According to a new report published by UnivDatos Markets Insights, the Paper & Paperboard Packaging Market is expected to grow at a CAGR of around 5% from 2022-2028, reaching USD 285 billion by 2028.
According to a new report published by UnivDatos Markets Insights, the Paper & Paperboard Packaging Market is expected to grow at a CAGR of around 5% from 2022-2028, reaching USD 285 billion by 2028. The analysis has been segmented into Grade (Solid Bleached Sulfate (SBS), Coated unbleached kraft paperboard (CUK), Folding boxboard (FBB), White Lined Chipboard (WLC), Glassine & Greaseproof Paper, Label Paper, Others); Type (Corrugated Box, Boxboard, and Flexible Paper); Application (Food & Beverage, Healthcare, Personal & Homecare, Others); Region/Country.
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The Paper & Paperboard Packaging market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Paper & Paperboard Packaging market. The Paper & Paperboard Packaging market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Paper & Paperboard Packaging market at the global and regional levels.
Market Overview
The Paper & Paperboard Packaging Market is expected to grow at a steady rate of around 5% owing to the increasing awareness regarding sustainable packaging material from quick-service restaurant and e-commerce retailers coupled with stringent regulations around the world against using plastic packaging material. A rise in the number of restaurants, cafes, QSR, etc. coupled with the growing demand for convenience food, especially among the millenniums is leading to the growing demand for Paper & Paperboard Packaging. According to IBEF, “owing to the decline in customer footfalls in the QSR sector, most businesses have started transitioning to a cloud kitchen model, which provides significant savings in infrastructure costs. This model is serviced by tie-ups with food aggregators offering online ordering and delivery options for customer convenience. Further, In India, takeaway and drive-through contributed ~1% of the overall revenue of the restaurant industry as compared to 15-20% in the US and Europe during pre-COVID times. However, given the current trends in India, it is expected to go up to 15% over the next 6 months.”
Paper & paperboard packaging material is made up of pulp, which is derived from wood as well as a non-wood source such as straw, bamboos, among others. Wood pulp is available widely and is increasingly generated by the recycling of the paper. Sustainable nature and low cost of the wood pulp makes paper & paperboard packaging an ideal packaging for end-use industries. Therefore, increasing demand from industries such as food & beverages, personal care & cosmetics, and others coupled with rising awareness and demand for eco-friendly packaging is expected to fuel the growth for paper & paperboard packaging during the forecast period. In addition, the rise in disposable income and an emerging number of working professionals coupled with a busy and hectic life schedule is the flourishing restaurant industry as well as e-commerce industry. Thus, creating demand for sustainable paper and paperboard packaging from consumer goods & retail and food & beverages industry
Some of the major players operating in the market include Amcor plc, ITC limited, Cascades limited, Rock Tenn Company, Clean water paper corporation, Packaging Corporation of America, DS Smith Plc, Mondi group, Metsa group, Nippon paper industries Co Ltd.
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COVID-19 Impact
2020 proved to be the most challenging year for the food industry in decades, significantly testing the resilience of food supply chains. Many of the industry’s challenges stemmed from the spread and aftermath of COVID-19, forcing food organizations to adjust in new ways to maintain their supply chain continuity, integrity, and overall resilience. Moreover, several companies in the packaging market created industry surveys to offer some indicating metrics about the impact of Covid-19 on packaging manufacturers, material suppliers, and machinery manufacturers. Also, the effect of COVID-19 on Paper & Paperboard Packaging was witnessed due to disruptions in the supply chain and lower spending on ready-to-eat food. Furthermore, in April and May 2020, worker illnesses from COVID-19 led to the shutdown of several food manufacturing plants as roughly 40% of processing capacity was brought offline in the United States. Also, the shortages of food items and price hikes were registered.
The global Paper & Paperboard Packaging market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into Corrugated Box, Boxboard, and Flexible Paper. The flexible paper packaging market is expected to witness significant growth in the future as flexible paper packaging is lighter in weight, cost-efficient, and uses less material as compared to other forms of packaging. The growth of the flexible paper packaging market is attributed to its high efficiency and cost-effective nature. Flexible packaging is particularly useful in industries that require versatile packaging, such as food & beverage, personal care, home care, and healthcare.
· On the basis of application, the market is categorized into Food & Beverage, Healthcare, Personal & Homecare, and Others. The food & beverage segment grabbed the major market share and dominated the market in 2020. The key reasons for the growth of this segment in the emerging hospitality sector coupled with the rising number of tourists, which demands ready-to-eat convenience food. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018.
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Paper & Paperboard Packaging Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. The rising number of working couples and the adoption of western culture are leading to the growing demand for ready-to-eat food products, which in turn demands Paper & Paperboard Packaging. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials. Also, a rise in investment in the hospitality sector is leading to a growing number of hotels and restaurants which is gaining end-users traction, and the market is blooming.
The major players targeting the market include
· Amcor plc
· ITC limited
· Cascades limited
· Rock Tenn Company
· Clean water paper corporation
· Packaging Corporation of America
· DS Smith Plc
· Mondi group
· Metsa group
· Nippon paper industries Co Ltd
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Paper & Paperboard Packaging market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Paper & Paperboard Packaging market?
• Which factors are influencing the Paper & Paperboard Packaging market over the forecast period?
• What are the global challenges, threats, and risks in the Paper & Paperboard Packaging market?
• Which factors are propelling and restraining the Paper & Paperboard Packaging market?
• What are the demanding global regions of the Paper & Paperboard Packaging market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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