Global Corrugated Packaging Market Fueled by Growth in E-commerce & Change in Lifestyles
The Global Corrugated Packaging Market is estimated to witness high growth owing to rising e-commerce sales and changing lifestyles. The Global Corrugated Packaging Market is estimated to be valued at USD 152.17 Billion in 2024 and with a CAGR of 4.2% over the forecast period 2024-2031. Furthermore, growth in various end-use industries such as food & beverages, personal care, pharmaceuticals, and electronics is also fueling the market growth.
The growth of the Global Corrugated Packaging Market is driven by the rising demand from the growing e-commerce industry and changing customer lifestyles and preferences. With growing internet penetration and increasing preference for online shopping among consumers, e-commerce sales have witnessed significant growth over the past few years. Corrugated packaging boxes provide effective protection and are sustainable options for shipping a variety of products purchased online. Additionally, growth in nuclear families and dual-income households has increased the demand for ready-to-eat meals and packaged food and drinks. Corrugated packaging ensures safety and extends the shelf life of perishable products. Growth in industries such as food and beverages further fuels the demand for corrugated packaging. Sustainability concerns and stringent government regulations pertaining to the usage of eco-friendly materials also contribute to the growth of
Increase in E-commerce Industry Globally
The global e-commerce industry has seen tremendous growth over the past few years. More and more people are shopping online for various goods like clothes, electronics, books etc. This has led to a rise in demand for effective and secure packaging solutions to ship these products to customers. Corrugated boxes are the most widely used primary packaging for e-commerce shipments due to their ability to protect products from damage during transportation at an affordable cost. They are sturdy, reusable and provide cushioning. The growth in e-commerce is directly fueling the demand for corrugated packaging worldwide.
Growth of Various End-use Industries
Corrugated packaging finds application across various end-use industries like food and beverages, pharmaceuticals, consumer goods, chemicals, automotive etc. A rise in any of these industries leads to higher consumption of corrugated boxes and other packaging products. For example, the booming e-commerce industry requires corrugated packaging for shipping. Similarly, growth in the food industry necessitates more corrugated boxes and other products for packaging food items. The packaging demand from industries like consumer goods and healthcare has also increased multifold over the years. Overall expansion of end-use sectors is a key driver for the global corrugated packaging market.
Stringent Environmental Regulations
Stringent environmental regulations around the world regarding disposal and recycling of corrugated packaging products may hamper market growth to some extent. Many countries have banned or implemented taxes on non-biodegradable and non-recyclable packaging materials. Regulations promoting usage of sustainable and eco-friendly alternatives can negatively impact the demand for corrugated boxes. Manufacturers may have to incur additional costs for developing green packaging solutions compliant with changing guidelines. This acts as a restraint for the corrugated packaging industry globally.
Availability of Substitute Packaging Materials
Existence of alternative packaging materials that can substitute corrugated boxes under certain conditions poses a challenge. Materials like plastic packaging, woven bags, and paper bags are substitutes for corrugated boxes in low-value shipments. Factors like product type, size, weight, and transportation dynamics determine the choice between corrugated and other packaging options. Easy availability of close substitutes limits the overall market potential for corrugated packaging.
Increased Innovation in Material Science
Constant innovation in material science is opening up new growth avenues. Development of innovative grades of corrugated board with advanced barrier properties, resilience and recyclability creates opportunities. For example, papers bonded with eco-friendly adhesives, wax or laminate coatings that increase shelf-life of packed products. Use of nanotechnology for developing corrugated boxes with antimicrobial properties also has prospects. Such innovative product development helps boost the market scope.
Emerging Economies
Rapid industrialization and growing demand from e-commerce/retail sectors in developing Asian, African and Latin American countries provides huge opportunities. These emerging economies offer massive untapped potential compared to mature markets. Global packaging giants are focusing on expanding manufacturing facilities and distribution networks in high-growth regions. The corrugated packaging demand in China, India, Brazil, Mexico etc. is expected to surge tremendously in the coming years.
Link - https://www.coherentmarketinsights.com/market-insight/corrugated-packaging-market-3349
Key Developments
- In May 2024, Toyota announced the development of new corrugated packaging solutions
- In February 2024, Canon launched format printers with cardboard packaging
- In 2023, Macfarlane Packaging relaunched standard single and double wall 'stock box” range in its most sustainable offering
- In 2023, Bobst’s new launched helped customers thrive in modern packaging industry
Key Players
DS Smith Packaging Limited, Menasha Corporation, Green Bay Packaging Inc., Georgia-Pacific, LLC, Smurfit Kappa, WestRock Company, Pratt Industries Inc., International Paper, Express Packaging Inc., Precision Corr, Gabriel Container Co., Paramount Container & Supply Inc., CB Group, BC Box Manufacturing Ltd., SeaCa Plastic Packaging, Solid Box, Acme Corrugated Box Co., Inc., Texas Corrugated Box., General Packaging Corporation, Daniel and John Underhill
