GlobalData's report "Malaysian Packaging Industry-Trends and Opportunities" shows that the industry is mainly driven by the growth of paper and cardboard packaging. It is expected to have the fastest compound annual growth rate in 2019-2024, reaching 9.8%. It is closely followed by flexible packaging, which is expected to grow at a compound annual growth rate of 2.7% in the next five years.
GlobalData consumer analyst Anchal Bisht said: “The increasing demand for ready-to-eat food is driving consumer preference for smaller portions with resealable options. This is driving demand for flexible packaging materials, which are Malaysian foods. The largest number of materials in the industry. This means that in most urban populations who prefer sustainable packaging, there is an increasing demand for environmentally friendly packaging, so the demand for paper and cardboard packaging has surged."
The food industry is the industry that uses the most packaging in Malaysia, accounting for 60.3% of the market share. Followed by non-alcoholic beverages and "other industries", accounting for 26.6% and 6.5% respectively.
Flexible packaging is the most consumed packaging material in the packaging industry in Malaysia, accounting for 40.9% of the market share in 2019. It is expected to reach 38.8% by 2024. Hard plastics and hard metals are other popular packaging materials.
Short comment: According to the analysis of the article, it is estimated that hard metal will be a popular packaging material by 2024. For metal drums, our company provides metal drum closures, cap seal, clamp, bolts and other products.
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