Comprehensive Report on Asia Pacific (APAC) Flexible Packaging Market by Knowledge Sourcing Intelligence
The Asia Pacific (APAC) flexible packaging market is anticipated to grow at a CAGR of 6.01% over the forecast period to reach net value US$49.928 billion by 2023, increasing from US$35.170 billion in 2017. The major factors driving the growth of flexible packaging market in the Asia Pacific region are; the growing demand for convenience packaging, shelf-life extension offered due to flexible packaging, and stable economic growth in the region.
Ease of opening and portability of products are boosting the demand for convenience packaging, which adds to the demand for flexible packaging solutions. Technological advancements being observed in the packaging industry coupled with growing demand for sustainable packaging solutions have the potential to propel the market growth.
Rising Demand of Convenience Packaging:
There is a rising demand for convenience packaging from customers and business owners alike. For customers, convenience packaging refers to portability, ease of opening and a variety of choices offered to them. Improvement in the standard of living coupled with rising disposable income is driving the demand for products which might be consumed on-the-go. In addition, the hectic working lifestyle is adding to the demand for microwave meals. These factors will drive the demand for convenience packaging as it helps saves time, effort, and facilitates ease of storage. Business enterprises, convenience stores, and supermarkets/hypermarkets find it convenient to store their products in a cost-effective manner as flexible packaging takes less space compared to conventional packaging. Furthermore, transportation and restocking of these products take lesser time, which further drives these manufacturers to opt for flexible packaging. Manufacturers are adopting retail-ready packaging solutions to cut-down on their transportation and logistics cost, while promoting the brand by attractive printing on the label.we have covered all segment of this market in detail in our market research report.
APAC Flexible Packaging Market by Geography:
APAC flexible packaging market is segmented by country as Japan, China, India, Australia, South Korea, and Others. China and India hold the major share of the APAC flexible packaging market on account of growing demand for packed food and beverage products and rising production of drugs and medicines in these countries. South Korean flexible packaging market will also witness a considerable CAGR during the forecast period owing to rising investments in cosmetics and personal care industry in the country.
China flexible packaging market is expected to grow at a CAGR of XX% during the forecast period, reaching a total market size of US$XX.XX billion in 2023 from US$XX.XX billion in 2017. Burgeoning population coupled with rising purchasing power is boosting the demand for packed food and beverage products. Per the World Bank, the country’s GDP (using PPP) shot up to $23.301 trillion in 2017 from $16.788 trillion in 2013. As a result, the demand for flexible packaging across food and beverage sector is growing significantly which is positively impacting the flexible packaging market growth in the country. Also, there is a high demand for flexible packaging solutions in the country for various healthcare applications owing to the growing awareness among consumers regarding generic drugs or therapeutic medicines.
With China’s mushrooming population, the mounting need for accessible and affordable drugs and medicines has forced the Chinese government to take initiatives and introduce policies with respect to the promotion of online sales model so as to provide medicines even in remote areas and low-tier cities. Beijing legalized the sale of prescription drugs through online platforms in January 2015 in order to eradicate corruption and price manipulation across the pharmaceutical sector. Increasing exports of Chinese generic medicines is another contributing factor behind the booming demand for flexible packaging solutions across pharmaceutical sector. In 2017, the U.S. Food and Drug Administration (FDA) approved 38 abbreviated new drug applications (ANDAs) from Chinese Pharma companies including Huahai Pharmaceutical, Abison, and Novast Laboratories.
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