More MediaThailand’s Packaging Market To Reach 74.5 Billion Units At 2.7% CAGR By 2024, Says GlobalData
By Ron Chen, Correspondent ASEAN Region
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 per cent for the forecast period of 2019-2024, says GlobalData.
GlobalData’s report, ‘Thailand Packaging Industry – Trends and Opportunities’ reveals that the sector is majorly driven by growth in the rigid plastics packaging, which is forecast to register the fastest volume CAGR of 3.0 per centduring 2019–2024. The category is closely followed by paper & board packaging, which is expected to record a CAGR of 2.8 per cent during the next five years.
Consumer Analyst at GlobalData, Anchal Bisht says: “Rising consumer interest on product quality made transparency a critical factor in purchasing decisions of various consumer products. Consumers are showing more curiosity to know how the actual product looks like, prompting the manufacturers to offer flexible packaging formats which allow a see-through packaging option so as to enhance product visibility and offer consumer satisfaction.”
Food industry characterized the most use of packaging in Thailand and accounted for 44.9 per cent market share. It was followed by non-alcoholic beverages industry with share at 38.6 per cent, respectively.
Rigid plastics was the most consumed pack material in Thailand packaging industry that accounted for a market share of 35.8 per cent in 2019. It is expected to reach 36.3 per cent by 2024. Glass and flexible packaging were the other popular pack materials.
Non-alcoholic beverages industry was leading in terms of usage of rigid plastics with a share of 65.4 per cent in 2019. It was followed by food industry which accounted for a share of 31.8 per cent in the same year.
Ms Anchal concludes: “Growing plastic waste has resulted in the growing demand for sustainable measures so as to curb the volume of waste generated. With the growing awareness of plastic-free packaging among consumers, manufacturers are using green packaging initiatives and other eco-friendly measures to gain the popularity among the Thai consumers which will drive innovations in the sector.”