In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Crash lock bottom cartons are made up of paperboard and cardboard material that are used for transportation, storage and display of bulkier materials. These are usually used as a secondary packaging through which a manufacturer can create their brand image and communicate the information about the product and company to the end user. These can be assembled easily and quickly into a finished box in a minimum time.
These light weight and strongly locked cartons help in protecting products from spoilage along with providing product authentication and verification of information of moving goods. On the back of their simple and effective packaging attributes, they are widely used for FMCG products. Additionally, they are used in various industries in day to day operations on the back of their cost effectiveness and light weight properties.
The market is observing vibrant growth on account of shifting concern of consumers towards use of eco-friendly and sustainable resources. Rapid change in the lifestyle and eating habits is raising the demand for on-the-go or ready to eat food products which is further contributing to the growth of the market. Additionally, changing trend in the packaging regarding size, shape, use of sustainable resources and easy handling is anticipated to drive the market growth. Moreover, rising concerns regarding environmental safety are compelling people to choose sustainable packaging for the products, which in turn is estimated to influence the growth of crash lock bottom carton market positively.
The crash lock bottom cartons market is anticipated to grow by a robust CAGR over the forecast period i.e. 2019-2027. The market is segmented by end user into food, cosmetic, homecare, stationery, pharmaceutical industry and others, out of which, the food industry segment is anticipated to hold the largest market share owing to the rising demand for food on the back of growing rate of population around the globe, which in turn is expected to fuel the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
Growing awareness about environment degradation and its impact on life is shifting the concern of consumers towards sustainable packaging. According to a survey, around 21% paper and paperboard was used in carton packaging, in 2016. Major industries such as food, cosmetics and homecare among others are using paper and paperboards for packing their products, which is expected to drive the growth of the market.
There is a rising demand for strong and tight packaging, especially for on the go or ready to eat food in order to protect the food from spilling. Additionally, growing adoption of crash lock bottom packaging in various industries such as pharmaceuticals, cosmetics, food, stationery and homecare among others is expected to fuel the growth of the market over the forecast period.
Use of adhesive tape for locking the surface of the carton is creating problems in recycling which is further resisting the industries to use carton packaging.
Availability of substitute products such as shrink wrap film and accessibility of polymers in a large quantity at a reasonable rates for packaging is estimated to hinder the growth of the crash lock bottom carton market.
Our in-depth analysis of the global crash lock bottom cartons market includes the following segments:
On the basis of regional analysis, the global crash lock bottom cartons market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the largest market share owing to the presence of largest market for consumer goods such as furniture, foods and beverages and FMCG products. Early adoption of technological advancement and innovation, rising disposable income of individuals and growing e-commerce businesses is estimated to propel the growth of the crash lock bottom market over the forecast period.
Further, the market in Asia Pacific is expected to expand with robust growth rate owing to the growing industrialization and rising population among emerging countries. Additionally, growing rate of GDP owing to globalization is raising the demand for crash lock bottom cartons from various verticals such as food, cosmetics, pharmaceuticals, homecare and stationery among others, thereby fueling the growth of the market.
The global crash lock bottom cartons market is further classified on the basis of region as follows: