PCI forecasts the surging demand within Asian-Pacific markets to continue to drive the value of the flexible packaging market to €43bn by 2010 from €34bn in 2005.
The increase is in response to the presence of more and more multinational processors in the region, which is seen as one of the prime areas for sales growth by companies such as Nestle and Kraft.
Alongside more mature markets in the region like Australia and New Zealand, Asian countries in particular are expected to become particularly dynamic for the food industry, said Paul Gaster, a packaging analyst with PCI.
"The potential for flexible packaging in the country is just amazing," he said. "Flexible packaging in China alone is increasing by around 15 per cent a year."
China and India are the fastest growing markets, but less high-profile markets like Indonesia and the Philippines are also helping to drive the boom.
PCI forecasts that the market for flexible packaging in Indonesia and the Philippines will have an annual average growth of 6 to 7 per cent.
"Though on a smaller scale to China, the markets within Indonesia and Thailand offer a wealth of opportunities for flexible packagers," Gaster said.
Gaster attributes the boom in flexible packaging to increasing interest from major international food processors.
"Investors on the scale of companies like Kraft and Nestle are showing increasing interest in developing markets like those in Asia," he said. "When these groups enter the market, they rely predominantly on locally sourcing their packaging."
Gaster believes that this growing investment amongst multi-national food companies will continue to raise competitiveness within flexible packaging, and ensure the regions increasing strength in the sector.
