$172.5 Billion Global Paperboard Packaging Market with Rising CAGR at 3.2% by 2028 | Rising demand for Sustainable Packaging is Driving the Market | Paper Packaging Industry Growth, Size, Share, Competitive Landscape of Key Players by Vantage Market Research

WASHINGTON, June 16, 2022 (GLOBE NEWSWIRE) -- The Global Paperboard Packaging Market finds that rising environmental concern related to landfills and degradation of packaging material is augmenting the growth of the Paperboard Packaging Market in coming years. In addition, increasing demand for sustainable and recycled packaging for healthcare, food, and personal & homecare applications is expected to bolster the growth of the Paperboard Packaging Market over the projected time period.

The Global Market revenue stood at a value USD 142.8 Billion in the year 2021.

The Global Paperboard Packaging Market size is forecasted to reach USD 172.5 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period; states Vantage Market Research, in a report, titled “Paperboard Packaging Market Size, Share & Trends Analysis Report by Grade (Solid Bleached Sulfate (SBS), Coated Unbleached Kraft Paperboard (CUK), Folding Boxboard (FBB), White Lined Chipboard (WLC), by Type (Corrugated Box, Boxboard, Flexible Paper), by Application (Food, Beverage, Healthcare, Personal & Homecare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Drivers:

Growing Consumer Awareness Regarding Sustainable Packaging Material

Nowadays, we see consumers preferring products that are eco-friendly. The packaging industry is no exception and has been analysing a similar trend. Environment-conscious consumers nowadays prefer paper or paperboard packaging over other types of packaging solutions. The waste or recovered market is expected to grow, and the consumers are also showing interest in purchasing products that are recycled. Currently, paper and paperboard containers are biodegradable and are more sustainable than plastic, making them more acceptable to the consumers. There are some factors that make paper and paperboard containers eco-friendly. They are recyclable, reusable, save energy, and save natural resources. Thus, the environmental benefits associated with paper and paperboard containers will increase the adoption of such products by enterprises in several industries, such as retail and wholesale, which is anticipated to drive the global Paperboard Packaging Market.

Restraints

Strong Competition from Flexible Plastic Packaging

Flexible plastic packaging provides the biggest advantage for manufacturers and retailers as it reduces the weight of packaging, which can result in reduced shipping and warehousing costs, thereby creating more space. For consumers, it provides convenient features such as single-serve portions, easy-to-open, and easy-peel options, and the food tastes better in retort pouches than that in traditional tin cans. Hence, factors such as convenience, portability, cost savings, sustainability, and health benefits encourage product packaging manufacturers and packaging converters to move away from standard rigid materials to flexible materials. Convenience and portability rank highly for most modern shoppers, so package design has taken a turn toward flexible, easy-to-handle containers. These are some of the factors which may act as a restrain for market growth.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Paperboard Packaging market is predicted to grow at a CAGR of roughly 3.2% during the forecast period.
• The Paperboard Packaging market was estimated to be worth roughly USD 142.8 Billion in 2021 and is expected to reach USD 172.5 Billion by 2028; based on primary research.   
• On the basis of region, Asia Pacific is projected to dominate the worldwide Paperboard Packaging market.
  

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Segmentation of the Global Paperboard Packaging Market:

• Grade
  • Solid Bleached Sulfate (SBS)
  • Coated Unbleached Kraft Paperboard (CUK)
  • Folding Boxboard (FBB)
  • White Lined Chipboard (WLC)
  • Glassine & Greaseproof Paper Label Paper
  • Others
• Type
  • Corrugated Box
  • Boxboard
  • Flexible Paper
• Application
  • Food
  • Beverage
  • Healthcare
  • Personal & Homecare
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The Report on Paperboard Packaging Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

Asia Pacific Holds Maximum Growth of the Market

Asia Pacific accounted to have maximum growth for the Paperboard Packaging Market during forecast period. The United States government imposed a 10% tax on Chinese folding cartons in 2018, with the levy set to rise to 25% in January 2019. Also, in December 2018, the US and China agreed to a temporary delay of any tariff increases. Tariff increases are projected to promote local manufacturing and hasten the shift to flexible packaging types. This is likely to boost the market growth throughout the forecast period. Asia Pacific is the fastest and growing expanding market for paperboard packaging materials, with a slew of companies present.

Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Paperboard Packaging Market Size, Share & Trends Analysis Report by Grade (Solid Bleached Sulfate (SBS), Coated Unbleached Kraft Paperboard (CUK), Folding Boxboard (FBB), White Lined Chipboard (WLC)), by Type (Corrugated Box, Boxboard, Flexible Paper), by Application (Food, Beverage, Healthcare, Personal & Homecare), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/paperboard-packaging-market-096050

List of Prominent Players in the Paperboard Packaging Market:

• International Paper (US)
• Amcor PLC (Switzerland)
• WestRock Company (US)
• Mondi Group (UK)
• DS Smith (UK)
  

Recent Developments:

January 2021: DS Smith just installed an EFI Nozomi C18000 Plus digital printer at its Lisbon factory. The new technology will enable the supply of 100 percent bespoke, sustainable packaging with photographic printing quality and reduced delivery times, as well as image revisions within the same order.

September 2020: Mondi PLC teamed with BIOhof Kirchweidach, a Bavarian organic farm, to create a sustainable packaging solution for 500g packets of tomatoes on the vine to be delivered to PENNY stores operated by major German retailer REWE Group. The project's goal is to replace the existing packaging, which contained 2.5 g of plastic film each box, with a recyclable and plastic-free alternative.

June 2020: Amazon India announced the replacement of all single-use plastic with plastic-free and biodegradable paper in packaging originating from its 50-plus fulfilment centres in the country.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Paperboard Packaging Market?
• How will the Paperboard Packaging Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Paperboard Packaging Market?
• What is the Paperboard Packaging market drivers and restrictions?
• What will be the CAGR and size of the Paperboard Packaging Market throughout the forecast period?

This market titled “Paperboard Packaging Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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