Global Corrugated Box Packaging Market to expand at 3.9% CAGR through 2027

July 02, 2020

According to the research report titled ‘Global Corrugated Box Packaging Market Size study with COVID-19 impact, by Type (Single Corrugated, Double Corrugated and Triple Corrugated), by Application (Food & Beverage, Electronic & home appliances, Consumer goods, pharmaceutical industry, and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global corrugated box packaging market was worth USD 261.9 billion in 2019 and is expected to witness a CAGR of 3.9% over 2020-2027.

Corrugated box packaging is combined with cushioning to improve structural rigidity, hence providing necessary protection to heavy or delicate contents from damage. It reduces shipping cost owing to its clean nature and lightweight property. For improving brand cognizance, impactful graphics can be printed on the packaging, which in turn improves product sale.

Corrugated box packaging products consists of 88% of recycled material, along with fresh fibers emerging from trees maintained sustainably. Escalating demand for packaging products from various industries like electronics, food & beverages, and healthcare, alongside rapid industrialization and supportive government policies are projected to impel the growth of corrugated box packaging market over the anticipated timeline.

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According to Indian Brand Equity Foundation, ‘Make in India’ initiative by Indian government aims to increase the GDP share of manufacturing industry to 25% by the year 2022, which was 16% in 2018. Similarly, in Union Budget 2018-2019, the government of India decreased income tax rate to 25% for all the firms with turnover of USD 38.75 million in order to promote industrialization. Such initiatives by governments across the globe will create lucrative growth opportunities for corrugated box packaging industry.

Rapid expansion of retail sector and emergence of e-commerce in developing economies are also fostering the demand for corrugated box packaging products. On the downside, fluctuating price of kraft papers and raw materials is likely to impede the market growth.

Considering the geographical hierarchy, corrugated box packaging market is fragmented into Latin America, Asia Pacific, Europe, North America, and Rest of the World. North America presently accounts for massive market share pertaining to robust growth in food & beverage sector in the region. While, Asia Pacific market is slated to grow substantially through 2027 owing to increasing demand for consumer electronics.

The leading organizations in global corrugated box packaging market are US Corrugated, TGI Packaging, DS Smith PLC, Mondi Limited, Oji Holdings Corp., Sonoco products, MeadWestvaco, Smurfit Kappa Group PLC, International Paper Company, and Amcor among others.

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