New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wood Packaging Global Market Report 2023" - https://www.reportlinker.com/p06466514/?utm_source=GNW
, CHEP, C&K Box Company Inc., and InterAgra s.c.
The global wood packaging market is expected to grow from $11.27 billion in 2022 to $11.84 billion in 2023 at a compound annual growth rate (CAGR) of 5.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wood packaging market is expected to grow to $14.36 billion in 2027 at a CAGR of 5.0%.
The wood packaging market consists of sales of wooden reels and drums.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wood packaging refers to the packaging made of wood, used to pack, transport, handle, preserve, present, and add value to products such as Veggies and fruits, seafood, fish, spirits, and wines. Wood packaging helps reduce the carbon footprint.
North America was the largest region in the wood packaging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the wood packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of wood packaging include pallets, boxes and bins, crates and cases, spools, and dunnage.Pallets refer to platforms made of wood or metal called a pallet is used to store items so that forklift trucks may lift and transfer them.
The packaging is made of different materials including hardwood, softwood, and plywood used for different applications food and beverages storage, transportation, industrial, shipping, and others.
The rising popularity of sustainable and environment-friendly packaging is expected to propel the wood packaging market.Sustainable packaging refers to eco-friendly material used to ship, wrap, and store products.
Consumers across the world are showing interest in sustainable packaging that is recyclable and environmentally friendly, and wood packaging is one of the sustainable packaging alternatives.For instance, in April 2021, according to Food Dive, a US-based journal website, two-thirds (67%) of consumers considered recyclable and environmentally friendly packaging.
More than half (54%) consider sustainable packaging while selecting a product.Among the consumers aged 44 years and younger, 83% of them reported that they are willing to pay more for sustainable packaging than 70% of all consumers.
Therefore, the rising popularity of sustainable and environment-friendly packaging drives the wood packaging market.
Technological advancement is a key trend in the wood packaging market.Major companies operating in the wood packaging market are advancing in their new technologies and research and developments in the wood packaging market.
For instance, in January 2022, Pujolasos, a Spain-based wood packaging company, launched Woorigin.This new patented mono-material innovation offers unique features, including a mono-material wooden cap, free of glues and plastics and 100% PEFC or FSC wood certification.
It is based on click technology that further enhances the user experience.
In December 2020, UFP Industries, a U.S.-based company operating in the wood packaging market, acquired PalletOne Inc. for $232 million. As a result of the acquisition, PalletOne would help the company get closer to its goal of becoming the preferred wood preserver and supplier of packaging solutions worldwide by bringing a strong brand, a new customer base, and operating excellence. PalletOne, Inc is a US-based pallet manufacturer operating in the wood packaging market.
The countries covered in the wood packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wood packaging market research report is one of a series of new reports that provides wood packaging market statistics, including the wood packaging industry’s global market size, regional shares, competitors with a wood packaging market share, detailed wood packaging market segments, market trends and opportunities, and any further data you may need to thrive in the wood packaging industry. This wood packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466514/?utm_source=GNW
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