Paper and Paperboard Packaging Market Revenue, Opportunity, Segment & Key Trends To 2023
Asia Pacific dominates the global market for paper & paperboard packaging and is likely to rise at the fastest CAGR during the forecast period. The exponential growth of the packaging industry in the Asia Pacific region is a crucial driver of market growth. The rising number of supermarkets and hypermarkets in the area is also a key factor expected to fuel the market's growth for paper and paperboard packaging in the coming years. In addition, rising disposable income and changing lifestyles have also positively affected the global market growth. China, India, Japan, and Australia are the main contributors to the Asia Pacific market. China has the most substantial market share in the Asia Pacific.
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As per Market Research Future (MRFR) analysis, the global paper and paperboard packaging market is projected to grow at a CAGR of 6% from 2017-2023 (forecast period). The report identifies and explores the effects of the outbreak of COVID-19 on the global paper and paperboard packaging industry, including potential opportunities and obstacles, drivers, and risks.
Paper and paperboard packaging are thick paper-based materials used for packing and wrapping products. It is lightweight and can be easily cut, molded, and shaped.
By type, the global paper & paperboard packaging market has been segmented into corrugated boxes, boxboard, and paper bags. Paper bags held the largest market share in 2016. There are many types of paper bags available in the market like pasted valve bags, sewn open mouth bags, multi-wall paper over poly, and pinch bottom open mouth bags.
By grade, the global paper & paperboard packaging market has been segmented into folding boxboard, solid bleached sulfate, white line chipboard, coated unbleached kraft board, and others.
By application, the global paper & paperboard packaging market has been segmented into personal care, electronics, food & beverages, healthcare, and others. Food & Beverage held the largest share in paper & paperboard packaging applications, followed by personal care packaging. The growth in demand for packaged food & beverages and frozen food is driving demand for paper & paperboard packaging. According to the VDMA Association, global market sales of beverages amounted to 234 million liters in 2017 compared to 494,184 million liters in 2012. The electronics sector is another significant application segment of the market. The electronics industry is continuing to grow with new developments. The demand for electronic goods is increasing continuously, primarily due to increased internet and mobile penetration. This has a positive impact on the growth of the market.
North America is the second-largest market for paper & paperboard packaging. The food and beverage sector in the region is large and multifarious, including multi-tiered supply chains. The increasing need for proper storage of food and beverage products in warehouses and their proper transport to end-users stimulates the market's growth for paper and paperboard packaging. The U.S. gained the largest share in the North American region, primarily due to the high demand for online shopping.
Europe is a large market for paper & paperboard packaging and is projected to contribute to the growth of the market over the assessment period. The growing emphasis on sustainability and increased demand for consumer-friendly products that are lightweight and easily transportable are significant factors propelling the paper & paperboard packaging industry's growth.
The industry giants in the paper & paperboard packaging market include Amcor Ltd. (Australia), ITC Ltd. (India), Cascades Inc. (Canada), RockTenn Company (U.S.), Clearwater Paper Corporation (U.S.), Packaging Corporation of America (U.S.), DS Smith Plc. (U.K.), Mondi Group (South Africa), Metsa Group (Finland), Nippon Paper Industries Co., Ltd. (Japan), Georgia-Pacific LLC (U.S.), Spartan Paperboard Company (U.S.), Stora Enso Oyj (Finland), Sonoco Products Company (U.S.), and Colbert Packaging (U.S.).
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