Printed Cartons Market Worth Over $188 billion by 2024
Published Date: September 12, 2017 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the printed cartons market size is poised to exceed USD 188 billion by 2024, growing at a CAGR of 5.3%.
Growth indicators in the cosmetics & personal care industry, primarily in Asia Pacific will make substantial contribution to the printed cartons market by 2024. Rapidly evolving consumer spending power primarily in India, China, Japan and Indonesia along with consistently evolving packaging standards will subsequently have a positive impact on the global market during the forecast period.
Mounting consumer demand in the hardware & electronics industry chiefly in North America is likely to help attain significant gains to the printed cartons market share over the projected timeframe. This is credited to large investment to the research & development of the industry owing to rapidly changing consumer’s preferences for technically advanced gadgets & equipment. Furthermore, fierce competitive forces among key players to standout from existing counterparts in the industry has resulted in growing adoption for striking packaging procedures which is anticipated to make noteworthy contribution to the market trends by 2024.
High prices of the recently developed digital printing methods compared to traditional printing techniques is anticipated to hinder the printed cartons market growth in the coming years. However, mounting printed cartons demand across various industries, for instance, hardware & electronics, cosmetics, homecare, food & beverage, healthcare, homecare, etc. will create abundant opportunities for the market by 2024.
Browse key industry insights spread across 155 pages with 207 market data tables & 14 figures & charts from the report, “Printed Cartons Market Size By Material (Paper Board, Corrugated Board, Kraft Board, Coated Paper, Liquid Board), By Feature (Disposable, Bio-degradable, Recyclable), By End-user (Food & Beverage, Hardware & Electronics, Homecare, Healthcare, Cosmetics & Personal Care), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Corrugated board accounted for the largest share of the business in 2016. The product is majorly used for packaging fragile or easily breakable material as it offers excellent shock resistance and safety against moisture. They are primarily utilized in hardware & electronics industry owing to presence of edges & depressions which enhances overall stiffness of the carton. These cartons are projected to grow at a healthy CAGR due to its lucrative and customizable features which will help achieve promising gains to the overall printed cartons market by 2024.
Bio-degradable segment is likely to grow at close to CAGR of 5.5% by 2024. The printed cartons market growth will be mainly attributed to the fact that they can be completely broken down by the action of microbes and can help reduce the amount of waste to subsequently achieve environment sustainability. Rising concerns against pollutants in the environment has led to formulation of stringent laws to take initiative against reducing waste, which will have optimistic influence on the bio-degradable product business by 2024.
Cosmetics & personal care sector will experience growth of close to 4.5% CAGR by 2024. It is extensively used in cosmetics & personal care segment in various forms including paper & paperboard packaging to deliver excellent packaging which not only provides cushioning to personal care items but also helps to improve the overall brand image through attractive printing and labels on the cartons.
Asia Pacific region was valued at close to USD 40 billion in 2016. Substantial industry share along with decent growth rate by 2024 will be credited to China and India owing to rapid population pace and socioeconomic factors which will help propel several end-user industries including food & beverage, electronics, healthcare, homecare, cosmetics & personal care, etc. which will make noteworthy contribution to printed cartons use in the region.
Key industry share contributors of printed cartons are Amcor, WestRock, Lithoflex, Tetra Pak International, Refresco, Winston Packaging, Glossop Cartons, Evergreen Packaging and All Packaging Company.