Global Corrugated Boxes Market Growth Influenced by Expanding Online Shopping Platforms
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At present, online retailing is witnessing a moderate growth owing to the availability of free-shipping options, one-day delivery services and easy return policies. To protect items from mechanical stress and environmental factors, online retailers use product-specific corrugated boxes as secondary packaging. These boxes are used in the packaging of paper, chemicals, textiles, glassware, electronics, food and beverages, and personal care as well as household products. Moreover, manufacturers are investing in research and development activities to introduce technologically advanced product variants. They are also upgrading their existing machinery to improve the chemical resistance of these boxes. By 2024, the corrugated boxes market size is anticipated to exceed US$ 206 Billion, expanding at a CAGR of 2.4% during the forecast period (2019-2024).
Recycled corrugates dominate the market
Based on the material used, the market has been classified into recycled and virgin corrugates. At present, recycled corrugates exhibit a clear dominance in the market as they are used in the packaging of cosmetics, fast food items and consumer electronics. In comparison with virgin corrugates, recycled corrugates are more convenient, cost-effective and environment-friendly.
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Food products and beverages lead the market
On the basis of end-use, the market has been classified into food products and beverages, paper products, electrical and electronic goods, personal and household care goods, chemicals, glassware and ceramics, textile goods, and others. Amongst these, food products and beverages account for the majority of the total market share. Corrugated boxes are widely replacing conventional wooden and plastic crates for the packaging of food and beverages as they offer numerous advantages including structural rigidity and cushioning effect.
The Asia Pacific region accounts for the biggest share
Presently, the Asia Pacific region enjoys the leading position in the global corrugated boxes market due to rapid economic development and a large consumer base. This has led to a rise in the demand for FMCG products like toiletries, OTC drugs, and packaged foods and beverages. Besides this, factors including expanding e-commerce industry, product innovations and a rise in trade activities in the region are also catalyzing the market growth.
Fragmented market structure
The market is fragmented in nature on account of the presence of several established and emerging manufacturers in the industry. Moreover, on account of low capital investments and barriers to enter the industry, the threat of new entrants is quite high for existing manufacturers. Some of the key players operating in the market include International Paper Company, Nine Dragons Paper, West Rock, Smurfit Kappa Group and Lee and Mann Group.
Also Read: https://www.marketwatch.com/press-release/global-corrugated-boxes-market-catalyzed-by-demand-from-e-commerce-industry-imarc-group-2019-05-28
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