Global Paperboard Packaging Market - Segmented by Grade, Type, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global paperboard packaging market is expected to witness a CAGR of 4.5% during the forecast period, 2018 to 2023, majorly driven by the increasing demand for folded carton packaging from the food & beverage industry. The rise in the e-commerce industry over the last few years is also likely to stimulate market growth.
Increasing Demand for Folded Carton Packaging Driving the Market
Increasing access to more qualified jobs and higher disposable income are causing the traditional meals to be replaced by more modern processed, frozen, and packaged food. Due to this change from unpackaged to industrially packaged food, the demand for folding carton is increasing in the food & beverage industry. There has been an increasing migration of rural population to cities, which is likely to reinforce consumption patterns of packaged food. It is predicted that nearly two-third of the people across the globe will live in cities in the coming years.
Food & Beverage the Dominating End-user Industry
The food & beverage industry is the largest end user for the paperboard packaging market, and accounts for more than half of the global market share. The food & beverage industry majorly utilizes coated unbleached boards for packaging of beverages, and corrugated containerboards for packaging of fruits, vegetables, and food products. The acceleration of frozen foods is likely to drive the demand for folding carton packaging. Currently, over 30% of the Americans order food twice a week and this is expected to grow at 3% in the coming years. Technological developments in the pharmaceutical industry are likely to majorly drive the paperboard packaging market.
Food & Beverage Industry Driving the Asia-Pacific Market at a High Rate
In terms of consumption, in 2017, Asia-Pacific held a significant market share, followed by Europe. The region contributes around 50% of the total market share. The Asia-Pacific paperboard packaging market is also expected to grow at a high rate, owing to emerging food & beverages, electronics, cosmetics, and pharmaceutical industry due to economic development. North America is expected to display a sluggish growth in the global paperboard packaging market as the market is matured in this region.
In January 2018, Metsä Board, a leading European producer of premium fresh fiber paperboards, launched a new eco-barrier paperboard developed especially for the food industry.
Major Players: Nippon Paper Industries, Mondi PLC, Metsä Group, Rock-Tenn Company, and ITC Limited, among others.
Reason to Purchase the Report
To understand the impact of various type on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating grade and end-user industry in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel).
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