Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global kraft packaging market size was valued at USD 39.55 billion in 2022 and is expected to be worth USD 41.19 billion in 2023. The market is projected to reach USD 57.08 billion by 2030, recording a CAGR of 4.77% during the forecast period.
Kraft paper is produced when wood is chemically converted into wood pulp. This type of paper is widely used in several sectors due to its high-quality texture, strength, and flexibility. These features make it ideal for packaging different products, ranging from food, and medicines to electronics. These factors are anticipated to boost market growth.
Fortune Business Insights™ displays this information in a report titled, "Kraft Packaging Market, 2023-2030."
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Leading Players Featured in the Kraft Packaging Market Research Report
- International Paper Company (U.S.)
- WestRock (U.S.)
- Stora Enso Oyj (Finland)
- Smurfit Kappa (Ireland)
- Mondi (U.K.)
- Nippon Paper Group (Japan)
- SCG PACKAGING (Thailand)
- Packaging Corporation of America (U.S.)
- Mayr-Melnhof Karton AG (Austria)
- Huhtamaki (Finland)
COVID-19 Moderately Impacted Market Progress Due to Increased Product Applications in Different Industries
The COVID-19 pandemic had a moderate effect on the kraft packaging market growth, since the demand for online food services increased considerably during this period. Food items were packaged in kraft packaging products due to its durability and strength.
Segmentation:
Demand for Unbleached Paper to Rise Due to Its Recyclability and Sustainability
Based on product type, the market is segmented into unbleached and bleached. The unbleached segment is dominating the kraft packaging market share as this type of paper is easier to recycle and more sustainable compared to bleached paper, making it ideal for grocery bags and industrial bags.
Benefits Offered by Kraft Paper Boxes to Boost Their Use in Different Industries
Based on packaging type, the market is segmented into boxes & cartons, bags & sacks, pouches, wraps, and others. The boxes & cartons segment is dominating the market as kraft paper boxes offer several benefits, such as high durability, superior rigidity, and eco-friendliness. These advantages make them an ideal packaging item in many industries, such as food & beverage and clothing.
Use of Kraft Paper to Rise in Food & Beverage Sector Due to Increase in Online Food Outlets
Based on end-use industry, the market is segmented into foods & beverages, pharmaceuticals, personal care & cosmetics, electrical & electronics, e-commerce, industrial, and others. The food & beverage segment is set to capture the largest market share due to the e-commerce sector, which has increased the number of online food outlets, especially after the COVID-19 pandemic.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Browse Detailed Summary of Research Report with TOC:
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Report Coverage:
The report studies the market in detail and highlights several major areas, such as key product types, end-users, applications, key packaging types, and prominent market players. It also offers valuable information regarding the leading industry developments and recent market trends. Apart from the abovementioned factors, the market report covers several factors that have accelerated the market’s growth in recent years.
Drivers and Restraints:
Strong Expansion of E-Commerce Sector to Improve Market Growth
The e-commerce sector has experienced a period of boom in recent years, especially during and after the COVID-19 pandemic. Since these online platforms offer a lot of convenience to customers by saving their time and cost, the e-commerce sector has grown tremendously. Moreover, the demand for kraft packaging has increased as they offer high protection against damage.
However, extreme fluctuations in the price of kraft paper can hamper the kraft packaging market growth.
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Regional Insights:
North America Dominates Market Due to Growing Food & Beverage Sector
North America holds the dominant position in the global market as the region’s food & beverage sector is experiencing notable growth. The U.S. has a strong pharmaceuticals market and kraft packaging is an ideal form of packaging for these industries.
Europe is the second-largest region in this market due to the growing awareness of and demand for sustainable packaging products and ban on the use of plastics.
Competitive Landscape:
Introduction of Innovative Packaging Solutions to Open New Growth Opportunities for Key Companies
The market is highly competitive and fragmented as a few leading companies hold dominant positions in the market. These companies are focusing on developing cutting-edge packaging solutions to expand their customer base and assert their market dominance. Some of these firms include Mondi, Stora Enso Oyj, International Paper Company, WestRock, and Smurfit Kappa, among many others.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Impact of COVID-19 on the Kraft Packaging Market
- Global Kraft Packaging Market Analysis (USD Billion), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Unbleached
- Bleached
- Market Analysis, Insights and Forecast – By Packaging Type
- Boxes & Cartons
- Bags & Sacks
- Pouches
- Wraps
- Others
- Market Analysis, Insights and Forecast – By End-use Industry
- Foods & Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Electrical & Electronics
- E-commerce
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
Notable Industry Development:
- October 2020: UPM Speciality Papers announced the launch of UPM SolideTM, a comprehensive range of Kraft papers that possess strength and conversion properties. These papers also have excellent printability to enhance the visual aesthetics of the packaging.
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