CORRUGATED PACKAGING MARKET ANALYSIS

Corrugated Packaging Market Size and Trends

Global corrugated packaging market is estimated to be valued at USD 152.17 Bn in 2024 and is expected to reach USD 202.95 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

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Global corrugated packaging market is expected to show steady growth over the forecast period due to the rising demand from industries such as food and beverages, personal care, healthcare, and retail among others. Key growth drivers include sustainable packaging demands, rise of e-commerce, and single serve demands from various end-use industries. Corrugated packaging offers advantages such as durability, lightweight, recyclability, and cost effectiveness. In addition, the growing demand for packaged food & beverages from online grocery channels amid the COVID-19 pandemic is pushing the need for corrugated packaging. However, fluctuations in raw material prices may hamper the market growth to some extent over the forecast period.

Sustainable packaging demands

The growing concerns over environmental degradation and climate change across the globe have brought packaging sustainability to the forefront. More and more companies are committing to use green packaging materials and solutions in response to rising customer demand for eco-friendly products. Corrugated packaging is widely regarded as one of the most sustainable options due to key advantages such as having a high recycled content, being lightweight yet durable, and being reuse and recyclable. Statistically, corrugated board has a 65-75% recycled content on average. This makes it a very resource efficient material. Additionally, corrugated boxes can withstand multiple handling and transport cycles without degradation in structural performance. After use, corrugated boxes can be recycled numerous times into new fiber boxes thereby achieving an overwhelmingly high recycling rate of over 90%.

Sustainabliity credentials of corrugated packaging are proving extremely appealing to major FMCG brands, e-commerce giants, and other industries striving to reduce their environmental impact. More than design, price, or any other factor, sustainability has become a strategic priority and a competitive marketing tool. Players across sectors are integrating sustainability into their brand narratives and greening their supply chains. They realize that sustainable packaging helps address stakeholder expectations while capturing a bigger growth of market share for eco-conscious consumers. Regulatory pushes to curb waste and carbon also necessitate sustainable solutions. With its clear sustainability advantages, corrugated packaging stands to benefit tremendously from this powerful macro driver.

Rise of E-Commerce and single-serve demands

E-commerce boom coupled with changing consumption patterns present a massive growth opportunity for corrugated packaging. With the increase in online shopping, there is a higher demand for secure, damage-resistant, and customized packaging for individual product shipments. E-tailers need packaging that can withstand the complexities of a supply chain that involves multiple handlings from warehouse to doorstep. Corrugated boxes fit the need perfectly with their inherent strength, rigidity, and ability to customize print and size. At the same time, consumers are leaning towards smaller, single-serve, and right-sized packages matching their immediate needs. Goods are preferred in single-item or single-serve packages rather than bulk packs.

This rise of single-serve and custom demand favors corrugated packaging over alternatives like plastic. Producing corrugated boxes is a high volume yet flexible process allowing mass-customization.