Folding Cartons Market was worth US$2.8 bn in 2016. Rising at a CAGR of 7.10% between 2016 and 2024, the market is estimated to reach a value of US$4.9 bn by the end of 2024
Albany, NY -- (SBWIRE) -- 08/08/2017 -- According to a research report released by Transparency Market Research, the ASEAN folding cartons market holds an intensely competitive scenario where there are a larger number of players of all sizes. The TMR analysts expect the competitive landscape of the market to remain intense over the coming years, while the current is being led by the likes of Amcor Ltd., DS Smith Plc., and Huhtamaki Group.
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The ASEAN folding cartons market, as stated in the report, is expanding at a very healthy CAGR of 7.10% within a forecast period from 2016 to 2024. The market was valued at US$2.8 bn in 2016 and is likely to reach US$4.9 bn by the end of 2024.
Players Focus on Booming Indonesia Demand for Folding Cartons
From a regional perspective, the ASEAN folding cartons market has so far been dominated by the massive demand emanating from Indonesia. This region's CAGR of 7.20% from 2016 to 2024 highlights its impact on the overall ASEAN market, and this growth rate is attributed to the region's food and beverages industry. Over the coming years, Malaysia and Thailand are expected to prosper in terms of demand for folding cartons.
Pharma and Healthcare Usage of Folding Cartons Set to Rise
The food and beverages industry has shown a phenomenal increase in demand for folding cartons in the ASEAN region. SBS-based folding cartons are likely to gain favor over the course of this report's forecast period. The overall demand for folding cartons in the ASEAN food and beverage industry can be witnessed in this application segment's CAGR of 6.80% for the given forecast period. The utility of folding cartons is gaining a lot of traction owing to the increasing distribution and demand for fresh foods.
"The demand for folding cartons is expected to witness a considerable boost over the coming years, thanks to the pharma and healthcare industry boom in the ASEAN region. As the population in the region grows at a swift pace, expenditure on healthcare increases proportionately and given the adequate development of the healthcare industry, the opportunity of using faster and more efficient manufacturing methods and materials for folding cartons opens up. Over the coming years, the impact of pharma and healthcare demand for folding cartons will become more and more visible," states a TMR analyst.
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Takeaway Food Services Carrying Folding Carton Demand
Another key factor of influence over the ASEAN folding cartons market is the rise of the food delivery services in the region. Thanks to the growing use of the internet and ecommerce, more and more people are able to avail home delivery services for fresh foods and beverages. The overall incentive of pushing for the use of folding cartons in the takeaway foods area is very high and several key players have already recognized that.
The ASEAN folding cartons market, however, is expected to face stiff competition from its conventional counterpart, flexible packaging and rigid packaging. Both forms of packaging have been highly prominent in the region and the lack of awareness of consumers and end users towards the benefits of using folding cartons is limiting the growth of the ASEAN folding cartons market. This is expected to change over the immediate future, as more consumers begin to prefer folding cartons.