Paper Packaging market is projected to grow at a CAGR of 5.2% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Paper Packaging 2023-2033. It includes profiles of Paper Packaging and Forecasts Market Segment by Type, (Corrugated Box, Boxboard, Flexible Paper, Other Type) Market Segment by Application, (Food Industry, Beverage Industry, Healthcare Industry, Personal & Homecare Industry, Other Applications) Market Segment by Grade, (Solid Bleached Sulfate (SBS), Coated Unbleached Kraft Paperboard (CUK), Folding Boxboard (FBB), White Lined Chipboard (WLC), Glassine & Greaseproof Paper, Other Grade) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global paper packaging market was valued at US$233.4 billion in 2022 and is projected to grow at a CAGR of 5.2% during the forecast period 2023-2033.
Paper-Based Packaging Is Gradually Taking the Place of Single-Use Plastic Due to Its Sustainability
The global paper packaging and paperboard packaging market is significantly being driven by the increased demand from various end-use industries. These sectors include, among others, the food and beverage, personal care and cosmetics, and electronics sectors. Landfills and the growing demand for environmentally friendly packaging are two significant factors driving the growth of the worldwide paper packaging and paperboard packaging market. Due of their non-biodegradability, plastic-based packaging materials are subject to strict laws worldwide.
The benefits provided by paper packaging and paperboard packaging, such as its light weight, low cost, good printability, and non-reactive qualities, are additional significant drivers. Consumers' increasing concern for sustainability and the end-use industries' embrace of eco-friendly packaging are likely to create new lucrative prospects and fuel the market for paper and paperboard packaging's rapid expansion.
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How has COVID-19 had a significant negative impact on the Paper Packaging Market?
The COVID-19 epidemic caused significant problems for the packaging industry, including the consequences of the state-wide lockdown, corporations shifting their sourcing away from China, and re-evaluating the materials used in packaging. Although the end-user demand for paper packaging has dramatically increased in particular applications, the supply side of the industry has nevertheless had a substantial influence. The COVID-19 epidemic led to an increase in food packaging and a rising demand for corrugated packages in expanding e-commerce shipments, which are two of the main market drivers being examined. Demand for supermarket packaging, healthcare products, and e-commerce shipping has significantly increased in e-commerce websites. The need for industrial, luxurious, and certain B2B transit packaging has decreased at the same time.
How will this Report Benefit you?
Visiongain’s 271-page report provides 162 tables and 184 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global paper packaging market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Paper Packaging. Get financial analysis of the overall market and different segments including type, application, grade, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing paper packaging market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
The Market for Paper and Paperboard Packaging is Expanding
The healthcare industry's rising demand for paperboard packaging boxes, rising consumer awareness of sustainable packaging options and adoption of eco-friendly packaging, and rising adoption of paper-based packaging in the food industry are the main factors propelling the growth of the paper and paperboard packaging market. The primary factor increasing the market value of the paper and paperboard packaging industry is consumers' increased interest in adopting biodegradable goods. One of the primary aspects that contributes to the market growth is how many governments encourage the use of ecologically friendly items that can prevent pollution. The market for paper and paperboard packaging is growing due to unique characteristics such recyclable and reuse materials, energy-saving technologies, and the preservation of natural resources.
Rising Demand for Environmentally Friendly Packaging
The primary drivers of the market's expansion at the moment are the expanding retail and e-commerce sectors, as well as the rising demand for items with environmentally friendly packaging. The need for secondary and tertiary paper packaging products has grown dramatically as a result of the quick expansion of online shopping platforms. Future growth in the paper and paperboard packaging market is anticipated to be aided by the e-commerce sector's continued expansion and increased disposable income across various segments of the population.
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Where are the Market Opportunities?
Numerous Uses of Paper Packaging Materials Creating Profit-Grabbing Opportunities
Businesses in the market for paper packaging materials are opening up new income opportunities in the beverage, fast food, frozen food, dairy & bakery, pet food, cosmetics, and pharmaceutical industries. In the recent years, drinks have held the top revenue position among these. However, the combined share of frozen, quick, and fresh meals in the same year is sizeable and is anticipated to increase at a high CAGR over the course of the projected year. Their enormous demand for wrapping food goods is what drives the market for paper packaging materials for frozen foods, quick foods, and fresh foods. Additionally, recently developed paper packaging materials and ongoing improvements in manufacturing techniques have given rise to packaging that is very functional, such as leakproof packaging.
The Environmental Consciousness and Knowledge of the Populace
People's knowledge and awareness of what is good and harmful for oneself as well as the environment is the key factor driving the expansion of the paper and paperboard packaging market. Additionally, due to the numerous government initiatives to promote the use of paper as opposed to plastics. Additionally, due to consumer interest in adopting eco-friendly items. Therefore, many people and the government have prohibited the use of plastic in packaging and instead choose to use paper and paperboard instead. This is done to maintain and also to balance the pollution.
The major players operating in the paper packaging market are Nippon Paper Industries Co., Ltd, Smurfit Kappa Group plc, Stora Enso Oyj, Svenska Cellulosa Aktiebolaget (SCA), Sappi Limited, Brødrene Hartmann A/S, UFP Technologies, Inc., Pactiv Evergreen Inc., OrCon Industries Corp., Kapco Packaging, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
08 Sept 2022, Nippon Paper Industries Co., Ltd. and Mitsui Chemicals, Inc. are teaming up to develop a new biocomposite with a high cellulose powder content, a woody biomass material. The two companies intend to develop and market products as soon as possible, with plans to expand into a variety of fields such as daily necessities, containers, building materials, household appliances, and auto parts.
14 Nov 2022, Smurfit Kappa has acquired Pusa Pack S.L., a bag-in-box packaging plant in Onda, close to Castellón in the Valencian region. Pusa Pack S.L. specialises in the production of large-capacity flexible bags with capacities ranging from 200 to 1500 litres, which are used for the storage and transportation of bulk food, cosmetics, pharmaceuticals, and other liquid and semi-liquid products. Smurfit Kappa's Bag-in-Box operations in Spain will be integrated with Pusa Pack.
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To find more Visiongain research reports on the packaging sector, click on the following links:
Clinical Trial Packaging and Labelling Market Report 2023-2033
Microelectronics Semiconductor Packaging (MIPAC) Market Report 2022-2032
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