Fiber-based Packaging Market to Reach $537.41 Billion, by 2033 at 3.5% CAGR: Says The Brainy Insights

The fiber-based packaging market size is anticipated to grow from USD 380.98 Billion in 2023 to USD 537.41 Billion in 10 years. The market ought to witness a positive growth rate owing to increasing focus towards sustainability.

Newark, April 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global fiber-based packaging market will grow from USD 380.98 Billion in 2023 to USD 537.41 Billion by 2033. The fundamental principle of fiber-based packaging is sustainability, which directs innovation and refines industry practices to create eco-friendly possibilities. The central idea of the circular economy serves as a framework that highlights reducing waste and optimizing resource efficiency through all phases of packaging development. Manufacturers use recycled fibres to fulfil consumer requirements for environmentally conscious products and embrace biodegradable materials while limiting their environmental consequences. Moreover, technological advancements persistently shape the fiber-based packaging industry by promoting improved efficacy and eco-friendliness. Revolutionary breakthroughs like bio-derived coatings and barrier films prolong product shelf life and lessen dependence on conventional plastics. In addition, modernizations in recycling infrastructure pave a path towards circular systems where used packaging materials can serve as essential components for upcoming products. By promoting transparency and accountability across these sectors, consumers can be empowered with knowledge that aligns with their values whilst building trust among them about how they impact sustainability through informed choices.

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Report Coverage Details

Report CoverageDetails
Forecast Period2024–2033
Base Year2023
Market Size in 2023USD 380.98 billion
Market Size in 2033USD 537.41 Billion
No. of Pages in Report237
Segments Coveredby Product Type, End-user
DriversGrowing Emphasis on Sustainability
OpportunitiesCost-Effectiveness and Supply Chain Efficiency

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Key Insight of the Fiber-based packaging Market

Asia Pacific region is expected to grow at the highest CAGR during the forecast period.

During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global fiber-based packaging market. The Asia Pacific region will significantly expand. In the global market for fiber-based packaging, Asia-Pacific nations such as China, India, Japan, and South Korea have become dominant forces. This region stands out due to its significant market share from rapid industrialization and urbanization. Alongside this progression is an emerging middle-class population whose rising disposable incomes also contribute to the growth of said markets. Environmental awareness in consumers has spurred demand for eco-friendly solutions across all corners of the Asia Pacific area, creating a shift toward sustainable packaging options. Additionally, the adoption of fiber-based packaging materials in major Asian markets has been further accelerated by government efforts to encourage sustainable practices and decrease plastic waste. Strict regulations on plastic usage implemented by countries such as China have allowed growth within the fiber-based packaging sector. In addition, the prospering e-commerce industry in the Asia Pacific region has stimulated a need for corrugated boxes, paper-centric packaging, and other solutions based on fibres. As online retail activities are skyrocketing in this region, producers are resorting to fibre-based packing as an answer to fulfil the mounting demand for effective, cost-efficient and eco-friendly packaging resolutions.

The corrugated boxes segment is expected to grow at the highest CAGR during the forecast period.

The product type segment includes cartons, clamshell, bags & pouches, corrugated boxes and others. The corrugated boxes segment is expected to grow at the highest CAGR during the forecast period. The corrugated boxes are crucial to the fiber-based packaging sector as they offer durable, cost-effective solutions for shipping, storing and displaying products. They have gained widespread popularity due to several factors, such as their resilient build, lightweight design and eco-friendliness. These benefits make them vital across industries like e-commerce, logistics, agriculture and retail. The fiber-based packaging market is set to experience consistent growth in the share of corrugated boxes, driven by the thriving e-commerce industry and rising demand for eco-friendly packing solutions. Suppliers are making investments into advanced corrugation technologies and environment-safe coatings that elevate this type of box's performance and sustainability to bolster their dominance.

The consumer electronics segment is expected to grow at the highest CAGR during the forecast period.

The end-user segment is bifurcated into chemicals, food & beverages, consumer electronics, construction and others. The consumer electronics segment is expected to grow at the highest CAGR during the forecast period. Fiber-based packaging plays a key role in safeguarding and promoting diverse electronic devices, gadgets, and accessories within the consumer electronics industry. Previously overshadowed by their plastic counterparts due to endurance and flexibility advantages, sustainable practices are taking center stage with a greater focus on environment-friendly alternatives. Retailers often utilize paperboard cartons for packaging electronic accessories, cables, and peripherals to showcase their branding efforts and exhibit the products on store shelves. On the other hand, molded pulp trays create a sustainable option by using recycled paper fibers to pack small electronic components while reducing dependency on plastic materials.

Recent Developments:

• In January 2022: Smith Anderson Group Ltd. (SA) sold Huhtamäki Oyj all of its shares in Huhtamäki Smith Anderson sp. z o.o., its joint venture firm in Poland. Owing to this acquisition, Huhtamaki can now invest in and expand the company's operations throughout Eastern Europe.

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Market Dynamics

Driver: Growing E-commerce Industry

The e-commerce industry's swift growth has stimulated the demand for efficient and environmentally friendly packaging options. As more individuals embrace internet-based retail, there is an increased necessity for eco-conscious packing substances that promise product safeguards during shipping. Packaging made from natural fibers presents itself as a superb option due to its adaptability in providing diverse levels of protection, making it suitable for e-commerce companies aiming to satisfy consumer desires while minimizing their carbon footprint. This factor is stimulating the market growth and development.

Restraint: Intense Competition and Availability of Alternative Products

Companies in the fiber-based packaging market face a challenge due to the highly competitive landscape. The sector is saturated with many manufacturers, ranging from global corporations to small-scale businesses competing intensely against each other. This intense rivalry can drive prices down, reducing profit margins and impeding product development or innovation investment. Furthermore, alternative materials like plastics or metals pose an additional threat since they offer advantages such as durability and cost-effectiveness, intensifying competition within this industry even more. For companies to maintain their competitive edge amidst competitors competing for similar needs by consumers demanding differentiation through brand recognition combined with innovative products that offer value-added services requiring significant investments into marketing strategies coupled with research initiatives aimed at staying ahead of rivals, both old & new must always be ongoing efforts.

Opportunity: Technological Advancements

Revolutionary technological developments are crucial in fuelling development within the fiber-based packaging industry. Advancements in manufacturing, such as advanced papermaking methods and superior coating techniques, have significantly boosted the resilience, longevity, and visual appeal of various fiber-based packing materials. Additionally, advancements in printing technologies enable top-tier graphics that enhance brand awareness of these types of packaging solutions for better product visibility and consumer engagement. This factor is anticipated to provide lucrative growth opportunities in the upcoming years.

Some of the major players operating in the Fiber-based Packaging Market are:

• Smurfit Kappa Group PLC
• Huhtamaki Oyj
• International Paper Company
• Stora Enso Oyj
• Georgia-Pacific LLC
• WestRock Company
• Reynolds Group Holdings Ltd
• Pratt Industries Inc.
• DS Smith Plc
• Rengo Co., Ltd.
• Sonoco Products Company
• Mayr-Melnhof Karton AG
• Mondi Group
• KapStone Paper and Packaging Corp.

Key Segments Cover in the Market:

By Product Type:

• Cartons
• Clamshell
• Bags & Pouches
• Corrugated Boxes
• Others

By End-user:

• Chemicals
• Food & Beverages
• Consumer electronics
• Construction
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.

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