The global corrugated packaging market size was valued at US$ 276.52 billion in 2021 and is expected to reach over US$ 380.8 billion by 2030, poised to grow at a CAGR of 3.6% from 2021 to 2030.
The surging growth of the manufacturing industry across the globe has fueled the demand for the corrugated packaging significantly. The corrugated packaging is gaining rapid traction owing to the rising consumer awareness regarding the eco-friendly packaging and sustainable packaging solutions. The corrugated packaging is reusable and can be easily recycled. Therefore, the rising demand for the sustainable packaging material across the globe is augmenting the growth of the global corrugated packaging market. The rising usage of corrugated boxes across different industries such as food & beverages, consumer electronics, pharmaceuticals, and homecare goods industries is significantly impacting the growth of the corrugated packaging market. The manufacturers are addressing the need for flexible packaging, which is expected to exponentially drive the demand for corrugated packaging owing to its rising demand for the lightweight, portable, and convenient products across the globe. The increased adoption of the corrugated packaging materials in the transport and logistics industry is further fostering the growth of the market significantly.
The rapid growth of the e-commerce in the past decade has tremendously spiked the consumption of corrugated packaging all over the globe. The rising popularity of the e-commerce and the online retail platforms such as Pepperfry, Amazon, Flipkart, eBay, Wal-Mart, and various others are penetrating the developing and the underdeveloped markets at a rapid pace. The significant growth of the telecommunications and the IT infrastructure, increased penetration of the internet, rising adoption of smartphones, and rising awareness regarding virtual stores among the consumers are the major factors that has boosted the growth of the e-commerce industry across the globe. The rising disposable income and rising standards of living is resulting in the growth in the demand for the various personal care, electronics, home products, and food products. The increasing adoption of the e-commerce platforms among the consumers to buy various types of goods is supplementing the growth of the corrugated packaging market.
Scope of the Corrugated Packaging Market
|Market Size||US$ 380.8 Billion by 2030|
|Growth Rate||CAGR of 3.6% from 2021 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Package Type, Application, Region|
|Companies Mentioned||Mondi Group, WestRock Company, International Paper Company, DS Smith PLC, Smurfit Kappa Group, Nine Dragons Paper (Holdings) Limited, Georgia-Pacific Equity Holdings LLC., Oji Holdings Corporation, Lee & Man Paper Manufacturing Ltd., Packaging Corporation of America|
Package Type Insights
The single wall boards segment dominated the global corrugated packaging market. This is attributed to the increased adoption of the single wall boards owing to its durability, strength, and feasible price. The single wall boards are more feasible for packaging and transportation of the majority of the products like food products, small electronic products, personal care, and pharmaceuticals. Hence, the increased adoption of the single wall boards has fueled the growth of this segment across the globe.
On the other hand, the double wall boards segment is estimated to be the most opportunistic segment during the forecast period. The higher strength and durability is needed for the packaging of the heavy products of the electronics, healthcare, and homecare products. The increased popularity of the e-commerce has created a huge demand for the consumer electronics across the globe such as laptops, washing machines, air conditioners, fans, and various other products that needs more protection especially during the transit. Hence, the rising penetration of the e-commerce is fostering the growth of the double wall board segment growth.
Based on the application, food & beverages dominated the global corrugated packaging market in 2020. The food & beverages industry accounts for the highest volume consumption and highest revenue generation in the corrugated packaging market. The food & beverages industry require the corrugated packaging for the storage, handling, and transportation of the processed food products, non-perishables, and fresh produce. Varieties of the corrugated packages is required based on the perishability of the food products. The corrugated packaging is non-reactive, which makes it a popular choice for packaging the food products for longer time period and for transportation. Therefore, the food & beverages industry has a significant contribution in the growth of the global corrugated packaging market.
On the other hand, the e-commerce is estimated to be the fastest-growing segment. This is attributable to the rapidly growing adoption of the online shopping in the developing and the underdeveloped economies. The easy availability of the desired products, easy payment options, availability of feasible EMI options, fast home deliveries, and easy replace and return policies offered by the e-commerce channels is fueling the online shopping across the globe, which in turn is expected to foster the demand for the corrugated packaging in the forthcoming years.
Asia Pacific dominated the market with revenue share of over 35% in 2020. This region is the manufacturing hub of the world. Most of the electronics, homecare, and healthcare products are manufactured in the region and supplied globally. Moreover, the presence of huge population in the region makes it the most lucrative market for the food & beverages industry, which is expected to significantly drive the demand for the corrugated packaging. Moreover, the rising penetration of the e-commerce and various online shopping platforms in the region is fueling the demand for the corrugated packaging. All these factors are expected to foster the growth rate of the Asia Pacific corrugated packaging market in the foreseeable future.
North America is estimated to be the most opportunistic market during the forecast period. The stringent government regulations towards the use of eco-friendly packaging materials couple with the increased consumer awareness regarding the usage of environment-friendly materials has fostered the growth of the corrugated packaging market. The joint efforts of the Corrugated Packaging Alliance (CPA) and the American government has significant contributions towards the increased adoption of the corrugated packaging materials across the industries in North America. The major cities in US has banned the use of plastics owing to its harmful impact on the environment and human health, which has triggered the use of sustainable, reusable, and recyclable corrugated packaging in the region. It is estimated that US has more than 1,000 corrugated manufacturing units and over 50% of the corrugated boxes are made using recycled contents. US is among the top importers of the tree fibers that are used for making corrugated boxes.
Key Market Developments
The various developmental strategies adopted by the top market players in the corrugated packaging industry is aimed at achieving sustainability, gaining competitive edge, gain market share, and exploit the prevailing market opportunities. These developmental strategies significantly influences the global corrugated packaging market.
Some of the prominent players in the global corrugated packaging market include:
Segments Covered in the Report
By Package Type
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