ASEAN Folding Carton Market to Reach $4.9 Billion by 2024

According to the latest market report published by Transparency Market Research, Albany, N.Y., USA, titled Folding Cartons Market': ASEAN Industry Analysis and Forecast 2016-2024, the revenue generated from sales of folding cartons has been estimated at $2.8 billion in 2016. Researchers estimate the market to expand at a CAGR of 7.10% during the period of 2016 to 2024, and reach a value of $4.9 billion 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 and beverage and cosmetic and personal care industries. Folding cartons are gaining popularity among the brand owners for its ecofriendly and recyclable material.

The 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 prefers to have its 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 with other packaging solutions, which makes it profitable for such uses. Flexible plastic packaging and rigid boxes are still being adopted due to their low cost nature and flexibility in comparison with folding cartons, which can pose a major challenge in the ASEAN folding cartons market.

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The Food & Beverages segment is expected to be the most attractive end use of folding cartons. Manufactures and the segment are expected to grow very fast during the forecast period.

 

Among the end use segment of the ASEAN folding cartons market, food & beverages accounts for the largest market share of 40.9% and is expected to gain healthy incremental opportunity in terms of market revenue. However, the cosmetic and personal care segment is expected to experience a maximum CAGR of around 7.5% during the forecast period. Increasing disposable income coupled with changing lifestyles of the people are expected to fuel the growth of the cosmetic and personal care industry throughout the forecast period.

Massive growth of the pharmaceuticals and cosmetic and personal care industry in ASEAN countries is expected to propel the use of solid bleached sulfate as a material for producing folding cartons during the forecast period.

Among the material type, the solid bleached sulfate segment accounted for the largest share in the ASEAN folding cartons market in terms of value and is anticipated to increase at a CAGR of 7.2% over the forecast period. The solid bleached sulfate segment is projected to increase by 1.7X between 2016 and 2024. However, the solid bleached sulfate segment is expected to gain 30 basis points during the forecast period. In terms of value, the uncoated kraft boxboard segment is anticipated to register the highest growth during the forecast period.

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Key players in the ASEAN folding cartons market include Amcor Ltd., AR Packaging Group AB, Huhtamaki Group, Mayr-Melnhof Karton Gesellschaft, International Paper, DS Smith PLC, Rengo Co., and Pactiv Asia.