Labels and Packaging Innovation Asia • 2 2020 -
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Packaging outlook is bright for Asia Food industry will account for most use of packaging, followed by non-alcoholic beverages According to the latest research by Globaldata, the packaging sector in Asia is expected to grow at healthy CAGRs for the forecast period of 2019-2024. The research covers major markets in Asia, including in Southeast Asia, namely Thailand, the Philippines, Malaysia and Indonesia. For all the markets, the food industry characterized the most use of packaging. Non-alcoholic beverages come in second for use of packaging. Unique to Japan and South Korea, alcoholic beverages accounts for the third highest use of packaging. Southeast Asia The packaging sector in Thailand is expected to reach 74.5 billion units by 2024 at a compound annual growth rate (CAGR) of 2.7% for the forecast period. The sector is majorly driven by growth in the rigid plastics packaging, which is forecast to register the fastest volume CAGR of 3.0% during the same period. The category is closely followed by paper & board packaging, which is expected to record a CAGR of 2.8% during the next five years.
In 2019, rigid plastics was the most consumed pack material in Thailand packaging industry that accounted for a market share of 35.8%. It is expected to reach 36.3% by 2024. Glass and flexible packaging were the other popular pack materials. Meanwhile, the Philippines is expected to reach 69 billion units by 2024 at a CAGR of 3.3%. Similar to Thailand, the sector is majorly driven by growth in rigid plastics packaging, which is forecast to register the CAGR of 6.4%. The category is followed by rigid metal, which is expected to record a CAGR of 4.0% during the next five years. In 2019, flexible packaging was the most consumed pack material in the Philippines packaging industry and accounted for a market share of 34.9%. It is expected to reach 33.2% by 2024. Glass and rigid plastics were the other popular pack materials. In Malaysia, the packaging sector is expected to reach 18.5 billion units by 2024 at a CAGR of 3.8% for the forecast period of 2019-2024. The sector is majorly driven by growth in
the paper & board packaging, which is forecast to register the fastest volume CAGR of 9.8% during 2019–2024. The category is followed by flexible packaging, which is expected to record a CAGR of 2.7%. The packaging sector in Indonesia is expected to reach 159.2 billion units by 2024 at a CAGR of 2.4% for the same forecast period. The sector is majorly driven by growth in the flexible packaging, which is forecast to register the fastest volume CAGR of 4.2% during 2019–2024. The category is closely followed by rigid plastics, which is expected to record a CAGR of 1.9%. Flexible packaging was the most consumed pack material in Indonesia, accounting for a market share of 40.2% in 2019. It is expected to reach 43.8% by 2024. Rigid plastics and paper & board were the other popular pack materials. Market Share: Thailand Food: 44.9% Non-alcoholic beverages: 38.6% The Philippines Food: 39.5%
