Wilmington, Delaware, United States, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The paperboard packaging market was estimated to have acquired US$ 194.5 billion in 2021. It is anticipated to register a 4.0% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 299.4 billion.
Growing environmental awareness and concerns about plastic waste are driving a shift towards sustainable packaging solutions. Paperboard is renewable, biodegradable, and recyclable, making it an attractive choice for eco-conscious consumers and businesses.
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The key element driving the market for paperboard packaging is the rising e-commerce and online shopping. The surge in e-commerce and online shopping has increased the demand for shipping and packaging materials. Paperboard packaging is favored for its versatility and suitability for safe product delivery.
Consumers are seeking convenience in their packaging, particularly for single-serve and on-the-go products. Paperboard packaging offers lightweight and customizable options, making it ideal for snacks, beverages, and fast food. Brands are increasingly adopting eco-friendly and biodegradable paperboard materials, aligning with consumer preferences for sustainability.
Manufacturers are using innovative and eye-catching paperboard packaging designs to stand out on retail shelves. Creative packaging can influence consumer purchasing decisions and brand loyalty. Government regulations aimed at reducing plastic waste and promoting sustainable packaging practices are boosting the adoption of paperboard packaging solutions.
Key Findings of the Market Report
- Incorporating technology into paperboard packaging for tracking, authentication, and consumer engagement is a growing trend, enhancing the value of packaging beyond containment.
- Customized packaging tailored to specific consumer preferences and occasions is gaining traction, offering unique branding opportunities.
- Manufacturers are working on optimizing packaging sizes and reducing excess material usage to minimize waste and environmental impact.
- White line chipboard (WLC) product segment dominates global paperboard packaging market.
Market Trends for Paperboard Packaging
- The food and beverage sector, including fresh produce, snacks, and beverages, offers significant opportunities for paperboard packaging, especially for premium and organic products.
- Cosmetics, skincare, and personal care products are increasingly using paperboard packaging to convey an eco-friendly image and differentiate brands.
- Rapid urbanization, a rising middle class, and changing consumer preferences in emerging markets offer untapped opportunities for paperboard packaging.
- Investing in research and development to create innovative and sustainable paperboard packaging solutions can lead to market growth and differentiation.
- Collaboration among manufacturers, packaging companies, and recyclers can promote the circular economy and support the growth of paperboard packaging.
Global Market for Paperboard Packaging: Regional Outlook
Various reasons are propelling the growth of the paperboard packaging market in different countries. These are:
- The booming e-commerce sector in countries like China and India has created a surge in demand for packaging materials, including paperboard, due to the need for secure and sustainable packaging solutions, which is expected to boost the market prospects in Asia Pacific.
- Increasing awareness among consumers in the region, about the environmental impact of packaging materials has led to a preference for eco-friendly options like paperboard packaging.
- Governments in several Asia Pacific countries are implementing regulations to reduce plastic waste, leading to a shift toward paperboard packaging alternatives.
- Europe has a strong focus on sustainability, and paperboard packaging is considered an eco-friendly alternative to plastic. Stringent environmental regulations and consumer demand for sustainable options drive the adoption of paperboard packaging.
- European countries are at the forefront of implementing circular economy initiatives. Paperboard packaging aligns with the principles of reduce, reuse, and recycle, making it a preferred choice.
- Consumers in Europe increasingly prefer products with recyclable packaging, boosting the demand for paperboard packaging solutions that can be easily recycled.
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Global Paperboard Packaging Market: Key Players
A few number of dominant worldwide firms hold the majority of the market share in the paperboard packaging industry. The market's major companies are concentrating on diversifying their product lines.
The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global paperboard packaging market:
- Clearwater Paper Corporation
- DS Smith Plc.
- ITC Ltd.
- International Paper Company
- Mondi Group
- Metsa Group
- Nippon Paper Industries Co. Ltd.
- Oji Holdings Corporation
- Stora enso Oyj
- South Africa Pulp and Paper Industries Ltd.
- Shandong Bohui Paper Company Ltd.
- Smurfit Kappa Group Plc.
- Svenska Cellulosa Aktibolaget
- WestRock Company
- Others
Key developments in the global paperboard packaging market:
- In 2023, Smurfit Kappa Group announced the acquisition of Paperbox, a packaging facility in Brazil.
- In 2023, International Paper Company announced the opening of a new paperboard mill in China.
- In the same year, Graphic Packaging International announced the launch of a new line of paperboard packaging for food and beverage products.
- In 2022, WestRock Company announced the acquisition of KapStone Paper and Packaging, a leading provider of paperboard packaging.
- In 2022, DS Smith plc announced the acquisition of Elopak, a leading provider of paperboard cartons for food and beverage products.
- In the same year, Mondi plc announced the opening of a new paperboard mill in Brazil.
Global Paperboard Packaging Market Segmentation
- Product
- Boxboard
- Folding Boxboard (FBB)
- Solid Bleached Boxboard (SBB)
- Solid Unbleached Boxboard (SUB)
- White Line Chipboard (WLC)
- Containerboard
- Boxboard
- Application
- Food & Beverages
- Non-durable Goods
- Durable Goods
- Medical
- Others (including Industrial Goods, Machinery, etc.)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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