The packaging paper market is anticipated to grow at a CAGR of 4.8% from 45.3 billion USD in 2022 to 72.4 billion USD through 2032.
The globally escalating Coronavirus has had a negative impact on businesses and the manufacturing sector. The market for packing paper has been severely impacted as a result of prolonged lockdowns and broken supply lines.
Manufacturers have a hurdle as a result of the drop in packaging paper production that has occurred during the COVID-19 epidemic. The packaging paper market offers numerous options for market participants to address these issues. Market participants are easily establishing their businesses to maintain operations even if the ongoing epidemic is having an impact on the economy.
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The market’s primary drivers at the moment include an expanding retail and e-commerce sector, as well as a rise in demand for goods with environmentally friendly packaging. The need for secondary and tertiary packaging items has increased as a result of the significant development in the number of online shopping platforms. Additionally, shifting consumer perceptions of environmentally friendly packaging and the implementation of helpful government regulations are promoting the growth of the packing paper market.
The rapidly growing global food and beverage business will be another important growth element. To retain nutrients and maintain food quality, the food sector is leaning towards the adoption of food-grade paper packaging products.
The paper packaging market is also expected to grow in the coming years due to innovations to enhance the efficiency of the product as well as to produce visually appealing versions of the product.
The growth of the packing paper market has been hampered by fierce competition from flexible plastic packaging.
Increasingly, modern shoppers are considering convenience and portability as top priorities, so packaging design has shifted toward flexible, easy-to-handle packaging. The gusseted flexible pouch is now the packaging of choice for snacks that were once packaged in jars and tins. In addition to food producers and nutraceutical packagers, flexible pouches are also well-suited to gels and liquids.
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KEY TAKEAWAYS:
- The CAGR for the cosmetic segment of the end-user category in Packing Paper Market is anticipated to be 4.4% through 2032.
- In the United States, the Packing Paper Market is estimated to reach US$ billion by 2032, rising at a CAGR of % throughout the forecast period.
- By 2032, the Packing Paper Market in the United Kingdom is expected to be valued US$ million, with a CAGR of % through 2032.
- With a CAGR of % throughout the forecast period, China is expected to reach a market size of US$ million in Packing Paper Market by 2032.
- By 2032, the Packing Paper Market in Japan is estimated to be worth US$ million, growing at an annual rate of % through 2032.
- With a CAGR of % throughout the forecast period, South Korea is predicted to reach a market size of US$ million in Packing Paper Market by 2032.
COMPETITIVE LANDSCAPE:
India and China have the fastest-growing economies. Developmentally, developing countries still use a great deal of plastic packaging compared to the developed nations of the west. Since plastic is cost-effective and convenient for consumers, it is the perfect material for packaging.
Georgia Pacific announced recently that it is leaving its paper business and will shut down all its paper machines permanently. Another company has already closed its wood yard and pulp mill in Port Hudson, LA. This was due to concerns around the environment, which includes depleting forests.
A number of notable players are operating in the global cardiac reconstruction devices market, including The Packaging Company, Packhelp, Ruskin Group, Purple Co, Moraya Packaging, Pratt Industries, Inc., Mondi Group plc, WestRock Company, Oji Holdings Corporation, DS Smith Packaging Limited, Tat Seng Packaging Group.
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RECENT DEVELOPMENT:
- Compared to previous years, there has been a decline in demand for boxboard and liquid paper packaging. In the past 10 years, all of these factors have contributed to a 25% decline in hardwood fiber demand. For example, Georgia Pacific announced recently that it is leaving its paper business and will shut down all its paper machines permanently.
- A company has already closed its wood yard and pulp mill in Port Hudson, LA. This was due to concerns around the environment, which includes depleting forests.
- Further driving demand for paper packaging will be technological breakthroughs in the food industry, such as the development of laminated and coated papers to prevent leakage. It is expected that the paper packaging market will be the fastest-growing segment because it is efficient, versatile, innovative, and sustainable, adding value to food and other products.
Key segments
By Material Type:
- Corrugated Board
- Specialty Paper
- Box-board/Carton Board
- Kraft Papers
- Other
By End-use Industry:
- Food & Beverage
- Healthcare
- Personal Care & Cosmetics
- Homecare & Toiletries
- E-Commerce
- Chemicals & Fertilizers
- Others
By Packing Type:
- Corrugated Boxes
- Cartons
- Wrapping Paper
- Cups & Tray
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
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