia and around the globe.
This upcoming AFPS 2023, expected to be the largest version of its kind since 2019, aims at gathering together over 200-300 flexible packaging industry professionals all across the industry supply chain worldwide and providing the opportunity to share and examine the emerging new developments and expanding markets in the Asia Pacific region.