ASEAN Folding Cartons Market was valued at US$ 4.46 Bn in 2022 and is estimated to reach US$ 9.12 Bn by 2030, exhibiting a CAGR of 9.3% during the forecast period (2023-2030). According to ASEAN Folding Cartons Market Report, ASEAN Folding Cartons Market, By Material Type (Solid Bleached Sulfate (SBS), Coated Unbleached Kraft (CUK), Coated Recycled Board (CRB), Uncoated kraft Boxboard (UKB)), By Order Type (Standard, Customized), By End-use (Food & Beverages (Frozen & Chilled food products, Fresh food products, Bakery & Confectionary, Ready to eat food products, Beverages, Others), Homecare Products, Personal care products, Pharma and Healthcare products, Tobacco Products, Industrial Products, Others), and By Region (Thailand, Myanmar, Indonesia, Malaysia, Vietnam, Philippines, Rest of ASEAN) - Size, Share, Outlook, and Opportunity Analysis.
Folding cartons are widely used across the packaging industry for packaging heavy materials for shipping. They are made up of paperboard which is created into box shapes with different sizes. Folding cartons are eco-friendly packaging solutions and are widely adopted across the e-commerce industry, food & beverage, and household goods industry.
Drivers
Growth in the packaging industry especially in India is expected to foster the market growth of the ASEAN folding cartons. Rise in the Indian middle class coupled with the growth in the organized retail sector is also expected to augment the market growth of the ASEAN folding cartons. Increasing demand for better packaging materials and machinery for producing folding cartons is further anticipated to fuel the market growth.
Market Opportunities
Growing demand for printed and laminated cartons with graphics and labels across the food & beverage industry is expected to serve major growth opportunities to the market. Rising preferences towards convenience and aesthetic packaging materials for branding and advertising purpose is again expected to fuel the market growth. Moreover, the growing popularity of eco-friendly solutions due to the growing need for sustainable packaging is further expected to propel the market growth.
Increasing use of anti-counterfeit technologies such as embedded barcode and RFID on the folding cart owing to its superior rigidity and printability is projected to offer immense market opportunities. Increasing ban on the use of single-use plastic for packaging coupled with the growth in the electronic and electrical industry is further expected to augment the market growth of the ASEAN folding cartons over the forecast period.
Market Restraints
Fluctuation in the price of wood pulp due to the demand-supply gap is expected to restrict the adoption of folding cartons. This factor is expected to hinder the market growth of folding cartons.
ASEAN Folding Cartons Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has negative impact on the global economy during the first two quarters of 2020. The folding carton has high demand in the e-commerce industry across the ASEAN region. During COVID-19, the demand for the folding carton has witnessed to be dropped. However, the requirement of folding cartons are not only in e-commerce industry but also in the food industry is expected to witness high demand for folding cartons post COVID.
Key Takeaways
- In terms of material type, solid bleached surface segment in the ASEAN folding carton market is expected to dominate the market throughout the forecast period.
- By end-use, ASEAN Folding Cartons market is dominated by food & beverage segment, which was valued at 39% revenue share folwed by homecare and personal products.
For instance, on June 13, 2023, Amcor launches new developments of its high-performing paper packaging range and invests in increased paper packaging manufacturing capacity in Europe. Expansion of its AmFiber Performance Paper packaging range in Europe to include heat seal sachets for dry culinary and beverage applications, such as instant coffee, drink powders, spices, seasonings, and dried soups.
