The global folding cartons market size was valued at USD 169.42 billion in 2023 and is projected to grow from USD 176.99 billion in 2024 to USD 266.43 billion by 2032, exhibiting a CAGR of 5.25% during the forecast period. Folding cartons are boxes or box sleeves made from single ply paperboard or corrugated cardboard. Advantages of folding cartons such as their cost effectiveness and environment-friendly nature are contributing toward market proliferation. Their widespread application in end-use industries such as cosmetics, packaging foods, electronics, pharmaceutical products and others is also driving market expansion in the coming years. This information is provided by Fortune Business Insights, in its report titled, “Folding Cartons Market, 2024-2032.”
List of Key Players Mentioned in the Report:
Westrock Company (Australia)
Amcor Limited (Australia)
Huhtamaki Oyj (Finland)
Graphic Packaging International (U.S.)
Mayr-MelnhofKarton AG (Austria)
Stora Enso Oyj (Finland)
Rengo Co., Ltd. (Japan)
Oji Holdings Corporation (Japan)
Smurfit Kappa Group (Ireland)
Seaboard Folding Box Company Inc. (U.S.)
Bell Incorporated (U.S.)
Schur Pack Germany GmbH (Germany)
Georgia-Pacific LLC (U.S.)
DS Smith Plc (U.K.)
Segments:
Paper Segment to Lead Backed by its Recyclable Nature and Large Printable Area
As per material, the market is segmented into paper and plastic. Among these, the paper segment is likely to dominate as it is more environment-friendly and easy to recycle. Paper cartons are easy to open and re-close and have a large printable area, which will contribute to segment expansion as well.
Food & Beverages Segment to Dominate Stoked by Growing Consumption of Ready to Eat and Convenience Foods
According to end-use industry, the market is split into food & beverages, pharmaceuticals, personal care & cosmetics, electrical & electronics, tobacco, and others. Among these, the food & beverages segment captured a significant folding cartons market share. Rising consumption of convenience foods and ready-to-eat products is elevating product demand. Changes in consumer lifestyle and buying behavior and growing working women will contribute to the growth of the segment.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report entails in-depth insights into drivers, challenges, opportunities, and threats affecting market dynamics over the forecast period. The market is studied at both micro and macro levels by dividing it into segments and regions. Market share, growth rate, sales amassed, profit margins, and valuation of each segment and region are also studied. Latest updates regarding mergers & acquisitions, collaborations, partnerships, and agreements are also documented.
Drivers and Restraints:
Widespread Application by End-use Industries to Boost Market Proliferation
Benefits offered by folding cartons, such as their flexibility, excellent printability, and recyclable nature, have increased their usage in end-use industries. The end-user industries are using these cartons for packaging pharmaceuticals, small and medium-sized consumer goods, or food & beverage products. They can be designed in different styles and specifications to meet consumer demand, which has propelled their demand. Additionally, the ban on single use plastic will affect the market positively as consumers shift toward sustainable and eco-friendly alternatives, thus facilitating the folding cartons market growth.
On the other hand, the decline of the wood pulp market and fluctuations in wood pulp prices due to demand supply gap will act as challenges for businesses operating in this domain.
Inforamtion Source: https://www.fortunebusinessinsights.com/folding-cartons-market-104898
Regional Insights:
Rising Product Demand from the Food & Beverages Industry to Aid Market Proliferation in Europe
The Europe market is projected to dominate the global market owing to surging product demand from the food & beverage and personal care industries. The rising adoption of multisensory packaging folding cartons will also boost the market growth in the region.
The Asia Pacific market is slated to expand rapidly due to significant expansion of the food & beverage, cosmetics, and other industries.
The North American market is anticipated to grow substantially in the forthcoming years due to surge in demand for sustainable packaging solutions.
Latin America and Middle East & Africa regions are expected to showcase steady growth due to growing product adoption owing to the product’s widespread advantages and changing consumer buying behaviors.
Competitive Landscape:
Expansion of Product Portfolio by Leading Players to Aid Market Expansion
Industry leaders in this domain are making strategic decisions such as collaborations, partnerships, and mergers & acquisitions to maximize the product portfolio. One such move is the launch of new products to expand product portfolio and meet ever-changing consumer demand. In November 2019, HLP Klearfold, a U.S.-based plastic packaging manufacturer, expanded its Recycled Polyethylene Terephthalate (RPET) offerings by introducing 100% Postconsumer Recycled (PCR) content plastic folding carton, Klearfold RPET100. The new product is developed to enable significant consumer product marketers and retailers to gain merchandising or marketing benefits.
Key Industry Development:
April 2022: WestRock partnered with Recipe Unlimited to launch a range of paperboard packaging that can be recycled. The aim of this partnership is to prevent 31 million plastic containers from ending up in landfills in Canada.