According to Future Market Insights (FMI), the global corrugated boxes market will total US$128.3 Bn in 2021. The market will register growth at 4.3% CAGR between 2021 and 2031.
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Corrugated boxes are commonly used in several end-use industries as secondary packaging solutions. The industries such as food, electrical and electronics, personal care and cosmetics are exhibiting high demand for corrugated boxes. Benefits such as cushioning, availability in different shapes and sizes and ease in customization are some of the factors augmenting the demand for corrugated boxes in these industries.
Corrugated boxes are extensively used in the food industry for the packaging of processed food, fresh produce, dairy products, food grains, and confectionary and bakery items among others. The growing demand in the processed food industry as a result of the increasing urban population and fast-paced lifestyle is creating high demand for corrugated boxes.
Future Market Insights (FMI) has forecast that the corrugated boxes market has the potential to exhibit high growth. The increasing applications of the corrugated boxes for packaging of textile, tobacco, chemicals and fertilizers among others is projected to fuel demand in the market.
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Key Takeaways from Corrugated Boxes Market
- Based on material type, the sustainable and eco-friendly nature of \recycled corrugated boxes have made them highly popular in the market. The recycled corrugated boxes segment is projected to register a CAGR of 4.2% during 2021-2031.
- By board type, the single wall corrugated boxes segment is anticipated to hold around 70% of the market share by the end of 2021.
- Fluting medium segment by grade type is estimated to register CAGR of 4.0% during 2021-2031.
- By product type, slotted box segment followed by die cut box segment is forecast dominate the corrugated boxes market. These segments are anticipated to cumulatively hold around 88% of the market share by the end of 2021.
- By end-use industry, the food segment and e-commerce segments are anticipated to expand at a CAGR of 3.9% and 5.6% respectively during 2021-2031.
- APEJ, Europe and North America will exhibit high demand for corrugated boxes due to the growth of industries like food, beverage, e-commerce and healthcare in these regions. These regions together are projected to hold approximately 77% of the market share by the end of 2021.
“The need for efficient and cost-effective secondary packaging solutions among the food, beverage, healthcare, electrical and electronics industries is anticipated to propel the sales of corrugated boxes in the market.” says an FMI analyst.
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Increasing Demand for Customised Corrugated Boxes to Drive the Market Growth
Industries like food, beverage, e-commerce, personal care and cosmetics, and others are highly competitive. In these industries, manufacturers give high importance to the packaging solutions to maintain a competitive edge and create unique brand identification. As a result, they need customized corrugated boxes for their products.
Corrugated boxes can be easily customized in terms of shape, size, fluting and print which is highly desirable among manufacturers from various industries. Some of the players in the corrugated boxes industry are offering digital printing solutions with an array of customization in terms of specifications.
Besides this sales of corrugated boxes will increase as a result of increasing application for packaging in the ecommerce sector. A large variety of items sold across e-commerce platforms needs different packaging solutions compatible with the product. The increasing demand for customised corrugated boxes in this sector will therefore drive the market in the coming years.
Corrugated Boxes Market Landscape
Smurfit Kappa Group Plc, International Paper Company, WestRock Company, Georgia Pacific LLC, Oji Holdings Corporation, DS Smith plc are the top players operating in the target market. Furthermore, NAMPAK Limited, METSÄ Group, Orora Limited, are also noticeable players in the market. The Tier 1 players in the market hold 30-35% in the global market for corrugated boxes.