Worldwide paper and paperboard packaging market is expected to reach USD 413 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Key highlights of the global paper and paperboard packaging market enlisted in the report are:
- Based on the end-user type, the food and beverage segment accounted for the highest revenue for the year 2018.
- In terms of regional contribution, Asia Pacific generated the biggest share of revenue for paper and paperboard packaging market, in 2018.
According to the report, the key producers around the globe are taking initiative to use biodegradable packaging materials and to improve transportation of products. They are also investing heavily in the energy optimization and environment protection schemes. Combination of these efforts by the producers is the major driver for the paper and paperboard packaging market. Growing use of smartphones along with easy availability of broadband internet, surge in e-commerce, and inclination towards technology are the other factors expected to boost the market growth.
As cited in the report, there has been an increase in the demand of biodegradable packaging solutions due to the introduction of stringent regulations to counter the use of non-biodegradable packaging materials, consequently driving the growth of paper and paperboard packaging market. The retail industry is increasingly adopting modern retail practices such as smart packaging and printable liner board to enhance shelf-appeal and improve in-store & distribution efficiencies. This will fuel the trend of retail-ready packaging over the forecast period. To attract more consumers, the retailers are incorporating new marketing strategies using smartphone apps and codes along with visually engaging packaging, thereby impacting the market size.
Moreover, paper packaging has become an important element of food and beverage industry. Paper packaging enables protecting, containing, and preserving food products while also providing the necessary information about the product. Paper packaging influences the sales and consumption of the product, hence aiding to the growth of paper and paperboard packaging market, claims the new study.
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For instance, Tetra Pak launched a new range of packaging material effects called Tetra Pak Artistry in April 2018, to allow brands to attract more customers. The different effects include Tetra Pak Metallized for metallic look, Tetra Pak Reflect for holographic effect, and Tetra Pak Craft for natural look.
Based on the findings of the report it is presumed that Asia Pacific will lead the paper and paperboard packaging market over the forecast period owing to booming population, increased disposable income, and consumer inclination for purchasing packaged products. The food and beverage, food delivery, and on-demand product delivery segment have bolstered growth opportunities for the paper and paperboard packaging market in the region.
The major contenders driving the growth of the paper and paperboard packaging market include Nippon Paper Group Inc., Georgia-Pacific Corporation, International Paper Company, WestRock Company, DS Smith Plc, ITC Limited, Amcor Limited, Tetra Pak, Mondi Group, and Clearwater Paper Corporation.