Globally, paper packaging is a versatile and cost-efficient method to protect, preserve, and transport a wide range of products. In addition, paper packaging can be customized to meet the customers' needs or product-specific needs. The attributes, like lightweight, biodegradability, and recyclability, are the added advantages of paper packaging. Further, making paper packaging an essential component for packaging. Moreover, single-use plastic is increasingly being replaced by paper-based packaging due to its sustainable nature. According to Renub Research analysis, by the end of the year 2027, Global Paper Packaging Market is expected to be US$ 427.0 Billion.
In addition, the rising demand from various end-use industries is an essential application for the Global Paper Packaging and Paperboard Packaging Market. The industries such as food, beverages, healthcare, personal care and home care include the end-users market segment. Further, environmental issues like landfills and the rising demand for eco-friendly packaging are other significant factors impelling the growth of the global paper packaging market. Also, stringent regulations against plastic-based packaging products are being brought in globally on account of their non-biodegradability.
Paper Packaging market worldwide will grow at healthy CAGR of 5.91%
Remarkably, food products & beverages are increasingly being packaged in paper-based packaging wraps due to their outstanding printability and non-reactive and low price. Thus, there are abundant growth opportunities for the market. However, some restraints like the intense competition among the paper packaging manufacturers and the competition from the available substitutes also prevail in the market, which may adversely impact the growth of the Global Paper Packaging Market.
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By Product Type, Paper packaging usually is attained in liquid packaging cartons, cartons or folding boxes, corrugated cases or wrapping paper for an immediate or implied association, i.e., primary, secondary or tertiary packaging in the industry. They are additionally obtainable in an extensive range of shapes, sizes, and colours to meet their customer's requirements.
Notwithstanding, the expansion of the e-commerce industry also aids in the growth of the paper packaging sector. Recently, E-commerce companies are often using cardboard packaging for secondary and tertiary packaging purposes because it is lightweight and low cost. Further, this also opens up new growth opportunities in the global Paper Packaging Market. In addition, numerous opportunities also lie in the growing packaged food industry expected to augment the market in the forthcoming years. However, the market for Paper Packaging global valued at US$ 286 Billion in 2020.
As per our analysis, we expect the rising sales for paper packaging to continue. However, we also believe that the industry will be facing transformation following customer demand for sustainability and the growth of emerging markets during the forecasted period. Such a boom will primarily affect flexible materials and cardboard boxes. One of the goals for the attainment of cardboard is a large number of returns for online orders occurring globally.
Asia Pacific’s will drive the market by Regions
Based on Geography, the Global Paper Packaging Market is analyzed into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific market is forecasted to expand rapidly due to the increasing population, surging middle-class income, expansion of retail networks, and poised growth of numerous end-use applications. Europe is also anticipated to advance considerably due to increasing sustainability awareness and the restricted use of single-use plastics.
The paper packaging market is fragmented by multiple players like West Rock Inc., International Paper Company Inc., Packaging Corporation of America, Amcor Limited and Mondi Group. The companies keep on innovating and entering into strategic partnerships to retain their market share.
Alliances, Collaborations, and Contracts
In September 2020, Mondi PLC partnered with BIOhofKirchweidach, an organic farm in Bavaria, to devise a sustainable packaging resolution for 500g packets of tomatoes on the vine to be given PENNY stores, which sizeable German retailer REWE Group owns. The project aims to substitute the present packaging, which contained 2.5 g of plastic coating in each pack, with a plastic-free and recyclable option.
COVID 19 Impacts on Paper Packaging Industry
Worldwide, COVID-19 pandemic outbreak has impacted many industries across all sectors. Restrictions, the lockdown has impacted much on every sector and the paper packaging industry. The paper packaging industry has much impacted the supply side due to lockdown and unavailability of transportations facilities. As per our analysis, we have seen recovery of this industry post-COVID-19 and will grow rapidly during the forecast period.
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Market Summary:
Product Type - We have covered the Global Paper Packaging Market constitutingLiquid Packaging Carton, Corrugated Cases, Carton & Folding Boxes, and others.
End Users - This report covers the Food, Beverage, Healthcare, Personal & Home Care and Others as end users in the market.
Region - This report studies Global Paper Packaging Market of North America, Europe, Asia Pacific, and the Rest of the world.
Company - We have studied the company by Company Overview, Recent Development and Revenue of following companies West Rock Inc., International Paper Company Inc., Packaging Corporation of America, Amcor Limited and Mondi Group.
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