Corrugated Packaging Market Size to Hit $414.4 Billion, at a CAGR 5.1% by 2030: Coherent Market Insights (CMI)
According to Coherent Market Insights, the Corrugated Packaging Market size is estimated at $ 283.1 billion in 2021, and is expected to reach $414.4 billion by 2030, growing at a CAGR of 5.1% during the forecast period (2022-2030).
Burlingame, Sept. 07, 2023 (GLOBE NEWSWIRE) — The global Corrugated Packaging Market size was valued at $283.1 Billion in 2021, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Corrugated packaging market is witnessing strong growth on the account of growing e-commerce sector. Corrugated packaging is used to protect products during transit. Moreover, Corrugated packaging also gives stylish and exceptional packaging that boost brand reputation, increase consumer appeal, and improve product safety. It is widely used for packaging of pharmaceuticals, food, equipment, and other different types of products.
Key Industry Insights & Findings from the report:
In September 2022, VPK Group has launched its fit2size® brand in response to its growth strategy to further develop Fanfold corrugated packaging solutions across Europe
In August 2023, Reproflex3, a international provider of prepress services to the flexible packaging industry, has announce its partnership with BoxWay Packaging Group to support its transformation into a premier player in the corrugated packaging sector.
In May 2022, Smurfit Kappa has become the first packaging company to obtain the Vegan Society trademark for its corrugated packaging and will form a partnership with the organisation to supply other trademark holders with vegan packaging solutions for vegan products
Global corrugated packaging market is expected to exhibit a CAGR of 5.1% during the forecast period, owing to growing e-commerce sector, increasing dipsoable income of consumers, and rising demand for sustainable packaging.
On the basis of Board Style, double wall segment is expected to hold a dominant position, as they are highly durable and can be stacked on top of each other.
On the basis of Product Type, Boxes segment is expected to hold a dominant position, owing to the fact that they are affordable and their design are much more durable.
On the basis of End-Use, Transportation and logistics segment is expected to hold a dominant position, owing to the growing need for corrugated packaging for transporting products from one place to another.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to growing consumerism and increasing urbanization.
Read full market research report, “Corrugated Packaging Market, by Board Type, by Product Type, by End Use and by Geography, Market Size & Share Analysis – Growth Trends & Forecasts, 2022-2030“, published by Coherent Market Insights.
Corrugated Packaging Market Report Coverage
|Market size value in 2022||US$ 283.1 billion|
|Forecast Period:||2022 to 2030|
|Growth rate||CAGR of 5.1% from 2022 to 2030|
|Base year for estimation||2021|
|Historical data||2017 – 2020|
|Forecast period||2022 – 2030|
Market Key Trends:
Growing trend of digitalization due to increasing penetration of interenet is fuelling e-commerce sector, this in turn augment corrugated packaging market growth. Corrugated cardboard is stronger and thicker so it is commonly used to create shipping boxes. According to the Forbes, the global e-commerce market is expected to total $6.3 trillion in 2023. By 2026, the e-commerce market is expected to total over $8.1 trillion. The U.S. e-commerce market will reach over $1.1 trillion in sales in 2023. Amazon accounts for 37.8% of e-commerce sales, the highest market share of all e-commerce companies. Mobile commerce sales are expected to account for 6% of all retail sales in 2023
Expanding consumerism due to growing disposable income of consumers is primarily fueling the corrugated packaging market growth. According to the ZipDo, the global consumer goods market is expected to reach USD 39.89 Trillion by 2027, growing at a CAGR of 3.8%.China alone is predicted to account for nearly half of the global consumer goods market by 2025. The United States is the largest consumer market, with a market volume of USD 4,649 billion. The global FMCG market is forecasted to grow at a CAGR of 5.4% from 2020 to 2027.
Corrugated packaging is widely used to preserve food and beverage products during shipments. In persona care industry it is used to protect personal care products from infection and other damages. It is an effective choice for personal care products as they gives temperature resistance, accurate labelling, cost-effectiveness, simplicity and flexibility, and sustainability.
Key players in the market are introducing new products due to ongoing technological advancement and to meet the growing demand. This is expected to provide significant market growth opportunities for key players in the near future. For instance, in January 2023, Cascades has announce the launch of a new closed basket made of recycled and recyclable corrugated cardboard for the produce sector. An alternative to food packaging that is difficult to recycle, this new product is the latest addition to Cascades’ line of eco-friendly packaging
Availablity of substitute such as flexible packaging which reduces overall packaging weight is expected to hamper the market growth.
- Corrugated Packaging Market, By Board Style:
- Single Face
- Single Wall
- Double Wall
- Triple Wall
- Corrugated Packaging Market, By Product Type :
- Slotted Boxes
- Telescope Boxes
- Rigid Boxes
- Folder Boxes
- Corrugated Packaging Market, By End-Use:
- Electronics and Electrical
- Home care products
- Food and Beverage
- Personal Care Products
- Transportation and logistics
- Corrugated Packaging Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
- International Paper Company
- West Rock Company
- DS Smith Packaging Limited
- Mondi Group
- Nefab Group
- Smurfit Kappa
- Stora Enso
- Packaging Corporation of America
- Graphic Packaging International LLC
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Browse through Coherent Market Insights Packaging Research Reports.
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