Paperboard Packaging Market Outlook 2021 | Opportunity, Demand Analysis, and Forecast 2026
As per studies conducted at Global Market Insights Inc. the global paperboard packaging market revenue is expected to surpass $200 billion by 2026.
Delaware, United States – July 28, 2021 /MarketersMedia/ —
The global paperboard packaging market is poised for robust growth on the back of the expanding food & beverage sector. Paperboard is usually a paper-based thick material used for packaging applications. It is extensively used for numerous food products like dairy products and soups.
Besides, paper-based packaging has gained significant traction due to its environment-friendly properties. Customers worldwide have started preferring eco-friendly products over traditional non-paperboard-based products.
Moreover, intense pressure from governments, activist groups, and media has also encouraged manufacturing firms to make their packaging, and operations sustainable, thereby accelerating the global paperboard packaging market growth over the forecast period.
The global paperboard packaging market is essentially gaining traction from the FMCG sector. The proliferation of extreme competition in the FMCG segment has prompted manufacturers to incorporate brand positioning techniques and creative marketing, such as marketing products as environmental-friendly through expressive branding, packaging, and product designs, thereby accelerating the demand for paperboard packaging adoption.
The market has also recorded unprecedented growth from the F&B and medical industries in wake of the ongoing COVID-19 pandemic. Governments’ stringent lockdown procedures in numerous regions have also resulted in a surge in essential buying, predominantly accelerating the demand for paperboard packaging.
Based on raw material, recycled wastepaper was accounted for over 60% of the paperboard packaging market share.
Developed regions such as Europe and North America are key drivers in the paper recycling segment. Numerous government investments and initiatives aimed at recovering infrastructure and have led to rising recycling rates and people participation through awareness campaigns.
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Considering the product segment, the paperboard packaging market is expected to record significant revenues from the boxboard segment. With numerous grades and their widespread implications, the product has become a popular choice among several leading manufacturers. Boxboards offer top-notch print quality and improved protection from structural damage. Moreover, the product is expected to record prominent demand as it is relatively inexpensive and can be readily recycled.
Based on the application, the non-durable goods segment was accounted for more than 15% of the total market share in 2019. This application segment includes cleaning products, cosmetics, and other perishable items. On the other hand, the non-durable goods application segment has been recording significant traction across developing nations in Latin America and the Asia Pacific on account of its burgeoning imports and per capita usage.
Speaking of regional front, Latin America is expected to record a 3% CAGR in paperboard packaging market size owing to favorable government policies and a growing urbanization rate. The regional market led by Mexico and Brazil have emerged as the major nations for paper packaging solutions in the region.
While talking about the competitive landscape, companies operating in the market are undertaking strategic mergers, joint ventures, expansions, and acquisitions to expand regional presence. Notably, companies such as DS Smith, Westrock Company, Sappi Ltd., Cascade Inc., Stora Enso, Mesta Board, Oji Holdings Corporation, International Paper Company, ITC Ltd., and Mondi plc are currently at the forefront of the paperboard packaging market.
About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: MarketersMedia
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