Folding cartons or paperboard boxes are widely used for packaging food and beverage products across various industries. They are an affordable and sustainable packaging solution made from renewable resources like wood or sugarcane fiber. Folding cartons provide an excellent graphic surface for designing labels and marketing the products. They offer good barrier protection against moisture, dust, and gas. Their lightweight and compact nature also makes them convenient for storage and transportation. The boxes are ideal for primary as well as secondary packaging of snacks, bakery items, frozen foods, dairy products, liquid products, coffee, tea, and more.
The global ASEAN folding cartons market is estimated to be valued at US$ 5.62 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand from food and beverage industry is one of the major drivers of the ASEAN folding cartons market. According to the Food and Agriculture Organization of the United Nations, the food and beverage industry in ASEAN countries is growing steadily at 4-6% annually. Rising population, improving economic conditions, and changing lifestyles and food preferences are fueling the demand for packaged food and drinks in the region. Folding cartons continue to be the preferred packaging format owing to their sustainability credentials and ability to provide high graphic quality prints complementing brands' marketing strategies. Another driver for the market is rapid urbanization. More people are moving to cities for better job opportunities which is leading to growth in convenience food consumption. Busy lifestyles require easy to handle and reusable packaging like folding cartons.
SWOT Analysis
Strength: The ASEAN folding cartons market has a large consumer base in Southeast Asia due to rising population and economic growth in countries like Indonesia, Vietnam, and the Philippines. Folding cartons are cost-effective and have good barrier properties that protect the packed products. They are easy to produce using modern printing and cutting equipment.
Weakness: Raw material prices for paper and paperboard used in folding cartons fluctuate regularly based on global supply and demand forces. Sustainability is a challenge as most cartons are not recyclable and end up in landfills.
Opportunity: Growing e-commerce sector within ASEAN presents an opportunity to increase folding carton usage for product packaging. There is potential to utilize more eco-friendly and recycled paper-based materials to manufacture sustainable cartons.
Threats: Plastic packaging is increasingly seen as a viable substitue due to low raw material prices. Restrictions on single-use plastics may divert demand to alternative packaging types other than cartons.
Key Takeaways
The ASEAN folding cartons market is expected to witness high growth over the forecast period driven by expanding consumer goods and food & beverage industries.
Countries like Indonesia, Vietnam and the Philippines dominate total regional demand. The Indonesian folding cartons market accounts for over 30% share currently supported by its large population of 270 million people and fast growing economy. Vietnam and Philippines are projected to be the fastest expanding national markets through 2031.
Key players operating in the ASEAN folding cartons market are International Paper Co., WestRock Company, Koch Industries, Mondi PLC, and Amcor PLC. These companies have strong packaging business presence across major ASEAN countries and supply folding carton packaging solutions to diverse end-use industries. Their product portfolio includes sustainable carton options made using recycled paperboard to meet the needs of brand owners targeting eco-conscious consumers.
For More details on the topic:
Check more trending articles related to this topic:
https://ceocolumn.com/tech/what-are-field-programmable-gate-arrays-fpgas/
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek