Asia-pacific Flexible Packaging Market 2022-2028

Asia-pacific Flexible Packaging Market 2022-2028

MARKET OUTLOOK

Triton Market Research’s report on the Asia-Pacific flexible packaging market infers that the market is anticipated to progress at a CAGR of 5.19% in revenue and 4.51% in volume during the forecasting period 2022-2028. Australia & New Zealand, China, India, South Korea, Japan, ASEAN countries, and Rest of APAC outline the market in the region.

Low price points-based products are produced in large volumes in India. The FMCG sector is a high-volume segment, majorly adopting flexible packaging. In this regard, the large middle-class population and the liberalized retail segment have positively impacted the market in the last decade. Furthermore, the country’s per capita packaging consumption is less than $15, which is lower than the global average of $100. The rising agriculture sector to meet the growing food demand is estimated to increase the use of flexible packaging. Therefore, as stated above, these factors are estimated to widen the scope and growth of the studied market.

On the other hand, the rise in the flexible packaging market is mainly owing to the growing adoption of bioplastics in the packaging in Australia and New Zealand. Moreover, the surge in private investments is fueling the market’s growth. Here, the surge in private investments is expected to increase the production of innovative packaging solutions in Australia. Hence, the rise in bioplastics adoption is expected to propel the flexible packaging market on a progressive path over the forecast period.

COMPETITIVE OUTLOOK

Leading players in the market include Mitsui Bussan Packaging Co Ltd, Rengo Co Ltd, Michelman Japan LLC, Dai Nippon Printing Co Ltd, Asahi Kasei, and Hosokawa Yoko Co Ltd.