Market review
The Corrugated Packaging Market's growth estimates at a compound rate of 5% CGAR, and it may reach USD 415.73 billion by the forecast period 2022-2030.
Undoubtedly, the Corrugated Packaging Market has grown significantly over the years. The market is driving to new heights because of increasing food & beverage and the use of the e-commerce industry across the globe.
Corrugated Packaging Market consists of a folding box, slotted boxes, telescope boxes, etc. The packaging protects rich content from any damage. Also, the packs are such lightweights that the shipping costs turn very cost-effective for the manufacturers. Moreover, the paper industry's packaging processes from waste products lead to an environment-friendly option.
Additionally, the e-commerce industry is also playing a vital role in the global corrugated packaging market. With time the use of online shopping portals is increasing every day via the internet. Following the lightweight, strength, and easy recyclability, e-commerce companies are heading towards corrugated products, resulting in secure deliveries. The packaging boxes are versatile and can shape in various forms. The packages provide a strong base for printing methods, which saves the companies from investing in marketing strategies. Although, it's a perfect marketing tool.
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On the other hand, some factors negatively affect the expansion of corrugated products, like- harsh weather conditions. Products packed in corrugated cartons do not withstand extreme weather. Thus, it hinders market growth.
Moreover, the CoViD-19 outbreak has severely hit the retail sector, resulting in declined growth of corrugated packaging. Following the financial and economic crisis, the general public avoided additional expenses, which led to a decrease in demand and sales. The global restrictions disrupted the supply chain of packaging products. However, the lift in lockdown has once again increased mobile shopping usage, which can turn a positive impact on the market shortly.
Market segmentation
The market segmentation of corrugated packaging classifies in type, wall construction, Material, and application. The variety consists of self-erecting boxes, rigid boxes, telescope boxes, folder boxes and slotted boxes. The other side the wall construction consists of three walls i.e., single, double and triple-wall—material segments in Medium, Linerboard etc. Last, the application comprises food items, electronic products, personal care, chemicals, pharmaceuticals, and textile goods. All these factors combine to contribute to manufacturing and sales productivity at large.
Regional Classification
The regional classification of corrugated box manufacturing process divides Europe, Asia-Pacific, North America, and the rest corners. Out of all these areas, Asia-Pacific holds the highest 35% share and expects to grow faster during the forecasting period. The main reason for the rapidly increasing factor is the increasing healthcare and food industries in developed countries like India, China, Malaysia, and Indonesia. Although, the eco-friendly and low shipping methods are pushing the economies to show a positive change in the market size, share, and structure.
Industry news
The corrugated packaging boxes are heading to raise their market growth shortly. The eco-friendly techniques, rise in demand for packed products, and more online portals will be the key drivers in the future. They result in an improved global CGAR rate of 5%, with USD 415.73 in the forecasting period.
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