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Global corrugated packaging market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Corrugated Packaging Market Remains Influenced by Rapid E-commerce Expansion
The corrugated packaging market has been witnessing stable growth supported by the developments in the digital printing packaging technology and explosion of the e-commerce platform. As e-commerce sales continue to rocket, the demand for efficient packaging solutions has increased considerably. The e-commerce sector witnessed a slight slack during the initial COVID-19 scenario owing to challenges in transportation and logistics causing disruptions in supply chain. However, the industry gained momentum post the lifting of the restrictions. Largely driven by customer convenience and cost efficiency, the e-commerce sector further grew in the last quarter of 2020 owing to rising customer preference for online purchase instead of a physical visit to the stores. This not only drove the logistics sector but also the need for effective packaging with improved design and functionality. That said, the demand for corrugated packaging for the direct to consumer delivery increasing significantly. This factor continues to influence the growth of the corrugated packaging market.
High Sustainability to Bolster Corrugated Packaging Market Growth
Corrugated packaging is proving popular across industries with sustainability becoming the main issue across the entire value chain. The shift towards sustainable packaging solutions since past few years has positively impacted the corrugated packaging market. Corrugated packaging is gaining high traction across various industries including food and beverage, medical, personal care, industrial, electronics and agriculture among others. This is mainly owing to its sustainable nature and is cost-efficient. Other factors such as easy to customize based on customer requirements, maximum protection, easy to recycle, highly biodegradable, easy customization from a branding standpoint, light weight and reusable after recycling have fuelled the adoption of corrugated packaging. It also reduced material wastage during transportation and is highly flexible. Furthermore, rightsizing, and right weighting are playing a crucial role in the corrugated packaging market. This is mainly to satisfy customer demand for secure packaging and appeal. In this backdrop, the sustainability quotient is expected to spur the growth of the corrugated packaging market in the forthcoming years.
Booming Food and Beverages Industry to Complement Corrugated Packaging Market Expansion
The adoption of corrugated packaging in the food and beverage industry prevails as a vital aspect driving its sales and market revenue. This is mainly owing to the functional advantages that corrugated packaging provides for the sector. Corrugated packaging is durable, strong and offers enhanced protection to food products particularly when the products are handled by several personnel during long distance shipping. Mainly owing to its high flexibility and customization, it can be right sized according to the product. Additionally, corrugated packaging is non-reactive in nature which makes it an apt solution for transportation and storing of food products for longer time periods. This has propelled their use in the food and beverages industry, in turn driving the growth of corrugated packaging market.
In addition, the increasing demand for convenience and packaged foods has influenced the growth of the corrugated packaging market. Owing to busy and hectic lifestyles of individuals, the inclination towards ready-to-eat packaged foods is rising thus giving an impetus to the sales of corrugated packaging solutions. Corrugated packaging solutions prevent moisture from penetrating the packaging and reaching the food product, due to which the food products remain safe and can withstand longer shipping time. This has resulted in manufacturers of processed and ready-to-eat food to adopt corrugated packaging. Furthermore, the use of corrugated packaging in shipping other food products such as breads, meat and perishable items is also expected to increase significantly. That said, growing adoption in the food sector and high demand for convenience and packaged food products is expected to drive the growth of the corrugated packaging market.
Adoption of Technology to Transform the Corrugated Packaging Market
The rampant proliferation of technology in the packaging space has transformed the corrugated packaging market. New age technologies such as artificial intelligence are being leveraged by corrugated packaging manufacturers to enhance their product design and efficiency. With the progressing smart packaging trend, the embedded sensor technology is being adopted for pharmaceutical drugs, food items, and other products. The packaging sector has adopted the QR code and barcode technology that enhances the overall functionality, convenience, and durability of the shipping activity. That said, using technology it becomes easier to monitor packages thus preventing external tampering. Given this background, the penetration of technology in the packaging space is expected to pave new avenues for the corrugated packaging market.
Asia Pacific to Remain a Hotbed of Opportunities in Corrugated Packaging Market
The developing nations in Asia Pacific region are expected to account for a major revenue share in the corrugated packaging market. Rapid growth in the e-commerce sector, and the increasing demand for ready-to-eat packaged food products has fuelled the adoption of corrugated packaging in the region. Furthermore, the government authorities in the region are focusing on adoption of environment friendly solutions which triggered the use of green packaging. Moreover, bans and restriction on the use of plastics in several Asian countries have resulted in higher dependence on sustainable packaging solutions such as corrugated packaging. Other factors such as rising customer pool owing to increasing population, rapid growth of the end user industries such as food and beverage, cosmetics, pharmaceutical, and electronics and semiconductors are expected to influence the expansion of the corrugated packaging market in Asia Pacific in the coming years.
Corrugated Packaging Market: Competitive Landscape
A few of the major players in the global corrugated packaging market include DS Smith Packaging Ltd., Saica Group, Menasha Corporation, Smurfit Kappa Group Plc, Mondi Group, Oji Holdings Corporation, Wisconsin Packaging Corporation, International Paper Company, and Westrock Company.
The Global Corrugated Packaging Market is Segmented as Below:
By Product Type
By Packaging Type
By End Use Industry
By Region
Key Elements Included In The Study: Global Corrugated Packaging Market
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Disclaimer:
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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