Corrugated Packaging Market Assessment, By Product Type [Corrugated Boxes, Corrugated Trays, Corrugated Pallets, Octabin, Others], By Material Type [Recycled Corrugates, Virgin Corrugates], By Printing Technology [Lithography, Flexography, Digital Printin

Corrugated Packaging Market Assessment, By Product Type [Corrugated Boxes, Corrugated Trays, Corrugated Pallets, Octabin, Others], By Material Type [Recycled Corrugates, Virgin Corrugates], By Printing Technology [Lithography, Flexography, Digital Printing, Rotogravure, Silkscreen, Others], By End-use Industry [Food & Beverage, Healthcare, Cosmetics & Personal Care, Electrical & Electronics, E-commerce, Transportation & Logistics, Textile, Chemical & Materials, Others] By Region, Opportunities and Forecast, 2016-2030F

Global corrugated packaging market size was valued at USD 203.8 billion in 2022, which is expected to grow to USD 303.4 billion in 2030, with a CAGR of 5.1% during the forecast period between 2023 and 2030. The increasing sustainability norms in food and healthcare packaging products and the surging deployment of corrugated boxes in electrical and electronics products to protect the packaging from impact and shock are the key trends augmenting the market growth.

The increasing self-reliability targets for food products and the development of advanced automated manufacturing facilities are the primary factors boosting the growth of the food & beverage industry. In addition, the healthcare industry's growth is attributed to vital determinants, including increasing research & development activities and rising investments in new manufacturing facilities. Hence, the bolstering food & beverage and healthcare industries are accelerating the demand for corrugated packaging to protect the packed content from deterioration, propelling the market growth.

The Booming Food & Beverage Industry is Driving the Market Growth

The primary benefits of corrugated packaging for the food & beverage industry include reduced wastage, cost-effectiveness, higher sustainability, and others. The corrugated packaging is utilized in food & beverage products such as chocolate, meat, and dry food. The increasing technological advancements and rising intake of nutritional food content are some of the vital trends boosting the growth of the food & beverage industry.

For instance, according to Food Drink Europe, a European Union food and beverage association, the European Union food & beverage sector turnover registered an annual growth rate of 2.6%, reaching USD 1,180.5 billion in 2022. Thus, the flourishing food & beverage industry is fostering the demand for corrugated packaging to supply food & beverage products in superior condition, thereby driving the market growth.

Significant Traction from the Pharmaceuticals Industry is Accelerating the Demand

Corrugated boxes are composed of multiple sheets of container board, providing superior structural protection to products during transportation and storage. Thus, corrugated packaging is deployed for bulk quantities of medications. The growth of the pharmaceutical industry is accredited to factors such as the surging prevalence of chronic diseases and increasing government aid.

For instance, according to the recent data published by IQVIA Inc., a biopharmaceutical development company in the United States, in 2022, the pharmaceutical industry in the United States registered a year-on-year growth rate of 5%, reaching USD 429 billion. Therefore, the expansion of the pharmaceutical industry is spurring the demand for corrugated packaging to protect the products from damage, which, in turn, is augmenting the market growth.

Rising Adoption of Corrugated Packaging in Asia-Pacific Supplements Market Growth

Asia-Pacific is a prominent marketplace for various end-use industries, including food & beverage, healthcare, electrical & electronics, and others, due to easy availability of raw materials, changing consumer preferences, etc.

For instance, according to the China National Development and Reform Commission, in 2021, the China agricultural & sideline food processing and manufacturing sector registered a year-on-year growth rate of 7.7% and 8%, respectively. Henceforth, the prospering food & beverage industry in the Asia-Pacific is driving the demand for corrugated packaging products such as corrugated boxes and trays to provide superior cushioning for food products, fostering the market in the region.

Future Market Scenario

The long-term capital expansion plans of the corrugated packaging manufacturers to expand the manufacturing capabilities will boost the product offering for products such as corrugated boxes and corrugated pallets. For instance, in March 2022, Mondi. invested USD 307.5 million for the expansion of corrugated packaging manufacturing. Thus, the production expansion of corrugated packaging will boost the supply of products in the global market, which, in turn, will create a future market growth outlook.

Recent strategic collaborations between the printing technology companies and the corrugated packaging manufacturer will boost the production of corrugated packaging products. For instance, in August 2023, BoxWay Packaging Group, a United Kingdom-based manufacturer of corrugated packaging, formed a 2-year partnership with Reproflex3, a flexographic printing technology provider in the United Kingdom to increase the production capabilities of corrugated packaging. Hence, the strategic partnership between corrugated packaging companies and printing technology providers will create a lucrative growth opportunity for the market.

The food & beverage industry will grow in the coming years due to the development of new manufacturing facilities, increasing foreign direct investments, etc. For instance, according to Invest India, the Indian food processing industry will reach USD 535 billion, registering a CAGR of 15.2% in 2025. Therefore, the future expansion of the food & beverage industry will create a prominent potential for the corrugated packaging market growth.

Key Players Landscape and Outlook

The leading industry players in the global corrugated packaging industry are Mondi., DS Smith, International Paper., Sealed Air, and others. The above-listed key players indulged in the manufacturing and supply of corrugated packaging are investing in strategies such as new technology innovation, acquisitions, product innovations, facility development, and others to increase their market revenue and volume share in the global corrugated packaging market.

In February 2022, Mondi, a global player in the corrugated packaging market launched Monocorr Box, a new range of corrugated packaging products manufactured from recycled materials. The product is ideal for applications such as Warmhaus boilers and radiators. Hence, the introduction of sustainable corrugated packaging solutions is driving the market growth.