Paper & Paperboard Packaging Market: Current Analysis and Forecast (2022-2028)

Paper & Paperboard Packaging Market: Current Analysis and Forecast (2022-2028)

Global Paper & Paperboard Packaging Market is expected to grow at a significant rate of around 5% during the forecast period. The increased per capita spending of consumers on food, the availability of healthy food options coupled with the surging awareness about the harmful environmental impact of plastic packaging material are some of the prominent reasons due to which the demand for paper & paperboard packaging is uplifting. For instance, in 2019, Japan has the highest per capita spending on food that is USD 4,417.5 per person followed by Australia, Canada, and France with per-person spending of USD 3,003.6, USD 2,986.9, and USD 2,983.4, respectively. This has been an increasing need for packaging materials at restaurants, cafes, hotels, etc., Hence, boosting the Paper & Paperboard Packaging market.

Also, Processed foods occupy a significant share of many diets around the globe as these are widely available, cheap, and intensively marketed. The demand for paper & paperboard packaging is rising dramatically across the globe owing to the growing consumption of processed food in many high-income countries leading to the increase in sales of processed and packaged food. For instance, the sales of packaged food across the globe were nearly USD 2,339.7 billion in 2015 and gradually increased to USD 2,578.9 billion in 2017 and USD 2,644.1 billion in 2019. Furthermore, advancement in technologies used in the manufacturing of food and beverages to maintain and prolong the shelf life of products to enhance the quality of the food is also propelling market growth.

Amcor plc, ITC limited, Cascades limited, Rock Tenn Company, Clean water paper corporation, Packaging Corporation of America, DS Smith Plc, Mondi group, Metsa group, Nippon paper industries Co Ltd., etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst grade, coated unbleached kraft paperboard (CUK) generated category to witness higher CAGR during the forecast period”

Based on the grade, the market is segmented into Solid Bleached Sulfate (SBS), Coated unbleached kraft paperboard (CUK), Folding boxboard (FBB), White Lined Chipboard (WLC), Glassine & Greaseproof Paper, Label Paper, and Others. The Coated unbleached kraft paperboard (CUK) segment grabbed the major market share and dominated the market in 2020. The benefits such as coated paperboard grades provide excellent tear strength in humid and dry conditions, and provides excellent printability is the key factor, due to which the market of this segment is uplifting.
"Amongst type, the flexible paper to hold a significant share in the market in 2020”

Based on the Type, the market is categorized into Corrugated Box, Boxboard, and Flexible Paper. The flexible paper segment grabbed the major market share and dominated the market in 2020. Due to airtight packaging that protects food from environmental elements such as sunlight, temperature, and moisture, flexible packaging can increase the shelf life of perishable products. flexible containers, furthermore, are less likely to get damaged during the shipping process compared with rigid boxes.
"Amongst application, the food & beverage to hold a significant share in the market in 2020”

On the basis of application, the market is categorized into Food & Beverage, Healthcare, Personal & Homecare, and Others. The food & beverage segment grabbed the major market share and dominated the market in 2020. The key reasons for the growth of this segment in the emerging hospitality sector coupled with the rising number of tourists, which demands ready-to-eat convenience food. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018.
"Asia Pacific to hold a significant share in the market”

In 2020, Asia Pacific held a significant share of the global Paper & Paperboard Packaging market. A rise in the café, hotels, and restaurants across the region coupled with the growing demand for processed and packaged food owing to the rising number of working coupled and adoption of western culture is leading to the growing demand for the Paper & Paperboard Packaging market. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials. As per Statista, the number of food service establishments worldwide varied greatly by region in 2020. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second highest number of food service establishments was Latin America with over 2.3 million.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.