February 2024
13 Feb 2024
The global paperboard packaging market size surpassed USD 170 billion in 2022 and is expected to rise around USD 245.65 billion by 2032, poised to grow at a CAGR of 3.80% from 2023 to 2032.
Paperboard is employed in cosmetics, food, beverages, clothing, footwear, medical, confectionary, etc. industries for safety, preservation, and transportation purposes. Due to their property of recycling, they are used as an alternative to plastic, metal, and glass packaging material. Today, there is a growing interest in paperboard packaging, especially products that come from certified sustainable sources. Manufacturers are increasingly concerned with environmental, health, and regulatory issues and seek renewable resources to meet the growing demand. Advanced technologies like digitally printed paperboard are attracting significant investments.
In the food and beverage industry, due to its eco-friendliness, paperboard is a popular choice for food packaging. It is commonly used for packaging that comes into direct contact with food, as well as for transport and storage of basic packages. Popcorn bags, baking paper, and fast-food packaging are some of the other items made from paper and paperboard. This has resulted in the growth of the paper packaging market globally. The increasing popularity of packaged food, especially in the food delivery industry, is believed to be driving the growth of the paper packaging market.
Product distributors are increasingly adopting this technology because it offers interactive and colourful patterns that attract consumers' attention. Furthermore, the regulations of various governments in different countries are also increasing the demand for more economical and environmentally friendly packaging solutions, such as folding cartons. In many countries, it is now mandatory for paper-based packaging to be wholly or partially made from recycled material. This approach offers sustainable solutions, environmental friendliness, and strength. That is why it has a massive demand across significant end-use industries.
Some of the key players involved in the paperboard packaging market include Mondi, Metsa Board, Nippon Paper Industries Co. Ltd, Smurfit Kappa Group, WestRock Company, ITC Limited, Oji Holding Corporation, International Paper Group, Svenska Cellulosa Aktiebolaget.
Asia-Pacific dominated the paperboard packaging market in 2023 and embrace significant growth in the market during the forecast period. The market's expansion can also be attributed to the increasing manufacturing facilities, growing consumption, and the transit packaging industry in this region. The region is expected to grow the fastest due to the increasing demand for pulp in developing countries like China and India.
China has seen the fastest growth in paper usage per person. This has led to a surge in demand for paper pulp, as well as for packaging and transportation facilities. The rise in demand for paper and paperboard packaging is primarily driven by the flourishing retail and e-commerce industry in China, coupled with a growing need for environmentally friendly packaging products.
Report Coverage | Details |
Market Revenue in 2023 | USD 175. 61 Billion |
Projected Forecast Revenue by 2032 | USD 245.65 Billion |
Growth Rate from 2023 to 2032 | CAGR of 3.80% |
Largest Market | Asia Pacific |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Cosmetics and personal care industry
Due to its excellent features, such as appearance and an environmentally friendly approach, paperboard packaging is in high demand in the cosmetics and personal care industries for the packaging of various products such as hair care products, skin and body care products, and others. The cosmetics and hygiene industry is rapidly exploding due to growth factors such as the growth of luxury and premium beauty products, demand for color cosmetics, and lifestyle trends.
Blooming growth of the medical and pharmaceutical sector
Paperboard packaging has essential applications in the medical and pharmaceutical industries. They are used for packaging counter medications, wound care, and other products. The profitable growth of the medical and pharmaceutical industry is affected by various growth factors, such as increasing healthcare infrastructure, high medical costs, and increasing chronic health activities.
Expansion of e-commerce
The growing e-commerce companies involved in the purchase and sale of goods and services over the internet are accelerating the growth of the paperboard market. Along with the expansion of these industries, the increased emphasis on reducing the impact on the environment has made paperboard an attractive option due to its renewable and biodegradable nature. They are meeting the growing demand for sustainable packaging methods. In addition, the total global e-commerce retail sales are showing a continuous rise and are expected to grow soon.
Restraint
Availability of competitors in the market
Paperboard packaging competes strongly with existing substitutes, such as flexible plastic packaging solutions. Due to high durability, resistance to adverse logistics conditions, excellent resistance to air and moisture, and popularity compared to paper and paperboard packaging. In addition, the availability of alternatives such as corrugated bubbles, biodegradable plastics, and others limits the growth of the paperboard market. In addition, the convenience and portability offered by plastic packaging create great competition and threat to the paperboard packaging market. Thus, the paperboard packaging market is expected to experience a significant slowdown and moderate growth worldwide.
Opportunity
Innovative approaches in the paperboard packaging market
Various packaging companies are working with manufacturers to offer customized different types of packaging to increase their sales. These innovative packages offer an opportunity for different industries, such as the food and beverage packaging industry. Advances in food and beverage packaging technologies, which include machinery, controls, and software, are expected to reduce operating costs. These companies also offer petite, affordable, and innovative packages to increase their sales.
Market Segmentation
By Raw Material
By Product
By Application
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