In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
August 2019- Smurfit Kappa Group announced that they have developed a new solution based on their award winning SoFru pack, for the packaging of grapes. Smurfit developed this solution after Portuguese grape producer Pomares do Sol approached them with an intention to find a solution that will meet their sustainability requirement and increase the profile of its brand.
Open top carton can be termed as a packaging tool that is open from one end and closed at the other end. These cartons do not have flaps on either end. They are generally used for packaging and storing big and heavy loads. Open top carton is an ideal choice for transit and storing purposes. For items such as a refrigerator, washing machine, television these cartons can help in the easy installation without causing any damage to the product. In order to provide strength to the carton, they could be provided with the cover.
The global open-top carton market is growing rapidly over the past few years and it is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028 on the back of rising demand for consumer goods, packaged food and electronics in online as well as offline market leading to the requirement of packaging boxes and cartons. Rapid industrialization in the developing nations such as China, India, Brazil and others contributes in the increased demand for open top cartons. These trends are expected to remain the same over the forecast period thereby, providing open-top carton market opportunities to grow.
The market is segmented by material type into paperboard and corrugated segments. Increasing demand for corrugated cartons owing to its usage in heavy-duty goods storage and transits coupled with the benefits of cover type product segment such as ease of handling, providing additional safety and others, makes them an appealing choice for packaging and these factors are expected to boost the market growth for open top carton market.
Moreover, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics’ Freight Transportation Services Index (TSI), freight shipments rose 6.1 percent from November 2016 through the early months of 2018.
Increasing number of shipments owing to increasing influence of e-commerce and online sales will further drive the market growth over the forecast period.
The global electronics and consumer goods industry is booming owing to the rapid industrialization and urbanization in developing nations coupled with the increasing purchasing power of people. The storage and transit of the products of these industries require heavy load cartons and the open-top carton industry is anticipated to fill this gap and grow further. CLICK TO DOWNLOAD SAMPLE REPORT
Open-Top carton has a massive product appeal considering it possesses features such as high strength, recyclability, cost-efficiency and durability. These features coupled with the assurance of safety that covers type cartons provide play a major role in increasing the popularity of open-top cartons. Cover type cartons are also widely used in industries where covers are frequently removed and replaced which in turn is anticipated to drive the growth of the global open top carton market.
Open top cartons are used in a variety of products such as bins, counter display units, and storage boxes. Flexibility in size makes it easier to use them in different applications. This makes them a fascinating choice for packaging, logistics, and other industries.
The cost required to set up a production unit of open-top cartons is very high and it may force entrepreneurs to stay away from this market. Investment is key for the growth of any industry and entrepreneurs showing no interest in investment might hamper the open-top carton market.
The packaging options available in the rigid packaging market are too much due to this there is a threat of substitutes which might hamper the growth of the open-top carton market.
Our in-depth analysis of the open top carton market includes the following segments:
On the basis of regional analysis, the global open-top carton market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market is expected to grow at a substantial pace. North America region is expected to have the highest CAGR in the forecast period owing to its large number of open-top carton production plants and increasing demand for consumer goods and electronics. Asia-Pacific region is expected to have the largest share over the forecast period to the back of the presence of the two largest developing nations India and China. The region is undergoing rapid industrialization and urbanization which will help it in holding the market share. Latin America and Middle East are expected to show steady growth owing to sluggish technology.
The open-top carton market is further classified on the basis of region as follows: