Market Research Future (MRFR) study on the global folding cartons market (2023-2030) discusses and analyses the influence of the outbreak of COVID-19 on the global folding cartons market, including future opportunities and challenges, drivers, and risks. The report provides an assessment of the effect of COVID-19 on the global folding cartons market and an estimate of business growth based on different scenarios.
The packaging of a product plays a vital role in most industries. So, many manufacturers give importance to packaging and have large budgets. Packaging and folding cartons are some of the most common and most popular forms of consumer packaging in the market. They are commonly used in retail packaging to carry individual items and can also be used very effectively to view and promote products that generate more sales.
Market Segmentation
The global Folding Cartons Market has been segmented into wall construction and end-use.
By wall construction, the global folding cartons market has been segmented into single-wall corrugated, double-wall corrugated, and triple-wall corrugated.
By end-use, the global folding cartons market has been segmented into healthcare, household, personal care, and others.
Regional Analysis
Regionally, the global folding cartons market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific earned a significant market share and will continue to dominate over the assessment period. The increase in the revenue share of this market is due to increased demand from consumers in the region for convenient packaged food items. Established organized retailing in many parts of the region is also anticipated to contribute to the future growth of the market.
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Market Dynamics
The growth in technological innovations is one of the significant developments in the folding carton industry. The use of the latest technologies and designs and the introduction of new products will meet the increasing demand for folding cartons manufacturers. Rising demand for packaged food items is driving the growth of the folding carton industry. As a result of the growth in population and the increase in disposable income of consumers, demand for food will increase in many regions of the world. This will also contribute to an increase in demand for folding cartons in packaging.
The food products segment is dominating the folding carton industry. Increased demand for convenience food from consumers across the globe and organized retail has resulted in greater demand for folding cartons. Food vendors are in a demanding situation to offer products with a longer shelf life and appealing packaging to draw customer attention.
Packaging cartons can be designed, shaped, and colored to make the product appear desirable to consumers. There are several ways to advertise a product or brand, including carving text, names and figures, and the use of a broad range of colors and shades. Many businesses are experimenting with carton shapes to improve their shelf appeal. Some of the products are becoming more popular, solely due to their unique packaging.
The packaging market appears to be set for the next stage of development. Strongly favorable demographics, increasing disposable incomes, rising consumer awareness, and demand for processed food drive market development. These factors cause both the packaging suppliers and the end-user industry to switch from bulk packaging to retail, as well as unit-level and small-sized packaging. In addition, the explosion of organized retail growth and the newly relaxed foreign direct investment (FDI) standards in retail and other sectors are expected for the packaging industry.
The new trends observed are the research and development by manufacturers concentrating on advantageous locations for production and short-distance supply locations to minimize costs. The need for continuous differentiation of brands in a competitive market is a catalyst to the increasing demand for innovation in printing methods. This leads to the growth of technologies such as QR codes, holographic images, Fresnel lenses, and other 3D devices. Technological advances in print electronics are also leading to the development of smart packaging. The Folding Cartons Market Segmentation is predicted to be promising during the forecast period due to major drivers such as the emphasis on high-quality products, evolving customer lifestyles, and growing purchasing power. Manufacturers are increasingly seeking to put more emphasis on innovation in their product offerings in order to meet consumers' requirements. The folding cartons market is undergoing a number of shifts, with changing customer expectations, accelerating technological innovation, and shifting competitive power. Growing government funding commitments and development in packaging are critical factors for the industry's growth in the years to come.
Key Players
The key players in the global folding cartons market include Amcor Limited (Australia), KapStone Paper and Packaging Corp. (U.S.), Westrock Company (U.S.), Huhtamaki Oyi (Finland), Sonoco Products Company (U.S.), Graphic Packaging Holding Company (U.S.), Rengo Co. Ltd. (Japan), Schur Pack Germany GmbH (Germany), Georgia-Pacific LLC (U.S.), and Multi Packaging Solutions Inc. (New York).
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