Global Corrugated Packaging Market Size and Forecast (2018-2028) - Analysis of Trends, Growth Drivers, Sustainability Innovations, and End-User Applications
Corrugated Packaging Market
The global corrugated packaging market has seen significant expansion over the last two decades, achieving steady single-digit growth between 2018 and 2022. This growth can be attributed to the versatile use of corrugated board packaging across diverse industries for shipping, transportation, and storage, thanks to its lightweight, cost-effective, and sustainable nature. Key market drivers include the rapid rise of e-commerce, advancements in digital printing, and an increased focus on efficient supply chain management, all of which are contributing to the corrugated packaging market's growth.
Demand for eco-friendly packaging solutions is fueling the global corrugated packaging industry, with sustainable packaging options becoming increasingly popular. Regulatory measures to reduce plastic packaging, particularly in countries like India, are boosting demand for paper-based alternatives. Additionally, Foreign Direct Investments (FDIs) and capital inflows into packaging initiatives worldwide are expected to propel the corrugated packaging industry’s growth.
Recent Developments in the Global Corrugated Packaging Market
Increasing Number of New Players
The global corrugated packaging market is characterized by a high level of fragmentation, with numerous large players dominating the landscape. However, in recent years, several new entrants have made their mark. For example, Delmarva Corrugated Packaging stands out as an innovative company within the corrugated packaging sector, emphasizing the delivery of high-quality products at competitive prices.
Emerging Technology
In the realm of the sustainable packaging market, Noel Alimentaria and Mondi have partnered to launch a new paper-based food tray designed for both plant-based and meat products. Additionally, DS Smith, a UK-based leader in sustainable packaging, has introduced a corrugated board packaging solution specifically for the online shipment of medical devices. This innovative box replaces traditional adhesive packaging with a single-use plastic insert, providing a sustainable alternative made entirely from one material.
Performance of Segmentation
By Products: Within the global corrugated packaging market, the food and beverage industry commands the largest market share, utilizing corrugated packaging extensively. Following this sector are others, including paper and paper products, electrical and electronics, personal care, and healthcare. Recently, the healthcare packaging market has emerged as a significant end-user of corrugated packaging solutions. Corrugated boxes and containers are increasingly utilized for packaging and transporting medical devices, equipment, and pharmaceutical products. These packaging solutions must adhere to stringent regulatory requirements and effectively maintain the integrity and sterility of the items.
By Geography: The Asia-Pacific region holds the largest market share in the corrugated packaging industry. This growth is driven by increasing per capita income, with the local population showing a strong preference for convenient packaged food products. Additionally, the rising number of working women in the region has further propelled market growth.
North America ranks second in market share, supported by a well-established packaging industry and a robust presence of key end-use sectors such as food and beverage, e-commerce, retail, and electronics. However, the market has been experiencing slower growth in recent years. In contrast, Europe is expected to experience healthy growth from 2022 to 2027, while the MEA region is emerging as a promising market, exhibiting positive growth trends.
Future Outlook of the Corrugated Packaging Market
The corrugated packaging sector is experiencing significant growth, largely driven by the rise of e-commerce and advancements in digital printing technologies. In recent years, the e-commerce sector has emerged as a major end-user for corrugated packaging, with corrugated board packaging being the preferred choice for large online retailers like Amazon, which often utilize plastic wrapping for individual products. Even in regions where online shopping is well-established, further growth in e-commerce is anticipated.
The consumption of corrugated packaging materials is projected to increase by nearly 4% annually from 2022 to 2027. During the forecast period of 2023 to 2028, the global corrugated box market is expected to expand rapidly. As of 2023, the market shows steady development, and with major players implementing various strategies, a significant rise in the corrugated packaging market growth is anticipated.
Despite intense competition, investor interest in the corrugated packaging industry remains strong, as a clear global recovery trend is observed, leading to the influx of new investments in the corrugated packaging sector in the future.
Scope of the Study
Makreo Research has released a detailed study on the corrugated packaging market, titled “Global Corrugated Packaging Market Analysis & Forecast (2018-2028).” This study evaluates the demand and production aspects of the corrugated packaging sector, providing a thorough analysis of both past and present corrugated packaging industry trends. The market has experienced various shifts in recent years, impacting the profit margins of players while also contributing to increased demand. The growth of the e-commerce sector has significantly boosted the demand for corrugated board packaging.
The report offers a well-rounded mix of qualitative and quantitative insights, incorporating macroeconomic and microeconomic assessments. Additionally, the competitive landscape has been analyzed to support our findings using a bottom-up approach.
Global Corrugated Packaging Market Segmentation
By Geography:
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
By End User:
- Food & Beverages
- Healthcare & Pharmaceutical
- Paper Products
- Electrical & Electronics
- Personal Care & Household
- Chemicals
- Others
North America Corrugated Packaging Market Segmentation:
- By Geography: The US, Canada, Mexico
Europe Corrugated Packaging Market Segmentation:
- By Geography: Germany, Italy, Spain
Asia-Pacific Corrugated Packaging Market Segmentation:
- By Geography: India, China, Japan, Indonesia, Australia, Malaysia, Vietnam, Philippines
Companies Discussed in the Report
- International Paper Company
- Packing Corporation of America
- Matthews International Corp.
- Graphic Packaging Holding Co.
- Smurfit Kappa Group Plc
- West Rock Company
- DS Smith Plc.
- Mondi Group Plc
- Oji Holdings Corporation
- Nine Dragons Paper (Holdings) Limited
- Rengo Co., Ltd.
- Cascades Inc.
- Menasha Corporation
- Georgia Pacific Packaging LLC
- Lee & Man Paper Manufacturing Ltd