ALBANY, New York, March 16, 2017 /PRNewswire/ --
According to the latest market report published by Transparency Market Research titled 'Folding Cartons Market': ASEAN Industry Analysis and Forecast 2016-2024', the revenue generated from sales of folding cartons has been estimated presented an opportunity worth US$2.8 bn in 2016. Researchers estimate the market to expand a CAGR of 7.10% during the period from 2016 to 2024 and reach a value of US$4.9 bn by the end of the forecast period
Folding cartons are used for packing materials of different sizes and shapes, and can be said to be the pioneers in the packaging industry. Packaging plays a vital role in conveying the different benefits and attributes of a product to the consumer at the point of sale. High-quality designs and performance issues directly affect both brand impact and sales results through the supply chain. Folding cartons are considered to be one of the important packaging solutions for the food & beverages and cosmetic & personal care industry. Folding cartons are gaining popularity among the brand owners for its ecofriendly and recyclable material.
ASEAN folding cartons market is expected to be driven by the mounting growth of packaged and takeaway food products in ASEAN countries. The takeaway food industry is growing in ASEAN as it is now considered to be a new business avenue for investors to make money. Moreover, the number of expats and tourists is increasing every year in ASEAN. This group of people prefer having their daily meals from such takeaways which in turn intensifies the sales of folding cartons during the forecast period. Moreover, folding cartons used in bulk storing and transportation cost less compared to other packaging solutions which makes it profitable for such uses. Flexible plastic packaging and rigid boxes are still being adopted owing to their low cost nature and flexibility in comparison to folding cartons which can pose a major challenge in the ASEAN folding cartons market.
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Food & Beverages segment is expected to be the attractive end use of folding cartons manufacturers and the segment is expected to grow very fast over the forecast period
Among the end use segment of ASEAN Folding Cartons market, food & beverages accounts for largest market share of 40.9% and is expected to gain healthy incremental opportunity in terms of market revenue. However, cosmetic & personal care segment is anticipated to witness maximum CAGR of around 7.5% over the forecast period. Increasing disposable income coupled with changing lifestyles of the people is expected to fuel the growth of the cosmetic & personal care industry throughout the forecast period.
Owing to the massive growth of pharmaceuticals and cosmetic & personal care industry in ASEAN countries is expected to propel the usage of solid bleached sulfate as a material for producing folding cartons during the forecast period.
Among the material type, solid bleached sulfate segment accounted for largest share in the ASEAN Folding Cartons market in terms of value in the and is anticipated to increase at a CAGR of 7.2% over the forecast period. Solid bleached sulphate segment is projected to increase by 1.7X between 2016 and 2024. However, solid bleached sulphate segment is expected to gain 30 basis points during the forecast period. In terms of value, uncoated Kraft boxboard segment is anticipated to register highest growth during the forecast period.
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Key players in the ASEAN folding cartons market include Amcor Limited, AR Packaging Group AB, HUHTAMAKI GROUP, Mayr-Melnhof Karton Gesellschaft M.b.h., International Paper, DS Smith PLC, Rengo Co., Ltd., and Pactiv Asia.
The ASEAN Folding Cartons market is segmented below
By End Use
> Food & Beverages
- Frozen & Chilled food products
- Fresh food products
- Bakery & Confectionary
- Ready to eat food products
> Homecare Products
> Personal care products
> Pharma and Healthcare products
> Tobacco Products
> Industrial Products
By Order Type
By Material Type
- Solid Bleached Sulfate (SBS)
- Coated Unbleached Kraft (CUK)
- Coated Recycled Board (CRB)
- Uncoated Kraft Boxboard (UKB)
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- Antimicrobial Packaging Market:
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SOURCE Transparency Market Research