The corrugated packaging market size will reach US$380.8 billion by

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Tokyo, 23 Feb. 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the corrugated packaging market the size was 276.52 billion US$ in 2021. The growth of the global corrugated packaging market is driven by the growing demand for the sustainable packaging solution owing to the rising concerns over environmental protection and growing government initiatives to restrict the use of plastics and promote eco-friendly packaging materials.

The features of durability, reuse, and recyclability, along with low-cost, durable, and convenient packaging solutions offered by corrugated packaging boxes are propelling the growth of the global corrugated packaging market. The increased demand for packaging among various industries such as food and beverage, pharmaceutical, logistics, textile and chemical industries is resulting in an increasing demand for corrugated packaging across the globe.

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Report Highlights

  • Based on package type, the double-wall panel segment is expected to be the fastest growing segment. Growing demand from consumer electronics and healthcare industries that require additional product protection during transportation is expected to fuel the demand for the double-wall panel segment. Moreover, the increasing penetration of online shopping platforms is expected to have a positive impact on the growth of the market.
  • Based on demandthe food and beverage segment has dominated the global market, accounting for a market share of over 36% in 2020. Huge demand for packaged and processed food products in both developed and developing countries has significantly boosted the growth of this segment in the past. years.

Report cover

Attribute Details
Market size by 2030 $380.8 billion
Growth rate from 2021 to 2030 3.6%
Fastest growing region North America
Biggest earner Asia Pacific
Year of reference 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 overview

North America is expected to reach the fastest CAGR during the forecast period. North America has seen strict government regulations banning plastics, which 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 United States have positively contributed to the growth of the demand for corrugated packaging in the various industries in North America. Additionally, the increased penetration of e-commerce, food & beverage, and healthcare industry in North America has primarily driven the growth of the corrugated packaging market.

Asia-Pacific accounted for a market share of around 35%. Asia-Pacific is experiencing strong economic growth due to rapid industrialization, urbanization, increasing number of economic activities, and technological advancements in various economic sectors. Huge demand for affordable consumer electronics and growing demand for packaged food products are fueling the demand for corrugated packaging across Asia Pacific. Additionally, the rapidly growing penetration of e-commerce is further fueling the growth of corrugated cardboard packaging market in Asia Pacific.

Market dynamics

Driver

Growing popularity of e-commerce

The world is witnessing an increase in the adoption of e-commerce platforms for the purchase of a wide variety of products such as food, electronics, pharmacies, consumer goods and personal care products . Easy availability of desired products, easy door-to-door delivery, hassle-free replacement and refund options, and huge discounts offered by e-commerce platforms are boosting online shopping among the people tremendously. This is expected to create a huge demand for corrugated packaging across the world during the forecast period.

Detention

Strong competition from plastic packaging

The availability of flexible plastic packaging is a major constraint that can hamper the growth of the corrugated cardboard packaging market. Flexible plastic packaging is less expensive than corrugated packaging solutions and offers durability and light weight which reduces the overall cost of packaging. In addition, flexible packaging leads to a 60% reduction in greenhouse gas emissions and an approximately 50% reduction in landfills. Therefore, the durability and low cost factors associated with flexible plastic materials may hinder the growth of the corrugated cardboard packaging market during the forecast period.

Opportunity

Development of new products, partnerships and acquisitions

In April 2021, DS Smith developed 100% recyclable packaging for e-commerce. In March 2021, International Paper Company acquired two corrugated box factories in Spain. In 2021, Heinz entered into a partnership with WestRock to replace shrink-wrapped multipacks of Heinz products with WestRock’s recyclable cardboard. All these development strategies adopted by the major market players in the corrugated board packaging industry are expected to have a positive impact on the growth of the market.

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Challenge

Compliance with strict regulations

Manufacturers are required to adhere to strict regulations regarding greenhouse gas emissions and sustainable manufacturing methods. Corrugated packaging boxes are made from wood pulp, which has a negative impact on forests. This is a major factor that can negatively affect the production of the corrugated cardboard packaging market.

Segments covered in the report

By package type

  • Single-wall panels
  • Double-walled panels
  • Triple-walled panels
  • Single-sided panels

By app

  • Electronics and Electricity
  • Food and drinks
  • Logistic transport
  • E-commerce
  • Personal care products
  • Health care
  • Home care products
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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