Printed cartons market size for recyclable cartons has attained major chunk of the overall industry share and is projected to grow at a CAGR close to 5% in the coming years.
Sellbyville, DE -- (SBWIRE) -- 10/22/2018 -- Printed Cartons Market is likely to exceed USD 188 billionup to 2024. growing food & beverage industry will be a major growth propelling factor for printed cartons market in the coming years. Strong population base and rising per capita income of consumers coupled with augmented expenditure power in Asia Pacific countries, especially in India, China, Japan, Thailand, Malaysia and South Korea shall be driving food & beverage and personal care industry over next few years, which in turn, will be accelerating product demand substantially for the forecast period.
Printed cartons are extensively used in cosmetics and pharmaceutical products industry as it not only enhances brand value and provides cushioning to fragile products as well. The robust growth in personal care and cosmetics industry in Latin America and Asia Pacific shall play a vital role in fueling product demand in the coming years. New digital printing systems and practices have resulted in price rise for printed cartons, which may pose a threat to printed carton market growth in the forecast timespan.
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In 2016, corrugated board segment of printed cartons market accounted for the largest industry share in terms of value and volume. The series of parallel grooves and ridges in corrugated boards act as strength and durability pillars for the packaging material. Furthermore, cost-competitiveness and customizable features makes it highly desirable across all end-user segments.
Recyclable printed cartons held major share of global printed cartons market in 2016 and shall register a growth rate nearly 5.5% for the forecast period. The segment shall experience boost in sales over next few years due to governments supporting plastic ban and encouraging manufacturers and consumers to use recyclable packaging alternatives.
Food & beverage led the overall printed carton market as its biggest end-user in 2016. Printed cartons in food & beverages industry are essential on account of its usage in storage and handling of food & dairy products such as bakery food, frozen food, milk, yoghurt and all kinds of beverages. Printed cartons market for food & beverage is likely to witness maximum gains in the forecast timeframe as consumers are willing to spend on packaged food and beverages.
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Healthcare industry also has substantial growth prospects for printed cartons market as paper & paperboard cartons are actively used in medical drugs packaging. This segment shall grow at a CAGR of over 5% in the coming years.
Asia Pacific for printed cartons market is likely to witness gains close to 6% over the forecast duration. Increasing food & beverage, cosmetics and electronics market due to amplified consumer spending coupled with changing lifestyle preferences, is likely to fuel product demand in the coming years in this region. Latin America is another important region which shall witness prominent gains due to developing electronics and food & beverage industry, particularly in Brazil and Mexico.
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The printed cartons market is vast, scattered and highly competitive at each level. Major players operating in printed cartons industry are Tetra Pak International, Amcor, All Packaging Company, Lithoflex, Glossop Cartons and Parksons Packaging Limited. Other prominent players include TCPL Packaging Limited, Gulf Carton Factory Company, LGR Packaging and Orora Packaging Australia Pty Limited.