The global paper packaging market is predicted by FMI to expand at a robust CAGR of 4.1% over the projected period. The industry is anticipated to have increased from US$ 3,83,867.8 million in 2023 to US$ 5,73,705.45 million by the end of 2033.
As supermarkets and hypermarkets grow more prevalent, it is anticipated that sales of paper and paperboard containers would rise. Consequently, this boosting the growth of the packaging business during the projection period.
Many retail companies utilise packaging materials to safeguard food and maintain its nutritional value. It is projected that during the coming years, demand for paper packaging solutions would rise as supermarket items (such chilled and frozen foods) are consumed more frequently.
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Developing retail and e-commerce industries, as well as consumer demand in environmentally friendly packaging materials, are predicted to propel the market forward. The rapid proliferation of online shopping platforms is another factor boosting demand for tertiary and secondary paper packaging materials and increasing market growth.
Top Highlights from the FMI’s Analysis of the Paper Packaging Market:
- Europe region is projected to make its headway in the paper packaging industry over the forecast period. The region is projected to generate a revenue of US$ 1,00,596 million by 2023, at a CAGR of 3.9% over the forecast period.
- North America region is projected to attain a market value of US$ 94,062.8 million by 2023. Over the forecast period, the region is anticipated to expand at a CAGR of 3%. The high penetration of key players in the region is pushing regional growth by introducing new and innovative products for dynamic consumer requirements.
- East Asia region is expected to witness robust expansion in the years to come. The region is set to attain US$ 93,793.3 million by 2023, registering a CAGR of 4.2% from 2023 to 2033.
- The corrugated boxes are expected to be valued at US$ 1,11,983.3 million by 2023. The segment is projected to exhibit a CAGR of 3.7% over the forecast period.
- The secondary packaging segment, based on the level of packaging, is expected to attain US$ 1,96,117.6 million by 2023. Over the forecast period, the segment is expected to expand at 4.2%.
- The food packaging industry is set to record significant sales of US$ 1,92,757.9 million by 2023. Over the upcoming years, the segment is projected to exhibit a 4% CAGR.
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New Developments as Observed by FMI
- In August 2022, Nestlé Hong Kong officially disclosed Kit Kat stick ice cream packaging is shifting from plastic to paper. This development is first in line for the Innovation Zone. The packaging is formulated of 100% pure pulp, which is certified by the Forest Stewardship Council (FSC).
- In January 2022, Amcor unveiled a platform for new paper-based packaging. AmFiberTM is an exclusive platform for paper-based packaging material introduced by a leading packaging solutions maker. AmFiber inventions intend to revolutionize the capabilities of conventional paper packaging by offering an extensive range of features and functional advantages to satisfy consumers’ evolving needs.
Key Players:
- Smurfit Kappa Group Plc
- Napco National Paper Products Company
- Billerudkorsnas, International Paper Company
- WestRock Company
- Georgia Pacific LLC
- Pratt Industries, Inc.
- DS Smith Packaging Limited
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Key Segments Covered In Paper Packaging Industry Research
Paper Packaging Market by Material Type:
- Corrugated Board
- Specialty Paper
- Box-board/Carton Board
- Kraft Papers
- Molded Pulp
Paper Packaging Market by Packaging Type:
- Corrugated Boxes
- Cartons
- Wrapping Paper
- Bags & Sacks
- Cups & Trays
- Tapes & Labels
- Others
Paper Packaging Market by Level of Packaging:
- Primary
- Secondary
- Tertiary
Paper Packaging Market by End-use:
- Food & Beverages
- Tobacco
- Healthcare
- Personal Care & Cosmetics
- Homecare & Toiletries
- Electrical & Electronics
- E-Commerce
- Chemicals & Fertilizers
- Other Industrial
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