Tokyo, Feb. 23, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global corrugated packaging market size was accounted at US$ 276.52 billion in 2021. The global corrugated packaging market growth is driven by rising demand for the sustainable packaging solution owing to the rising concerns over the environment protection and rising government initiatives to restrict the usage of plastics and promote eco-friendly packaging materials.
The durability, reusability, and recyclability features along with the low cost, durability, and convenient packaging solutions offered by the corrugated packaging boxes is propelling the growth of the global corrugated packaging market. Increased demand for the packaging amongst the various industries such as food & beverages, pharmaceuticals, logistics, textiles, and chemicals industries is resulting in the burgeoning demand for the corrugated packaging across the globe.
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Report Highlights
- Based on the package type, the double wall boards segment is expected to be the fastest-growing segment. The rising demand from the consumer electronics and healthcare industries that needs extra protection of products during transportation is expected to fuel the demand for the double wall board segment. Moreover, the growing penetration of the online shopping platforms is expected to positively impact the market growth.
- Based on the application, the food & beverages segment dominated the global market, accounting for a market share of over 36% in 2020. The huge demand for the packaged and processed food products across the developed and developing nations have significantly boosted the growth of this segment in the past years.
Report Coverage
| Attribute | Details | |
| Market Size by 2030 | USD 380.8 Billion | |
| Growth Rate from 2021 to 2030 | 3.6% | |
| Fastest Growing Region | North America | |
| Largest Revenue Holder | Asia Pacific | |
| Base Year | 2021 | |
| Companies Covered | Mondi Group, DS Smith PLC, WestRock Company, International Paper Company, Smurfit Kappa Group, Nine Dragons Paper (Holdings) Limited, Georgia-Pacific Equity Holdings LLC., Packaging Corporation of America, Oji Holdings Corporation, Lee & Man Paper Manufacturing Ltd. | |
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Regional Snapshot
North America is projected to hit fastest CAGR during the forecast period. North America has witnessed a strict government regulation over the ban of plastics and this has encouraged the use of reusable and recyclable materials for packaging. The collective efforts of the government and the Corrugated Packaging Alliance (CPA) in the US have positively contributed in the growth in the demand for the corrugated packaging across the various industries in North America. Moreover, the increased penetration of the e-commerce, food & beverages, and the healthcare industry in North America has dominantly driven the growth of the corrugated packaging market.
Asia Pacific accounted for a market share of around 35%. Asia Pacific is experience a strong economic growth owing to the rapid industrialization, urbanization, rising number of economic activities, and technological advancements across various economic sectors. The huge demand for the affordable consumer electronics and burgeoning demand for the packaged food products is fueling the demand for the corrugated packaging across Asia Pacific. Moreover, the rapidly growing penetration of the e-commerce is further fueling the growth of the Asia Pacific corrugated packaging market.
Market Dynamics
Driver
Rapidly growing popularity of the e-commerce
The globe is witnessing a surge in the adoption of the e-commerce platforms for buying a huge variety of products like food, electronics, pharmacies, consumer goods, and personal care products. The easy availability of the desired products, easy home delivery, hassle-free replacement and refund options, and huge discounts offered by the e-commerce platforms is significantly boosting the online shopping among the population. This is expected to create a huge demand for the corrugated packaging across the globe during the forecast period.
Restraint
High competition from the plastic packaging
The availability of the flexible plastic packaging is a major restraint that may hamper the growth of the corrugated packaging market. The flexible plastic packaging is cheaper than the corrugated packaging solutions and offers durability and lightweight that reduces the overall cost of the packaging. Moreover, the flexible packaging results in 60% reduction in the greenhouse gases emission, and around 50% reduction in the landfills. Therefore, the sustainability and low cost factors associated with the flexible plastic materials may hamper the growth of the corrugated packaging market during the forecast period.
Opportunity
New product developments, partnerships, and acquisitions
In April 2021, DS Smith developed a 100% recyclable packaging for e-commerce. In March 2021, International Paper Company acquired two corrugated box manufacturing plants in Spain. In 2021, Heinz entered into a partnership with WestRock to provide a replacement for the shrink-wrapped multipacks for the Heinz products with recyclable paperboard by WestRock. All these developmental strategies adopted by the top market players in the corrugated packaging industry is expected to have a positive impact on the market growth.
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Challenge
Adherence to stringent regulations
The manufacturers are required to adhere to stringent regulation regarding the greenhouse gas emissions and sustainable manufacturing methods. The corrugated packaging boxes are made from wood pulp, which negatively impacts the forests. This is a major factor that may negatively affect the production of the corrugated packaging market.
Segments Covered in the Report
By Package Type
- Single Wall Boards
- Double Wall Boards
- Triple Wall Boards
- Single Face Boards
By Application
- Electronics & Electricals
- Food & Beverages
- Transport & Logistics
- E-Commerce
- Personal Care Goods
- Healthcare
- Homecare Goods
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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