Dublin, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The "Corrugated Board Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The global corrugated board packaging market is expected to grow at a CAGR of 3.43% during the forecast period of 2021-2026. Over the past few years, delivery boxes have been witnessing a significant surge in front of people's doorsteps. In apartment buildings across the United States, Faster delivery, more relaxed return policies, and free shipping has fueled growth in the retail e-commerce space.
Corrugated board packaging is a versatile and cost-efficient method to protect, preserve, and transport a wide range of products. The corrugated board's attributes, such as light weightiness, biodegradability, and recyclability, have made it an integral component in the packaging industry.
The e-commerce industry emerged as a significant player in recent years. The prominent e-commerce companies, such as Amazon, have been using corrugated board boxes for the principal packaging, and they rely on plastic packaging for individual items. According to the Shopify report, by 2021, global e-commerce was projected to be worth USD 4.97 trillion, without considering COVID-19 impact on the market, almost a 400% increase in seven years, with North America contributing USD 552.6 billion, which is next to Asia (USD 831.7 billion in total e-commerce sales), with China as the largest (and quickest growing) single market.
The corrugated board is highly versatile. Thus, they can take various forms other than the box, and due to sustainability issues, they are slowly replacing flexible plastic bags. Moreover, the corrugated boxes act as a perfect base to hold several printing techniques. Due to this, companies tend to prefer corrugated packaging as a marketing tool. They act as a mobile billboard, where the companies do not have to spend additionally on marketing.
The corrugated board packaging has benefitted mainly from its biodegradable properties. Vendors who have shifted to other packaging solutions have faced a lot of backlash from the consumers.
For instance, a survey conducted by GreenBlue in the United States found that 65% of its respondents were extremely concerned about plastic packaging. While in Spain, the Spanish Association of Corrugated Cardboard Packaging Manufacturers (AFCO) concluded that cardboard is the highest rated packaging material by Spanish consumers, with the most commonly used being cardboard, plastic, and wood. The inference from the study shows that 75.2% of Spanish consumers prefer to purchase products in cardboard packaging when compared to only 11% who choose plastic.
The growth in food packaging and ever-increasing demand for corrugated packages in growing e-commerce shipments are some of the primary drivers of the studied market resulting from the Covid-19 outbreak. In e-commerce portals, demand has sharply increased for packaging for groceries, healthcare products, and e-commerce shipments. At the same time, the demand for luxury, industrial, and some B2B-transport packaging has declined.
For instance, India has over 15 lakh modern retail stores that generate INR 4.74 lakh crore worth of business, and approximately 60 lakh people are employed in the retail sector, which the COVID-19 pandemic has severely hit. According to a Retailers Association of India report, by the end of February 2020, the business had already dropped 20-25 percent, which will surely hit the corrugated board packaging market as they are used to ship significant products in the retail stores. However, the increased usage of e-commerce to buy the essentials, especially in developing countries such as India, is expected to impact the market positively.
Key Market Trends
Processed Food Segment Expected to Occupy a Significant Market Share
North America Expected to Hold a Significant Share
The market for corrugated board packaging is quite fragmented, with many players in the market providing corrugated board packaging solutions. Companies are constantly innovating to promote sustainable packaging and are providing environment-friendly packaging products. To leverage the opportunities, companies are releasing corrugated box designs for various end-user industries. The market is also witnessing multiple partnerships and acquisitions every year by the companies to strengthen their portfolio in the corrugated segment.
September 2021 - Heinz Partners with WestRock to replace shrink-wrapped multipacks of Heinz beanz, Heinz soups, and Heinz pasta varieties on supermarket shelves with recyclable paperboard developed by WestRock. The Heinz Eco-Friendly Sleeve is recyclable and comes from sustainably managed forests. The innovative wrap design uses no glue and 50% less material than a fully enclosed wraparound box and 10% less than a traditional paperboard sleeve design.
August 2021 - Mondi group launched seven new sustainable corrugated packaging solutions for growing online grocery delivery services across Central Europe. Grocery retailers can deliver a variety of goods, from perishable food to wine bottles, in these fit-for-purpose packaging. All boxes in the e-Grocery portfolio are fully recyclable.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Adoption of Light Weighting Materials and Scope for Printing Innovations Propelling the Growth in End-user Segments
5.1.2 Strong Demand from the e-Commerce Sector
5.2 Market Challenges
5.2.1 Concerns over Material Availability and Durability of Corrugated Board-based Products
6 MARKET SEGMENTATION
6.1 End-user Industry
6.1.1 Processed Foods
6.1.2 Fresh Food and Produce
6.1.4 Paper Products
6.1.5 Electrical Products
6.1.6 Other End-user Industry
6.2.1 North America
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 International Paper Company
7.1.2 Mondi Group
7.1.3 Smurfit Kappa Group
7.1.4 DS Smith PLC
7.1.5 WestRock Company
7.1.6 Packaging Corporation of America
7.1.7 Cascades Inc.
7.1.8 Oji Holdings Corporation
7.1.9 Georgia-Pacific LLC
7.1.10 Nippon Paper Industries Ltd.
7.1.11 Rengo Co. Ltd.
7.1.12 Klingele Papierwerke GmbH & Co. KG
7.1.13 Klabin SA
7.1.14 Sealed Air Corporation
8 INVESTMENT ANALYSIS
9 FUTURE OUTLOOK OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/12ttpo
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900