Global Paper And Paperboard Packaging Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The Global Paper and Paperboard Packaging market was estimated at USD 324.47 billion in 2021, and it is expected to register a CAGR of 4.14%, to reach USD 409.50 billion by 2027. Paperboard is the most common material used to make containers, like folding cartons.
New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Paper And Paperboard Packaging Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06290967/?utm_source=GNW
The paperboard requires processes such as pulping, optional bleaching, refining, sheet forming, drying, calendaring, and winding, to manufacture paper.? Paper packaging materials can be easily reused and recycled compared to other materials, such as metals and plastics.
Consumers all around the world are becoming more conscious of the environmental hazards linked with packaging and are moving their purchasing habits to more environmentally friendly options. Consumers, the government, and the media are putting pressure on manufacturers to make their products, packaging, and processes more environmentally friendly. People are willing to pay more for environmentally friendly packaging. The paperboard packaging industry is expected to grow as a result of these trends.
More than 60% of all communities in the United States collect and recycle paperboard packaging. Furthermore, companies are also focusing on introducing recyclable paper board products. The Cascades recently launched a cardboard tray made from recyclable fibers. SIG has also launched cartons made from recycled polymers using post-consumer waste.
To meet consumer demands, food and beverage manufacturers are making greater efforts to provide sustainable materials and packaging, functional and convenient displays, and healthier food options. Paper bags are becoming increasingly popular in restaurants, hotels, and cafes, among other food establishments. Similarly, the growing popularity of on-the-go meals and online food delivery services has increased the demand for paper bags in food service.
Sustainability, specifically regulatory and public concerns about single-use packaging waste, are combined with other powerful trends to drive significant shifts in consumer packaging. Regulators are acting, and Fast-Moving Consumer Goods (FMCG) companies and retailers are taking bold steps to improve the sustainable development of their packaging and fundamentally reconsider their packaging systems.
The COVID-19 pandemic wreaked havoc on the packaging sector, with the impacts of nationwide lockdown, corporations shifting their sourcing away from China, and materials used in packaging being reconsidered. Although there has been a substantial impact on the supply side of paper packaging, large growth in end-user demand in specific applications has significantly expanded the scope of paper packaging.
During the outbreak of COVID-19, the market studied faced slow growth due to lockdown being imposed by various countries that have disrupted the supply chain process and the closure of production plants in some countries to curb the effect of the virus.
Paper & Paperboard Packaging Market Trends
Increase in Demand From The Food And Beverage Sector
Paper bags meet the consumer demand for secure, leak-proof, and recyclable packaging. Paper bags are gradually replacing plastic packaging solutions in areas where takeout and online food delivery are becoming popular. Paper packaging is expected to also cater to the increasing demand from the food and beverage sector.
Furthermore, as the e-commerce industry has grown, so has the use of packaging materials. In contrast, the food and beverage industry has taken the lead, with an increasing number of companies revising their packaging strategies. Food and beverage companies are looking for environmentally friendly alternatives to traditional packaging materials, such as wrappers, cartons, bottles, and other options.
In recent times sustainability has gained prominence in the food and beverage industry, with CPGs addressing the significant carbon footprint incurred by product packaging. According to the United Nations, the amount of plastic waste has increased from 2 million metric tons in 1950 to 348 million metric tons in 2017, and this figure is expected to double by 2040.
Reduced production of single-use plastic, which is viewed by sustainability experts as one of the most harmful packaging types and has resulted in a severe accumulation of waste globally, particularly in oceans, is a critical component. Nestlé and PepsiCo have set goals of making 100% of their packaging recyclable, reusable, or compostable by 2025.
Moreover, paperboard packaging is available in a variety of grades, each with its own set of qualities that make it suitable for a wide range of applications. Because of its strength, paperboard can be easily cut and molded, is lightweight, and is used in packaging. It is a thick paper-based material that is commonly used in packaging. Paperboard is made from wood pulp, which is the most basic material. To assist reduce deforestation and trash, a large amount of paperboard is recycled.
Asia Pacific is Expected to Hold Significant Share
The Asia Pacific region is the largest global folding carton packaging market, and demand is likely to continue to expand in the region due to its great potential expansion. Demand is mostly driven by China, a major buyer of folding cartons, as it is in many other industries. Demand is expected to slow in China as the economy shifts from manufacturing to services.
In other parts of the area, demand in some emerging Asian countries is expected to be strong, while growth in older markets such as North-East Asia is expected to be slow. The Asia Pacific region dominated the global folding carton packaging industry. Demand increases due to the rising demand for ready-to-eat meals in China, India, and Southeast Asian countries.
As the focus changes to eco-friendly and sustainable practices, folding carton demand has been growing across several industries in the Asia Pacific, including food and beverage, healthcare, personal care, homecare, retail, and others.
Consumer awareness of sustainable packaging preferences, raw material availability, the lightweight, biodegradable, and recyclable characteristics of paper, and deforestation have all contributed to the demand for this package type in the region.
However, Increased use of current technology, as well as aggressive research and product development, will boost the Asia Pacific flexible packaging market in the next years. As more information regarding the benefits and viability of packing snacks and refreshments with adaptive bundling becomes accessible, sacks, pockets, roll stocks, and DVDs are becoming more popular. Furthermore, due to the growing repercussions of the limited requirements for the safe packaging of food and beverages, the business is predicted to grow dramatically in the next years.
Paper & Paperboard Packaging Market Competitor Analysis
The Global Paper and Paperboard Packaging Market is quite fragmented. Nippon Paper Industries Co. LTD, Mondi, METS BOARD, WestRock Company, and ITC Limited are among the major companies. To maintain their market share, the corporations continue to innovate and form strategic partnerships.
April 2022 - Nippon Paper Industries Co., Ltd and Elopak ASA have agreed that Nippon Paper Industries Co., Ltd will produce and sell Elopak ASA’s lineup of Pure-Pak packaging for beverage and liquid food products across the world and introduce them to the Oceania region. The new agreement will leverage both companies’ innovation and technological capabilities to pursue new business opportunities in the Oceania region.
April 2022 - Cascades Inc. announced the expansion of its eco–friendly packaging line with the addition of a 100% recycled PET tray, which is also recyclable. Its innovative design makes the tray perfectly compatible with the packaging equipment already used by food processors and retailers.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06290967/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001