Global corrugated packaging market is projected to reach $294.3 billion by 2023. The market growth is driven by the increasing demand of cost-effective and environment-friendly packaging materials from various end use industries.the corrugated packaging market is categorized into processed food, personal and household care, beverages, electrical and electronics goods, chemicals, glassware and ceramics, fresh food and produce, paper products, tobacco, and wood and timber products, textiles, direct mail and dispatch, transport, and others. Others include footwear and furniture. The market is expected to witness the fastest growth from personal and household care application, witnessing a CAGR of 4.3% during the forecast period.
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The demand for personal and household care has seen immense growth over the past few years owing to high demand for cosmetics and personal care products. This is driving the use of corrugated packaging widely in cosmetics, personal care product, and home furnishing packaging.
The corrugated packaging market in Asia-Pacific (APAC) is expected to register a CAGR of 5.0% during the forecast period. The market growth in the region is mainly driven by the growing demand for packaging materials from the processed food industry of countries such as China and India. China is the largest market for corrugated packing in the region, while Japan is the second largest market.
The high industrial production in China is one of the leading factors for the growth of the corrugated packaging market in the country. The Japanese economy is largely based on export, as the country is one of the leading exporters of consumer electronics and automotive parts in APAC. Corrugated packaging is one of the most popular packaging materials for international trade, owing to its suitability and lower cost, as compared to its counterparts.
High growth in demand for electrical goods, especially consumer electronics, has increased the usage of corrugated packing materials. This is because these products require packaging in lightweight micro-and fine-flute corrugated configurations. Furthermore, with the growing e-commerce industry, there has been increasing demand for this packaging solution for electronic devices as it is convenient and affordable. Hence, increasing demand for electrical goods is expected to provide lucrative growth opportunity to the corrugated packaging market.
Some of the major players operating in the global corrugated packaging market are Nine Dragons Paper (Holdings) Limited, International Paper Company, WestRock Company, Smurfit Kappa Group, Georgia-Pacific Equity Holdings LLC, Lee & Man Paper Manufacturing Ltd., Oji Holdings Corporation, Mondi Group, Packaging Corporation of America, and DS Smith PLC.
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