Selbyville, Delaware, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global paperboard packaging market was estimated at $142.3 billion in 2019 and is slated to surpass $200 billion by 2026, registering a CAGR of 3.5% from 2020 to 2026. The report provides an in-depth analysis of the key investment avenues, drivers and opportunities, key winning strategies, wavering industry trends, competitive scenarios, and market estimations as well as size.
Paperboard is a paper-based thick material generally used for packaging applications. The rising urbanization in developing economies coupled with fast pace globalization of the supply chain has resulted in paperboard packaging market growth. Amidst the high growth rate in packaging, consumer groups in these countries are increasingly becoming aware of environmental issues and prefer eco-friendly products over traditional non-paperboard-based products. Intense pressure from activist groups, governments, and media has encouraged manufacturing companies to make their products, packaging, and operations sustainable.
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The proliferation of intense competition from FMCG has enabled manufacturers to incorporate creative marketing and brand positioning techniques, such as positioning products as environmental-friendly through packaging, expressive branding, and product designs, that have ultimately contributed to the paperboard packaging adoption. The paperboard packaging market witnessed unprecedented growth primarily from the F&B and medical industries during the COVID pandemic. Due to the contagious nature of the virus, government-imposed stringent lockdown procedures in several regions have resulted in a surge in essential buying.
In terms of raw materials, recycled waste paper constitutes more than 60% share in paperboard packaging market volume. Developed regions including North America and Europe are major drivers in the paper recycling segment. Several government initiatives and investments in recovery infrastructure have led to increasing recycling rates and consumer participation through awareness campaigns.
Based on the product, the market from the boxboard segment is anticipated to showcase a promising paperboard packaging market outlook. With various grades and their varied implications, the product remained a popular choice among many manufacturers. Boxboards provide excellent print quality and enhanced protection from structural damage. These are also relatively inexpensive and can be readily recycled, further bringing down costs.
Non-durable goods application was the second-largest segment in the global paperboard packaging market, constituting over 15% share in 2019. This application segment includes cosmetics, cleaning products, and other perishable items. The non-durable goods application segment is driven by developing countries in the Asia Pacific and Latin America owing to increasing imports and per capita usage.
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Some major findings of the global paperboard packaging market report include:
- Development of environmental-friendly consumer mindset
- Increasing packed food consumption
- The flourishing cosmetics industry, especially in developing countries
Latin America will witness over 3% CAGR in paperboard packaging market size. Government policies and urbanization are some of the key factors, which will contribute to the paperboard packaging growth. Brazil and Mexico are the major economies for paper packaging solutions in the region.
Strategic mergers and acquisitions by industry participants to expand regional presence. Major paperboard packaging industry players include Mondi plc., ITC Ltd., International Paper Company, Oji Holdings Corporation, Mesta Board, Stora Enso, Sappi Ltd., Cascade Inc., Westrock Company, and DS Smith. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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