Paper Packaging Materials Market size in 2019 is estimated to be $342.77 billion, growing at a CAGR of 4.5% during the forecast period 2020-2025. Paper-based packaging is a lightweight and cost-efficient packaging solution that provides proper protection to a wide range of products. Containerboard, paperboard, paper bags, and shipping sacks are type of paper-based packaging. Paper bag is produced by using Kraft paper and available in different shapes and sizes. Increasing demand of eco-friendly packaging and rapid development of fast and frozen food industries are the major factors driving the growth of the market. Moreover, technological development in paper recycling and increasing investment in R&D activities further enhance the overall market demand for Paper Packaging Materials during the forecast period 2020-2025.
Product – Segment Analysis
Based on the Product, Paper Packaging Materials Market is segmented into Liquid Packaging Cartoons, Corrugated Cases, Cartons & Folding Boxes. The liquid packaging segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.1% during the forecast period 2020-2025. This is mainly owing to light weight, more shelf life and biodegradable property. Moreover, it provides flexible and safety packaging that are contributing to the growth of this segment.
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Application – Segment Analysis
Based on the Application, Paper Packaging Materials Market is segmented into Beverages, Fast Foods, Fresh Foods, Dairy & Bakery, Frozen Foods. In 2019, beverages held the largest share in the Paper Packaging Materials Market. This is mainly owing to increasing demand of liquid packaging cartoons such as tetra packs and pouches. Moreover, it improves the conservation of beverages is also contributing to the growth of this segment.
Geography – Segment Analysis
North America dominated the Paper Packaging Materials Market share accounting for 40% of the market in 2019. This is mainly owing to rising consumer preference for the consumption of processed and ready to eat food items and changing lifestyle and eating patterns of consumers. According to Food and Agricultural Organization of United States, about 40 million tonnes of paper packaging are used in production and it is increased by 81% in 2018. So, the demand of paper packaging materials is increasing in this region.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to rising awareness regarding probiotics usage, rising standard of living and increasing disposable income.
Drivers – Paper Packaging Materials Market
Increasing Demand of Eco-Friendly Packaging
Increasing demand for eco-friendly solutions owing to growing environmental concerns are some factors driving the growth of Paper Packaging Materials Market. Growing awareness among consumers regarding sustainable packaging and rising governmental strict regulations regarding environmental protection is also set to increase the market growth.
Rapid Development of Fast and Frozen Food Industries
Rapid development of fast and frozen food industries owing to increasing number of consumers purchasing grocery items like frozen and chilled foods are some factors driving the growth of the market. Moreover, packaging materials helps to preserve food and provide nutritional value of foods further contributing to the growth of Paper Packaging Materials Market.
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Challenges – Paper Packaging Materials Market
High cost of paper packaging and inability of paper in the packaging of very heavy materials are challenging the growth of the market. Moreover, deforestation to acquire raw material and the release of dioxins during paper production cause environmental concerns are further restraining its market growth during the forecast period 2020-2025.
Paper Packaging Materials Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Paper Packaging Materials Market. Paper Packaging Materials top 10 companies are Smurfit Kappa Group Plc., Napco National Paper Products Company, Billerudkorsnas, International Paper Company, WestRock Company, Georgia Pacific LLC, Pratt Industries, DS Smith Packaging Limited, Stora Enso Oyj, and Mondi Group Plc.
On 7 October 2017 WestRock has an acquisition wih Plymouth Packaging Inc. in order to enhance the packaging materials of paper and also improve the automated packaging materials.
On 18 August 2020, Smurfit Kappa has acquisition with Wildlife Fund Combia to enhance forestry conservation and expant the use of recyclable papers.
In 2019, North America dominates the paper packaging materials market owing to rising consumer preference for the consumption of processed and ready to eat food items and changing lifestyle and eating patterns of consumers.
Increasing demand of eco-friendly packaging and rapid development of fast and frozen food industries is driving the market growth of paper packaging materials.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Paper Packaging Materials Market report.
High cost of paper packaging and inability of paper in the packaging of very heavy materials are challenging the growth of the market.
Related Reports :
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