NEWARK, Del, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global kraft paper market value is expected to rise from US$ 16.8 billion in 2024 to US$ 21.2 billion by 2034. This estimated growth is expected to be driven by a steady CAGR of 2.4% in the kraft paper market over the next decade.
Inflating disposable incomes and changing customer attitudes toward eco-friendly paper solutions are spurring the adoption of kraft paper-based packaging among multiple industries like personal care, food and beverages, and retail. Kraft papers are also instrumental in carving brand identity and loyalty among customers, thus fueling its adoption among different businesses. Due to their aesthetic appeal, kraft papers find varied use in various end-use industries.
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Kraft papers are extensively used in the packaging of foods and drinks owing to their versatility, safety, and sustainability. Since consumers are increasingly opting for safe and sustainable food and beverage paper, kraft papers are expected to witness lucrative opportunities in the future. Consequently, the food and beverage sector accounts for a leading share of the global kraft paper market.
Businesses are now seeking new ways to lower their environmental footprint, thus providing growth prospects to kraft paper businesses. This is going to assist customers in fulfilling their current needs while supporting a greener future. Additionally, key players are zeroing in on research and development to introduce new applications for kraft papers.
“Key players are investing their funds in research and development activities and collaborating with other players to expand the applications of kraft papers. This is expected to meet the evolving consumer demands for packaging. Players are expected to concentrate on high-growth markets like India, China, and Thailand in the next decade for higher profits as the focus on sustainability is sharpening in these countries,” says an Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Kraft Paper Market Report:
- In the North America kraft paper market, the United States is predicted to expand at a CAGR of 2.2%, whereas Canada is anticipated to record a CAGR of 3.3% through 2034.
- In Europe, the United Kingdom kraft paper market is anticipated to register a significant CAGR of 3.6% through 2034.
- Within Asia Pacific, India, China, and Thailand, are expected to record CAGRs of 5.9%, 5.4%, and 4.8%, respectively, through 2034.
- Based on end use, the food and beverages sector is projected to account for a market share of 26.7% in 2024.
- Based on product type, the specialty kraft paper segment is estimated to acquire a value share of 82.5%.
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Competition Spurring Advancement in the Kraft Paper Market :
Key players in the market are deploying organic and inorganic market strategies. Several firms are concentrating their efforts on organic growth strategies like product approvals, product launches, events, and patents. The inorganic growth strategies leading players employ include partnerships, acquisitions, and collaborations. Such activities are expected to expand businesses and the customer base of market players.
Key Companies Profiled
- WestRock Company
- Mondi Group Plc.
- Canfor Corporation
- Natron-Hayat d.o.o.
- International Paper Company
- DS Smith Plc.
Recent Instances that are Shaping the Kraft Paper Market
- In October 2023, Naturepedic announced the execution of a novel kraft paper roll-packing machine, estimated to stop the entry of 55,000 pounds of plastic into landfills annually. The complete roll-packed product offering of Naturepedic, such as mattress toppers and EOS comfort layers, is going to be roll-packed in recyclable kraft paper as a substitute for plastic. The new kraft paper is completely recyclable and free from extra coatings.
- In June 2023, Mondi, which is a leading producer of paper and paper, united with Syntegon, which is a manufacturer of paper and process machinery, to create a recyclable paper packaging solution composed of recycled fibers for dried fibers like sugar, flour, and pasta. The packaging utilizes EcoVantage kraft paper of Mondi, which ISEGA permits for the overall food packaging sector.
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Key Segments Profiled in the Global Kraft Paper Market Report:
By Product Type:
- Specialty
- Sack
By Application:
- Corrugated Boxes
- Grocery and Shopping Bags
- Multiwall Sacks
- Carryout Bags
- Other Applications
By Grades:
- Bleached
- Unbleached
- Coated
- Uncoated
By End Use:
- Food and Beverages
- Electronics
- Construction
- Cosmetics and Personal Care
- Textile Manufacturing
- Other End Uses
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
Explore Trending Reports of Packaging:
- The global kraft paper machine market is anticipated to expand at a CAGR of 6.2%. Owing to the technological advances in packaging the market is likely to propel to US$17.7Billion by 2033.
- The global machine glazed kraft paper market is projected to reach US$ 14.5 Billion by 2030, at a CAGR of 6% from 2022 to 2030.
- Kraft paper SOS (self-open style) bags are predominantly used in the retail and food packaging sector as they offer reasonable strength, and are economical yet sustainable. Kraft paper SOS bag is one of the most used packaging formats for day to day applications.
- The global kraft paper pouches market is anticipated to expand at a CAGR of 3.2%. Owing to the advances in packaging the market is likely to propel to US$3.1 Billion by 2033.
- The kraft paper shopping bag market is likely to record a promising CAGR 3.9% during the forecast period. The market is likely to reach US$ 7.47 Bn by 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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