SELBYVILLE, Del., June 8, 2021 /PRNewswire/ -- Based on Global Market Insights Inc. report, the global Printed Cartons Market was estimated at $332.9 billion in 2020 and is slated to exceed $490 billion by 2027, registering a CAGR of 6.1% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The prime factors responsible for the growth of printed cartons during the forecast timeframe are reduced consumer product lifecycles, frequent changes in features to stay relevant to consumer needs, more promotion content, and regionalization. Packaged food & beverage will propel product demand over the next few years due to the versatile benefits offered by printed carton packaging.
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Printed cartons disposal through landfills is expected to observe significant growth over the forecast period since residues from cartons incineration or cartons that are not suitable for material recycling or thermal treatment are deposited in landfills that are compliant with the legal requirements
In 2020, the healthcare segment valued at over USD 45 billion in the printed cartons market. The healthcare industry utilizes paper & paperboard cartons during transportation of drugs, equipment, and product other products. Further, devices and equipment falling under the category of fragile items are packaged with corrugated board cartons to avoid damage.
The kraft board segment will witness around 5.5% CGAR in printed cartons market size by 2027. It is majorly utilized for packaging heavy materials along with corrugated board packaging. However, the low attractiveness and surface finish will limit the product penetration over the forecast timeframe.
The liquid board packaging is cost-effective compared to metal, plastic, or glass cans used for packaging owing to its recyclable property. Dairy is the fastest growing element and an important source of nutrition for all age groups of people; thus, the increasing demand for dairy & other drinking products will have a positive impact on liquid board packaging.
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North America will foresee over 4.5% CAGR in printed cartons market volume owing to strong growth in the pharmaceutical industry. According to the World Bank, the U.S. spends over 15% of its GDP on the healthcare industry. Such trends will augment the growth of the overall packaging market in the coming years. Increasing demand for efficient packaging for drugs and other healthcare products will bolster the industry expansion in the future.
Major players in the printed cartons industry are focusing on forward and backward integration strategies, i.e., supply & distribution of products and raw materials to various end-users through their own distribution channels. Some of the major manufacturers in the printed cartons market are Nippon Paper Industries Co., Ltd., Tetra Pak International S.A., WestRock Company, International Paper, Mondi PLC, Smurfit Kappa Group and Amcor Limited, among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.