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Paperboard PackagingSteady, stable, sustainable and innovative. These four words describe the paperboard packaging market today and, we forecast, for many years to come. As part of the Paperboard Packaging Council’s (PPC’s) industry data offering, we keep a pulse on economic trends that will affect the folding carton market. Following are just a few of the developments to expect in 2020.
Economic and Market Outlook 2020According to the most recent data, folding carton demand will enjoy measured growth through 2023. The total value of U.S. carton shipments should climb from an estimated $8.5 billion in 2018 to $9.3 billion in 2023. Additionally, average values per ton, which dipped from 2015-2017 before recovering in 2018, are expected to grow by 1.7% over the forecast.
Drilling down, the paperboard packaging market should experience growth as well as challenges in various end-use market segments:
Growing Demand for Frozen Food: The frozen food market has struggled for many years as consumers trended toward healthier, on-the-go food options. However, demand has recently begun to thaw, with carton shipments on the rise.
Several factors have contributed to this resurgence in frozen food purchasing, including:
· Higher rates of employment — more work means less time at home for meal preparation, so consumers are reaching for quick and easy food options;
· Millennial lifestyles — younger consumers are waiting to create families and often do not take time to make fresh meals; and
· Dietary changes — the American public trends toward eating well, including options with higher amounts of protein and vegetables, and is more receptive to the increasingly healthier frozen options available today.
With all of these factors in mind, folding carton shipments to the frozen foods market are expected to grow at a healthy 1.2% per annum over the next five years.
Sustainability at Retail Carryout: With declining consumer sentiment toward single-use plastic packaging at carryout restaurants, sustainable and renewable paperboard packaging is poised to fill the gap.
Considering these shifts, and presumably more to come, folding carton shipments to retail carryout will be the fastest-growing end-use segment over the horizon, with growth estimated at around 1.7% between 2019 and 2023.
Changes in the Digital Marketplace: As the ecommerce marketplace continues to grow, packaging manufacturers will need to account for digital customers and their purchasing habits, especially in dry food and household supply markets.
People have grown accustomed to the digital retail model, and the acquisition of Whole Foods Market by Amazon has provided additional momentum. Beyond groceries, consumers are turning to e-commerce for home tools and appliances. Online shopping’s convenience, competitive prices and variety have all enhanced ecommerce sales.
This said, manufacturers might not necessarily find this beneficial. Ecommerce sales in the cereal and household supplies markets will limit the growth of folding carton shipments, increasing the share of corrugated boxes in the long run. Carton shipments to these sectors will likely contract over the next five years as packaging demands shift toward the needs of e-commerce rather than in-store shelves.
Opportunities for the BoldHow can paperboard packaging manufacturers take advantage of growth trends in the marketplace? Bold design can set them squarely apart from the crowd. Eye-catching exteriors and sustainable, recyclable construction are a strong starting point, but new ideas and innovative approaches to design can yield even greater benefits.
Each year, PPC holds the North American Paperboard Packaging Competition, not only to celebrate carton design but also to keep a pulse on the latest trends in the space. In our most recent competition, we saw many bold design elements like:
· Expanded digital printing capacities, including the ability to print, cut, and glue 24 unique SKUs in 24-48 hours every week
· A significant move away from plastic hi-cones and shrink-wrap to highly decorated carton-based multipack solutions for both bottles and canned drinks
· Novel and sustainable concepts like the “virtual window,” which substituted a plastic window for a descriptive graphic of the product inside
· Innovative packaging solutions designed to protect retail delivery food from tampering during transit.
New approaches inherently come with risk, but this could mean reward for the paperboard packaging industry going forward.
Opportunities in the packaging industry are growing, packaging manufacturers need to seize investment in equipment and production infrastructure. In Vietnam, Viet Dat Co., Ltd. always welcomes the solutions of modern machinery and equipment for carton packaging.If you need to upgrade or buy new printing equipment, please contact us at the hotline. : 0913 238 526.