Global Paper And Paperboard Packaging Market Size & Share Analysis

The Paper and Paperboard Packaging Market size is estimated at USD 380.83 billion in 2023, and is expected to reach USD 478.68 billion by 2028, growing at a CAGR of 4.68% during the forecast period (2023-2028).

New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Paper And Paperboard Packaging Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484420/?utm_source=GNW Paperboard, like folding cartons, is the most common material used to make containers. The paperboard must undergo processes such as pulping, optional bleaching, refining, sheet forming, drying, calendaring, and winding to manufacture paper.? Paper packaging materials can be easily reused and recycled compared to other materials, such as metals and plastics.Key HighlightsPaperboard packaging is the preferred option in the packaged food market. It can be found in various foods, including soups, seasonings, and dairy products. Paperboard is usually covered with polymers or plastics to keep it clean and unspoiled. Compared to glass and metal, it helps reduce the final product’s total weight while maintaining the freshness of the food product. Due to its odor and taste neutrality, paperboard is the perfect packing material.The expansion of e-commerce sales and the rising demand for folded carton packaging are two major factors driving the market. However, the availability of high-performance substitutes is likely to restrain the growth of the market. Paperboard packaging is one of the most popular eco-friendly packaging options. Compared to other bulkier packaging solutions, this packaging format can be created in various sizes with a small footprint, making it suitable for use in almost all end-user sectors.Consumers worldwide are becoming more conscious of the environmental hazards of packaging and are moving their purchasing habits to more environment-friendly options. Consumers, the government, and the media put pressure on manufacturers to make their products, packaging, and processes more environment friendly. People are willing to pay more for environment-friendly packaging. Thus, the paperboard packaging industry is expected to grow due to these trends.However, despite an increase in demand for paper packaging, irresponsible deforestation will severely impact the paperboard packaging industry by causing a loss of raw materials soon. According to the Union of Concerned Scientists, "wood products,"such as paper, account for around 10% of total deforestation. Other major contributors include cattle, soybeans, and palm oil.The COVID-19 pandemic wreaked havoc on the packaging sector, with the impacts of nationwide lockdowns, corporations shifting their sourcing away from China, and materials used in packaging being reconsidered. Although there has been a substantial impact on the supply side of paper packaging, large growth in end-user demand in specific applications has significantly expanded the scope of paper packaging.Paper & Paperboard Packaging Market TrendsIncrease in Demand from the Food and Beverage SectorFood and beverage manufacturers are making more significant efforts to provide sustainable materials and packaging, functional and convenient displays, and healthier food options to meet consumer demands. Paper bags are becoming increasingly popular in restaurants, hotels, cafes, and other food establishments. Similarly, the growing popularity of on-the-go meals and online food delivery services has increased the demand for paper bags in food service.The same essential element that drives trends in drinks also influences trends in beverage packaging, which is consumer preference. Consumer expectations have changed due to sustainability, customization, and e-commerce, which motivates package innovation.In response to consumer demand, leading international food and beverage businesses have set objectives to make all packaging recyclable or biodegradable. For instance, Bacardi stated its intention to eliminate plastic by 2030 by inventing new paper-based beverage bottles, joining the global push against single-use plastics. This dedication to circular economy concepts can result in greater advancements in the paper industry.Furthermore, sustainability has gained prominence in the food and beverage industry, with CPGs addressing the significant carbon footprint incurred by product packaging. According to the United Nations, plastic waste has increased from 2 million metric tons in 1950 to 348 million metric tons in 2017, which is expected to double by 2040.Asia-Pacific is Expected to Hold Significant ShareThe Asia-Pacific region is one of the largest folding carton packaging markets, and the demand is likely to expand due to its significant potential expansion. This is mainly driven by China, a major buyer of folding cartons, as it is in many other industries. It is expected to slow in China as the economy shifts from manufacturing to services.The market’s demand in some emerging Asian countries is expected to be strong, while growth in older markets, such as North-East Asia, is expected to be slow. The Asia-Pacific region dominates the global folding carton packaging industry. The demand for the market increases due to the rising demand for ready-to-eat meals in China, India, and Southeast Asian countries.As the focus is changing to eco-friendly and sustainable practices, folding carton demand has been growing across several industries in the Asia-Pacific, including food and beverage, healthcare, personal care, homecare, retail, and others. Consumer awareness of sustainable packaging preferences, raw material availability, the lightweight, biodegradable, and recyclable characteristics of paper, and deforestation have all contributed to the demand for folding carton packaging in the region.Demand for folding carton packaging is likely to rise due to rising consumption in India and Southeast Asia. A small number of significant participants define the market. Recycled-grade packaging is the most popular due to its use in non-contact categories, such as breakfast cereals and tea.India, China, Japan, and South Korea are major countries in the Asia-Pacific region experiencing a surge in industrialization, providing substantial opportunities for corrugated packaging product manufacturers. Corrugated boxes are used in numerous industries, such as food and beverage, electronics, and e-commerce. These boxes are witnessing increased demand in the region as people become more aware of ecological and cost-effective packaging options.Furthermore, the personal care market in China has been one of the fastest-growing sectors in the last few years, benefitting from an increasingly engaged consumer base, which is augmenting the growth of the market studied.Paper & Paperboard Packaging Industry OverviewThe global market for paperboard packaging is quite fragmented. Nippon Paper Industries Co. Ltd, Mondi, METS BOARD, WestRock Company, and ITC Limited are among the major companies. The corporations continue to innovate and form strategic partnerships to maintain their market share.In December 2022, in collaboration with FRESH!PACKING, Mondi created a cutting-edge cooler bag for consumers to transport frozen or chilled foods. While boosting cooling protection by up to 2.5 times, the Fresh!Bag’s exterior layer is entirely made of sturdy kraft paper from Mondi, replacing the multi-material, non-recyclable packaging that was previously utilized. The cooling portion of the bag is made from pulp. It is enclosed in kraft paper from Mondi, which is certified as completely recyclable in Europe’s current paper waste streams. Due to the paper’s high stretchability, stitching the many plies together to form a sturdy bag structure was made simple.In September 2022, Smurfit Kappa disclosed that it had agreed to buy PaperBox, a packaging facility in Saquarema, 70 kilometers east of Rio de Janeiro. Since it already operates in Minas Gerais, Rio Grande do Sul, and Ceará, this acquisition considerably widened Smurfit Kappa’s operational base in Brazil.Additional Benefits:The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06484420/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________