Cartonboard Market Growth Analysis By Size, Share, News, Demand, Opportunity

(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 04, 2021, 05:50 /Comserve / -- Cartonboard Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The global cartonboard market is expected to grow at a CAGR of 2.89% during the forecast period. The growing demand for premium and high-performance packaging products due to increasing population and disposable incomes is supporting the market. Over the forecast period, a strong level of new product developments in under-developed markets, such as preserved foods, fruit juice, thermoforming, and other functional beverages, is expected to drive the market.

- The cartonboard gained rapid attention due to the rising demand for cost-effective and weightless packaging and growth of the e-commerce industry in the United States and Canada. Most of the vendors use cartonboard containers that can withstand the rigors of transport to protect them from damage in transit. For instance, Amazon Prime Day in July 2019 was the largest shopping event in Amazon history, with more than 175 million items ordered. Two days of Prime Day sales surpassed the previous Black Friday and Cyber Monday sales combined. So, it is expected that growing adoption of online shopping will enhance the supply chains by utilizing an effective packaging solution.

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Key Market Trends

Food Industry is Expected to Grow Significantly

- Rising demand for packaged food, which provides convenience, aesthetics, and on the go lifestyle has fueled the growth of the folding carton market. Moreover, increasing investment to enhance the packaging and shelf-life of frozen food to meet the demand is expected to bring innovative packaging solutions. Most of the players in the food industry are investing in technologies to store refrigerated or retarded dough, frozen vegetables and meat, partially cooked and fully cooked food for longer durations.
- For instance, in 2018, Thimm Group developed COOLandFREEZE a box made up of corrugated cardboard for temperature-controlled shipping that allows the joint transport of frozen, chilled, and non-refrigerated products within one package. It has also won the iF Design Award 2018 for its innovative shipping packaging solution.
- In addition, developments in the retail landscape and technological advancements in the cold chain are also supporting the high demand for processed food. For instance, grocery stores like Whole Foods and Wegmans dedicate huge amounts of floor space to salad bars, bakery departments, and hot, ready-to-eat foods which reflects growing demand for processed food and cartonboard package.
- Credit Suisse, financial services company, has projected that United States packaged food companies' retail sales will grow by as much as 15% to 30% on average during the March to May 2020 period. The spike in sales is due to changing eating patterns among consumers in order to prevent the spread of coronavirus (COVID-19) by social distancing practices and self-quarantine measures. This new trend will positively drive the cartonboard market in food industry.

Asia-Pacific Will Experience Significant Growth and Drive the Market

- The increasing government concerns of Asian countries associated with packaging wastes are likely to compel companies to adopt environment-friendly options, such as folding cartons, as a viable choice for packaging. For instance, in 2019, the Thai Packaging Association announced that Thailand's packaging and printing industries are shifting away from plastic and utilizing more eco-friendly products in line with the government's policy to ban plastic packaging in the future. As per the president of the Thai Packaging Association, packaging and printing industries in the country may consume more volumes of paper, as the concern regarding plastic waste grows.

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- Moreover, carton-based packaging also supports better print quality and provides additional effects and finishes, which offer a higher visual impact at the point of sale and more truly reflect the image displayed on the primary packaging. This trend will be apparent mostly in certain sectors of the market, such as e-commerce, confectionery, and higher-value food items. However, combining efficiency and appearance through the supply chain is a significant challenge faced by packaging manufacturers.
- Further, recognition of South Korean cosmetics brands and its free import in India has fueled the demand for high quality small size carton boxes which are used as a primary packaging. Several online players like Flipkart, Amazon, and Nykaa has has partnered with South Korean brands to cater their products in India. For instance, Amazon India partnered with the Korea Trade Investment Promotion Agency to sell brands like The Face Shop, Dermal, The Beauty Co Seoul, It's Skin, Coony, Mirabelle, and Swanicoco, to Indians at prices ranging between Rs400 to Rs700 and its expected to drive the market in the future.

Competitive Landscape

The global cartonboard packaging market is highly competitive and consists of few major players such as Mayr-Melnhof Karton AG, Nine Dragons Paper Holdings Limited, Asia Pulp & Papers Pvt Ltd and Westrock Company. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

1 INTRODUCTION
1.1 Study Assumptions​ and Market Definition​
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Supply Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET DYNAMICS

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