“The global corrugated packaging market will be primarily driven by material & design innovation. Food & beverages are likely to register the highest demand, whereas Ecommerce sector has been spotted as the market growth catalyst,” quotes a research analyst (Persistence Market Research).
Corrugated packaging is made up of nearly 88% recycled content that is further accompanied by additional fresh fibers, making it a sustainable packaging solution. While corrugated packaging is considered to make the optimum use of secondary raw materials, packaging manufacturers and end-use industries are adopting it as a sustainable packaging solution since the recent past. Persistence Market Research (PMR) delivers key insights on the global corrugated packaging market in its recently published report, which indicates that the market is likely to progress at a promising CAGR of 5.8% over 2018-2026. While robust growth of food and beverages industry has been a primary driver to market growth, rapidly thriving Ecommerce business is identified to be a significantly influencing factor driving the growth of market through projection period.
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Rapidly growing popularity and sales of processed/convenience foods and beverages, especially in emerging economies, will reportedly strengthen the position of Asia Pacific as the largest market for corrugated packaging. While APAC is expected to contribute the maximum revenue share to the total market value by this year end, research concludes that Europe, North America, and Latin America may collectively account for a considerably large share of more than 50% in the global corrugated packaging market revenue in near future.
Constant Innovation Pushes Market Growth, As Manufacturers Frequently Introduce an Innovative Product Range
Recyclability and biodegradability of corrugated packaging enables it to contribute to a circular economy, which has been driving innovation in the packaging industry. Paper Industries and corrugated packaging industries have also been innovating with novel alternatives such as fossil-based products in order to mitigate for the consumer and environmental demands. Corrugated packaging design introduced for bottled drinks that are available for purchase only online, has also been a recent, impactful innovation in the industry. Six-pack of cans registered immense popularity among consumers owing to an ergonomic and sturdy hold they offer. On the flipside, popularity among manufacturers is attributed to the ample space these cans offer for labelling and advertising.
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Regional Players are Prioritizing Profitable Strategic Moves to Overcome the Pricing Challenge
The global corrugated packaging market is striving to attain a sustainable status in terms of nature, design, and innovation. Moreover, the global market landscape is highly competitive. DS Smith, a leading UK-based corrugated cardboard maker, recently announced the acquisition of a North American packaging company, Corrugated Container Corporation (CCC). This acquisition aims to boost the overall box-making capacity of the former, in addition to complementing its existing footprint in North American market. The report offers valuable insights through detailed profiling of key participants operating the global corrugated packaging marketplace. Small and regional corrugated packing suppliers are still struggling to manoeuvre profitably in the corrugated packaging market, owing to the increasing prices of raw materials such as paper pulp.