Paperboard Packaging Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2028
Plastics are replacing paperboard packaging due to its cost-effective, durable, and reusable properties. One of the significant factors restraining the paperboard packaging market is restricted demand in the food & beverage industry, due to the food packaging standards, as the use of recycled waste paper is prohibited for the packaging of food items for maintaining the food safety standards.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of packaging over a broad aspect, thus, augmenting the demand for the market product. The advent of the concept of using paperboard packaging in food & beverage industry as recycled waste paper, which is due to the food packaging standards, use of recycled waste paper prohibited for the packaging of food items for maintaining the food safety standards in the market are restraining the demand for paperboard packaging.
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Key participants include:
- Nippon Paper Industries
- ITC Limited
- Mondi plc
- Metsä Group
- International Paper Company
- Oji Holding Corporation
- Smurfit Kappa Group
- Svenska Cellulosa Aktiebolaget (SCA)
- Stora Enso Oyj and Outlook Group LLC
- among others.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut demand for many forest product segments, majorly paperboard market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With a poor global situation, the export-dependent economies of many regions look vulnerable. The containerboard market is expected to experience decrease in to weak consumer demand in markets for the merchandise exports.
Further key findings from the report suggest:
- The paperboard packaging is expected to grow with a CAGR of 6.6% in the forecast period owing to the initiatives taken by the government in developing nations to upscale the paperboard packaging market. The government in the Asia Pacific and MEA countries are focusing on proper paperboard packaging methods and enhancing the proper infrastructure of the paperboard industry.
- The increase in awareness among customers for the sustainable packaging material is driving the demand for the paperboard packaging market. The global spending on the paperboard packaging industry is rising steadily, which was USD 139.00 billion in 2017 and is expected to reach USD 262.60 billion by 2027.
- The Asia Pacific dominated the market for paperboard packaging in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 42.0% of the paperboard packaging market in 2019, followed by North America, which contains around 30.0% market by region in the year 2019.
- The Food & Beverage sector is the major contributor to the paperboard packaging market, and generated a revenue of USD 65.15 billion in 2017 and is forecasted grow at a rate of 6.3% in the forecast period.
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Why should buy this report?
- Provides in depth research analysis of the overall Paperboard Packaging market. which can help save time for start-up businesses related to the Paperboard Packaging Market.
- The Paperboard Packaging markets latest news, forecast analysis as well as the key competitors of the market are easily available with all the necessary information.
- The Paperboard Packaging report comprises of graphs, pie charts and other representations that can help the reader understand the information at a glance.
- Through the Paperboard Packaging report the manufacturers can understand the consumer behavior, business segments as well as sell products-based information provided.
- COVID-19 impact on the market and industry as well as the recovery analysis.
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