The growth of paperboard packaging market is witnessing steady growth of sales from growing utilization of this versatile material in multiple end-use industries. Revenues in paper and paperboard food packaging have grown remarkably on the back of the need for sturdy, lightweight, and printable-friendly packaging materials. The global paperboard packaging market is projected to reach valuation of US$ 299.4 Mn by 2031.
Enormous utilization of boxboard and containerboard for packaging cosmetic & personal care and chemical industries has propelled massive profitable avenues which companies in the paperboard packaging market have been capitalizing on. Advancements in paper packaging technology are assisting packaging companies to gain access to materials with high weight-to -area ratio.
The trend of sustainable packaging has gathered enormous attention among both packaging companies and consumers in end-use industries. Paperboard packaging has generated worldwide interest due to the fact that a large proportion of paperboards are recyclable. Efforts to increase the recyclability including robust impetus to boost the recycling infrastructure is catalyzing the adoption of paperboard packaging in multiple end-use industries, thus boosting paper packaging industry growth
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Key Findings of Paperboard Packaging Market study
- Preference toward Eco-friendly Packaging in End-use Industries to Spur Adoption of Paperboard Containers: Relentless focus of industry players and consumers to adopt eco-friendly packaging has spurred the revenue prospects for companies in the paperboard packaging market. Of note, the demand is abundant in cosmetics and personal care industries as well as clothing and footwear brands. Growing trend of sustainable packaging has fueled interest in products in the paperboard packaging market, observed the analysts of TMR. The inherent properties of paperboard make it an increasingly popular packaging materials in environmentally-conscious consumers.
- Widespread Uptake of Paperboard Packaging in F&B Industry to Propel Growth: The food & beverages industry accounted for the leading market share in 2021. Widespread use of and preference for paperboard packaging in wide spectrum of food products has bolstered the revenue growth of the segment in the paperboard packaging market. They are increasingly used for packaging wide variety of frozen foods, alcoholic and non-alcoholic beverages, quick foods, and fresh fruits and vegetables. New products that are suitable for food contact applications in high temperature environments are gaining demand in the paperboard packaging market.
- Utilization of White-Lined Chipboard and Containerboards to Generate Substantial Revenues: White-lined chipboard and containerboard products have opened up enormous revenue streams for companies in the paperboard packaging market. Both containerboard and linerboard held a sizable share. The demand in the former is anticipated to rise rapidly in the next few years, rending the segment potentially lucrative one during the forecast period.
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Paperboard Packaging Market: Key Drivers
- Strides being made by the cosmetics and personal care industry especially in the proliferating sales of the products has spurred the demand for packaging. This is a key driver of the paperboard packaging market.
- Worldwide, considerable advancements in sustainable packaging have expanded the canvas for industry players in the paperboard packaging market
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Paperboard Packaging Market: Regional Growth Dynamics
- Asia Pacific and Latin America have emerged as lucrative regions in the paperboard packaging market, their expansion has been underpinned by massive demand of the type of packaging in various end-use industries.
- Asia Pacific held a major share of the global market in 2021. The prominence can be ascribed to the widespread utilization of paperboard packaging materials in cosmetic & personal care industries. China, India, and Japan are expected to generate impetus to the growth of the regional market during the forecast period. Of note, the food & beverages industry is estimated to generate sizable revenues to players in the Asia Pacific paperboard packaging market.
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Paperboard Packaging Market: Key Players
Some of the key players in the paperboard packaging market are WestRock Company, Svenska Cellulosa Aktibolaget. Smurfit Kappa Group Plc., Shandong Bohui Paper Company Ltd., Oji Holdings Corporation, Nippon Paper Industries Co. Ltd., Metsa Group, Mondi Group, International Paper Company, ITC Ltd., and Clearwater Paper Corporation.
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