LONDON--(BUSINESS WIRE)--The folding carton market in APAC is expected to grow at a CAGR of more than 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the folding carton market in APAC based on end-user such as food products, household and personal care, healthcare, tobacco, and others. The report also provides an analysis of the market growth across regions such as China, India, Japan, and other Asian countries.
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Market driver: diversified consumption pattern of customers
The consumption pattern of consumers in APAC is constantly changing due to increasing disposable income and rising health consciousness. At the same time, a structural shift in the food manufacturing and processing industry has also been observed. Due to an increase in the income level of customers, there is an increase in the demand for healthy and fresh food, which is further supported by the online food delivery industry. These developments are expected to drive the market for folding cartons in the food and beverage industries.
The growing e-commerce market and cross-border trade are also expected to contribute to the improved consumption patterns. For instance, China is the leading country in consumption of western and international products. Also, increased travel by people from APAC gives them more exposure to western food and other products, which is impacting their consumption patterns. Customers are shifting from informal (unpackaged) to formal (industrially packaged) consumption, which will drive long-term growth in the folding carton market across the food and beverage sector. Innovative designs and printing techniques of folding cartons are attracting customers and contributing to the demand in the retail sector.
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Market trend: technological innovations in packaging industry
Increasing environmental concerns and strict government regulations are influencing the market to use eco-friendly packaging. Governments across APAC are focusing on food safety and prevention of food contamination due to harmful chemicals used in packaging materials. For instance, in 2012, the Food Standards Agency announced the introduction of scanners that can detect the transfer of harmful substances from the outer surface of food packaging material to the inner surface of food packaging material.
According to a senior analyst at Technavio for packaging research, “The demand for folding cartons is increasing as they are eco-friendly, economical, and lightweight packaging materials. Folding cartons are recyclable up to seven times. Thus, the demand of folding cartons is increasing over other packaging materials such as rigid plastics. Folding carton manufacturers have started focusing on the production of 100% recyclable folding cartons made of recyclable fibers and wood pulp.”
Market challenge: availability of packaging substitutes in the market
The folding carton market in APAC is facing intense competition from other packaging materials such as plastic, glass, and wood. Global vendors are coming up with new techniques in plastic packaging to develop materials such as bio-plastics, lightweight plastic, flexible plastic pouches, and paper and plastic combo packaging. In a convenience-obsessed culture, consumers prefer lighter forms of packaging. Plastic and other forms of paper packaging have become increasingly popular because of their light and biodegradable nature.
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