The global demand for Liquid Packaging Board Market is expected to reach a value of US$ 9,230.8 Million in 2022, with a projected growth rate of 3.5%, ultimately reaching US$ 13,021.0 Million by 2032. This significant growth is primarily attributed to the increasing focus on the development of nano-food packaging technologies.
Recent trends in the global food and beverage industry indicate a steady increase in demand for dairy products, juices, and dilutable drinks. This surge in demand is a significant driving force behind the increasing need for liquid packaging on a global scale. Liquid packaging commonly relies on the utilization of liquid packaging paperboard (LPB), also known as liquid paperboard, as the primary raw material.
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Key Points:
Drivers:
- Increasing Demand for Liquid Foods: The rising consumption of liquid foods such as dairy products, juices, and beverages is a key driver of the liquid packaging board market. As these products gain popularity, the need for efficient and sustainable liquid packaging solutions grows.
- Consumer Preference for Sustainable Packaging: Awareness of environmental concerns and a growing preference for eco-friendly packaging materials drive the adoption of liquid packaging board, which is recyclable and considered more environmentally friendly than some alternatives.
- Urbanization and Changing Lifestyles: Urbanization and changing lifestyles have led to a surge in demand for on-the-go and convenience products, including single-serving liquid beverages, which require efficient liquid packaging solutions.
- Technological Advancements: Advancements in liquid packaging board technology have improved product quality and packaging efficiency, making it a favorable choice for manufacturers.
- Stringent Regulations: Regulatory requirements related to food safety and packaging materials have led to the adoption of liquid packaging board in compliance with industry standards.
Restraints:
- Competition from Alternatives: Liquid packaging board faces competition from alternative packaging materials like plastics, which can sometimes be more cost-effective or offer specific functional advantages.
- Supply Chain Challenges: Complex supply chains and distribution networks for liquid products can pose challenges for liquid packaging board manufacturers, affecting availability and cost.
- Environmental Concerns: While liquid packaging board is considered eco-friendly, concerns related to deforestation and sustainable sourcing of wood fibers can impact its reputation.
- Fluctuating Raw Material Costs: Price fluctuations in raw materials, particularly wood pulp, can affect production costs and pricing in the liquid packaging board market.
- Limited Shelf Life: Liquid packaging board may have limitations in terms of preserving the freshness and shelf life of certain liquid products compared to alternative packaging materials.
- Economic Factors: Economic factors such as inflation, currency exchange rates, and economic downturns can impact consumer purchasing power and, subsequently, demand for liquid packaged products.
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Where does Asia-Pacific region stand in the Liquid Packaging Board Market?
According to Future Market Insights, Asia-Pacific is anticipated to grow with lucrative growth opportunities for Liquid Packaging Board Market, and is expected to reach at a significant share of 12.4% in 2022.
Asia-Pacific region accounts for a significant share in Liquid Packaging Board Market, attributed to the rising growth in population, rise in disposable income, and stable economic growth, rising development of nano-food packaging, increase in demand for lightweight as well as sustainable packaging and rising availability of substitutes in the form of plastic bottles and spout pouches in this region.
Why is North America Emerging as an Opportunistic Liquid Packaging Board Market?
In terms of regional platform, North America holds the largest market share in Liquid Packaging Board market. The region is expected to surge at over 22% share from 2022 to 2032.
North America is expected to fuel the Liquid Packaging Board market, attributed to the rising e-commerce industry in the U.S.
How is Europe Contributing to Growth of the Liquid Packaging Board Market?
According to Future Market Insights, Europe is expected to hold significant growth opportunities for Liquid Packaging Board, and is expected to reach at a share of 14% in 2022.
Europe is expected to witness a significant market growth, owing to new product launches of board packaging by key players to strengthen their position in the market.
Key Players:
Evergreen Packaging LLC, BillerudKorsnäs, Clearwater Paper Corporation, ELOPAK, International Paper, Mondi, Visy, Smurfit Kappa, BOBST, Stora Enso, Gapack, Klabin S.A., Mayr-Melnhof Karton AG, NIPPON PAPER INDUSTRIES CO., LTD., Prom-Pack LLC, Weyerhaeuser Company, Roxcel Trading GmbH and SIG Combibloc Group Ltd. among others.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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