Global Corrugated Board Packaging Market - Segmented by End-user Industry (Processed Food, Fresh Food and Produce, Beverage) and Region - Growth, Trends, and Forecast (2022 - 2030)

The Corrugated Board Packaging Market was valued at USD 241.13 billion in 2017, and is expected to reach USD 310.61 billion by 2023, recording a CAGR of 4.31%, during the forecast period of 2018-2023. The market has been segmented by end-user industry (processed food, fresh food and produce, beverage) and region.

Corrugated board packaging is a high-performance packaging material designed to pack, protect, and promote products. The rising inclination of consumers toward lightweight, convenient product packaging has compelled the packaging industry to offer corrugated board packaging solutions with an aim to tap the organized retail sector and meet the growing customers’ demands. As corrugated board is bio-based, biodegradable, and recyclable, the demand for these boards is expected to register a substantial growth rate, over the forecast period.

Packaging box manufacturers, such as Mondi, are taking measures to reduce the weight of the packaging provided, and adopting corrugated boxes. The company launched ProVantage, a high-fiber container board made from recycled fiber, and offers lightweight and high packaging strength. Leading retailers, such as Walmart, have also outlined aggressive sustainable packaging goals at the World Economic Forum, to work toward using 100% reusable or compostable packaging, by 2025 or earlier. These initiatives are projected to offer ample opportunities for the growth of the corrugated board packaging market, over the forecast period. However, issues related to volatile raw material prices are estimated to challenge the growth of the market studied.

Processed Food Sector Expected to Fuel the Market’s Growth

Changing consumer dynamics regarding environmental concerns positively impact the demand for the corrugated board packaging in the global market. Owing to rapid urbanization and the adoption of new lifestyle trends and food habits, the demand for processed foods is increasing, which, in turn, is increasing the need to provide high-quality foods to customers. As corrugated board packaging keeps moisture away from products and has the ability to withstand long shipping times, this packaging is increasingly being adopted by companies, to offer better outcomes to customers.

Further, a 2016 study by the University of Bologna indicated that corrugated board keeps food fresh up to three days longer, by reducing contamination, thus driving the adoption of corrugated board for packaging process. Moreover, FEFCO/ESBO International Good Manufacturing Practice’ (GMP) Standard has also confirmed that corrugated board products satisfy all requirements of the food industry, in terms of quality, safety, and hygiene.

North America Expected to Account for a Substantial Market Share

North America’s robust financial position enables the region to invest heavily in advanced solutions and technologies. These advantages have provided the regional organizations a competitive edge, in the market. Moreover, the region enjoys the presence of several major corrugated board packaging vendors, such as International Paper Company (United States), Georgia-Pacific LLC (United States) and Sealed Air Corporation (United States), among others.

According to a report by Asia Pulp and Paper’s (APP) ‘2017 Paper & Packaging Consumer Trends’, about 51% of North American consumers consider packaging waste to be a critical environmental issue. Subsequently, the regional companies are entering into strategic mergers and acquisitions, to gain a competitive edge by providing eco-friendly packaging solutions to customers. Georgia-Pacific LLC acquired PAX Corrugated Products, to expand its corrugated packaging business.

Moreover, as the North American e-commerce sector is projected to record a revenue of about USD 513 billion, across all product categories, by 2021, the demand for corrugated board packaging is anticipated to rise, over the forecast period.

Key Developments in the Market

• Feb 2018: Rengo Co. Ltd and SCG Packaging Public Company acquired a 25% stake of the corrugated packaging subsidiaries of Thai Containers Group. This acquisition is an important strategic focus for the overseas operations of Rengo Group, as a general packaging industry that positions foreign operations as one of its core businesses.
• Aug 2017: Cascades Inc. invested USD 80 million on the construction of a new containerboard packaging plant in New Jersey, the United States. This new plant is poised to manufacture corrugated packaging products, and the total annual production capacity of this plant would be 2.4 billion ft2. The plant would commence its operations during the second quarter of 2018.


Reasons to Purchase this Report

• Understand the impact of growth of corrugated board packaging, on the market studied
• An analysis of various perspectives of the market, with the help of Porter’s five forces analysis
• The segments that are expected to dominate the market studied
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