Folding cartons refer to boxes or containers made of paperboard that can be folded for storage and transport. They are widely used across food, beverage, cosmetics, retail, e-commerce, and pharmaceutical industries for primary packaging needs. Key products packaged using folding cartons include breakfast cereals, candies, snacks, medical devices, books, ready-to-eat meals, gift items, etc. Folding cartons offer advantages such as printability, foldability, stacking ability, lightweight, reusability, and protective qualities. Southeast Asian countries have witnessed accelerated economic growth and rising disposable incomes in recent years, fueling demand for consumer goods. This has propelled the ASEAN folding cartons market.
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:
Folding cartons serve as ideal lightweight yet durable packaging for e-commerce shipments. Their foldability allows effective space utilization during transport. Further, various properties such as printability and graphics help folding cartons with brand promotion and visibility for e-commerce sellers. Another key factor propelling the market is growth in the food industry. Rising health awareness is fuelling demand for packaged foods, pushing up the need for folding carton packaging. Increased need for protective, cost-effective, and environment-friendly food packaging solutions works in favor of folding cartons. Stringent safety and quality standards in the pharmaceutical industry also drive their consumption.
Segment Analysis
The ASEAN Folding Cartons market is dominated by the food and beverages sub-segment owing to growing demand for packaging food products such as dairy, bakery, confectionery and others in the region. The food and beverages sub-segment accounted for nearly 35% value share of the overall ASEAN folding cartons market in 2024. Rising urbanization and change in consumer lifestyles are leading to higher consumption of packaged and ready-to-eat food products, thereby driving demand for folding cartons from the food industry.
PEST Analysis
Political: Packaging regulations in the region are harmonizing with global standards to facilitate cross-border trade. However, countries differ in their legislation which poses challenges for companies.
Economic: Growing middle-class population with higher spending power is increasing demand for packaged goods in ASEAN nations. Rapid urbanization and industrialization are also fueling market growth.
Social: Changes in consumer lifestyles and preferences towards convenience and portable packaging are favoring the folding cartons market. Rising health-consciousness is another factor for packaged food demand.
Technological: Companies are investing in automation, robotics and digitization to enhance production efficiency. Carton designs are also evolving in terms of graphics, shapes and sustainability attributes.
Key Takeaways
The ASEAN folding cartons market is projected to grow at a CAGR of 8.3% during the forecast period of 2024-2031.
Regional analysis indicates that Indonesia, Thailand, Malaysia and Philippines are major contributors to the folding cartons demand due to large population densities and higher consumption of packaged food items.
Key players operating in the ASEAN folding cartons market are Amcor Ltd., International Paper Co, Mondi plc, WestRock Company, AR Packaging Group AB, Rengo Co. Ltd., Mayr-Melnhof Karton AG, Stora Enso Oyj, Graphic Packaging Holding Company and Sonoco Products Company. These companies have strong presence across the ASEAN region and hold major market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it