According to a new research report by Global Market Insights (Ocean View, Delaware), the market for printed cartons should surpass $188 billion (USD) by 2024. Positive growth indicators in the cosmetics and personal care industry, primarily in the Asia Pacific region, will make a major contribution to this growth. Rapidly evolving consumer spending power – primarily in India, China, Japan and Indonesia – along with consistently evolving packaging standards, will subsequently have also have a positive impact. Mounting consumer demand in the hardware and electronics industries, chiefly in North America, is also likely to drive market size. This growth will also be due to large investments into research and development in these industries, owing to rapidly changing consumer preferences for technically advanced gadgets and equipment.
Furthermore, said the report, fierce competitive forces among key players to standout from existing counterparts in the industry, has resulted in growing adoption for more striking packaging – which is anticipated to make a noteworthy contribution to the printed cartons market size by 2024. That being said, the high prices of recently developed digital printing methods compared to traditional printing techniques, is anticipated to hinder the printed cartons market size in the coming years. However, mounting printed carton demand across various industries (hardware, electronics, cosmetics, homecare, food and beverage, healthcare, etc.) will create abundant opportunities.
Corrugated board accounted for the largest share of the business in 2016. These products are primarily used for packaging fragile or easily breakable materials, as they offer excellent shock and moisture resistance. They’re utilized mostly in the hardware and electronics industries owing to the presence of edges and depressions that enhance the overall stiffness of a carton. These cartons are projected to grow at a healthy CAGR (Compound Annual Growth Rate) due to their lucrative and customizable features, which will help achieve major gains in the overall printed cartons market by 2024.
The bio-degradable printed cartons market size is likely to grow close to a CAGR of 5.5% by 2024, the report added. The market growth will be driven by the fact that these products can be completely broken down by the action of microbes, and can help reduce the amount of waste to ultimately achieve environmental sustainability. Rising concerns against pollutants in the environment have led to more stringent laws to spur initiatives to reduce waste, which will also have a positive influence on the bio-degradable printed cartons market by 2024. Cosmetics and the personal care industry for printed cartons, said the report, will experience close to a 4.5% CAGR by 2024. Printed cartons extensively used in cosmetics and the personal-care segment in various forms – including paper and paperboard packaging – will deliver packaging that will not only provide cushioning, but also help to improve the overall brand image through more attractive and engaging printing – including even the labels on the cartons.
Asia Pacific printed cartons market size was valued close to $40 billion (USD) in 2016. Substantial industry share by 2024 will be driven mostly by China and India, owing to rapid population increases and socio-economic factors that will help propel several end-user industries – including food and beverage, electronics, healthcare, homecare, cosmetics, personal care, and so on. Currently, major industry producers of printed cartons include Amcor, WestRock, Lithoflex, Tetra Pak International, Refresco, Winston Packaging, Glossop Cartons, Evergreen Packaging and All Packaging Company.
For more information please visit https://www.gminsights.com/industry-analysis/printed-cartons-market.