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(Transportation-News.com, April 23, 2018 ) Market Synopsis
The packaging of a product plays a crucial role in most industries. So, many manufacturers pay attention towards packaging and have huge budgets. Packaging and folding cartons are some of the most common and popular types of consumer packaging on the market. They are widely used in the retail packaging to hold the individual products, and can also be used very effectively to display and promote products to generate more sales.
One of the major trends in the folding carton market is the increase in technological innovations. The use of the latest technologies and designs and new products launches, address the growing demand for folding cartons. Growing demand for packaged food products, drives the growth of the folding carton market. As a result of the rise in population, and increase in disposable income of consumers, the demand for food will increase in many parts of the world. This will also lead to a rise in demand for folding cartons in packaging.
The food products segment dominates the folding carton market. Increased demand for convenience foods from consumers around the globe, and organized retailing, has resulted in higher demand for folding cartons. Food vendors are under pressure to offer products with a longer shelf life and attractive packaging to gain customer attention.
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Packaging cartons can be designed, shaped and colored to make a product look appealing to the customers. There are a variety of ways to promote a product or brand, which include carving text, names, and figures and the use of a wide range of colors and shades. Many companies experiment with shapes of cartons to increase their shelf appeal. Some of the products gain popularity, sole due to their unique packaging.
The packaging market seems set for the next level of growth. Strong favorable demographics, increasing disposable income, rising consumer awareness, and demand for processed food, drive the market growth. These factors are forcing both, packaging suppliers and end-user industry to shift from bulk packaging to retail, and unit-level and small-sized packaging. In addition, exploding organized retail growth and newly relaxed Foreign Direct Investment (FDI) norms in retail and other sectors, are predicted for packaging market.
The new trends being witnessed are Research and development by the manufacturers with focus on advantageous locations for production and short-distance supply to reduce costs. The need for continual brand differentiation in a crowded marketplace is the impetus to the growing demand for innovation in printing methods. This aids in the growth of technologies as QR codes, holographic images, Fresnel lenses and other 3D devices. The technological developments in printed electronics are also bringing in developments in smart packaging. Folding Cartons market is expected to be promising during the forecast period due to the major driving factors such focus on high-quality products, changing lifestyle of consumers and rising purchasing power. Manufacturers are constantly trying to emphasize more on innovation for their product offering so as to satisfy the requirement consumers. The folding cartons market is undergoing various changes with evolving customer expectations, acceleration of technological innovation, and shifts in competitive power. Increasing number of funding commitments from government and development in packaging be crucial factors for the growth of the market in the years to come.
Regional Analysis
In terms of geography, Asia Pacific accounted for a major market share and will continue to dominate the market in the forecast period. The increase in the revenue share of this segment is attributed to the augmented demand for convenient packaged food products from consumers in the region. Also, developed organized retailing in many parts of the region is expected to contribute to the growth of the market in the future.
Key Players
The key players of global folding cartons market include Amcor Limited (Australia), Westrock Company (U.S.), Huhtamaki Oyi (Finland), KapStone Paper and Packaging Corp. (U.S.), Sonoco Products Company (U.S.), Georgia-Pacific LLC (U.S.), Rengo Co. Ltd. (Japan), Graphic Packaging Holding Company (U.S.), Schur Pack Germany GmbH (Germany), Multi Packaging Solutions Inc.( New York)
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