Asia-Pacific Corrugated Packaging Market Thrives on Growing Market Opportunities and Government Initiatives

Asia has developed as a global center for manufacturing over the past two decades led by constantly rising investment flows and rising number of start-ups. Rising wage costs, supply chain issues, and geopolitical unrest are currently the main factors pushing multinational corporations to expand their manufacturing into Asia. Emerging Economy of Asia Pacific Region offers a significant opportunity of market growth of various sector which will directly impact the demand of corrugated packaging in that region.

The Asia-pacific corrugated packaging market is expanding rapidly as a result of rising demand from the food and beverage industries, growing E-commerce, and rising investments in manufacturing in developing nations. The growing preference for consumer goods and other end-uses is also propelling the industry. The Asia Pacific market for corrugated packaging boxes rose at a CAGR of 4.6% from 2018 to 2022.

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► Market Performance by Geography:
In Asia Pacific, the largest market for corrugated packaging is China, followed by Japan and Indonesia. India is one of the rapidly advancing markets, followed by Thailand, Australia and the rest of APAC.

With the presence of large number of regional and international players, the China corrugated packaging market is flourishing and the country is leveraging its position as major manufacturing hub. Market participants are implementing a variety of methods, such as vertical and horizontal integration and product expansions, to hasten the development of corrugated packaging in China.

► Government Initiatives:
Governments across the Asia Pacific region offer a number of incentives for foreign investors, including free trade zones, business grants, competitive tax rates, and tax rebates. The expansion strategy is expected to offer lucrative opportunities for market players in future.

► Key Developments by Market Players:-
■ On February 1st, 2021, Mondi announced the inclusion of a product called BCoolBox to its sustainable eCommerce lineup, which may also include food and fresh vegetables. It is a packaging solution composed of a thermo-insulated corrugated range that might keep food cold without the need for external refrigeration. The new technology, according to the company, is intended to maintain stored goods at a constant temperature of less than 7 degrees for 24 hours.
■ On 30th August 2022, Amcor inaugurated an innovation hub for the Asia-Pacific in Jiangyin, China. The facility seeks to speed up the creation of environmentally friendly packaging options to cater to the increasing demand.
■ In September 2021, Vina Kraft Paper Co., Ltd., Rengo Co., Ltd.'s joint venture in Vietnam, announces its decision to build a new production site for containerboard. Vina Kraft Paper will firmly consolidate its position as the market leader in the Vietnamese containerboard market with the newly built factory and pursue sustainable expansion and growth. Additionally, it will improve Vietnam's domestic integrated production system for corrugated boxes and containerboard.

► Key Findings
■ Emerging Hubs in Asia Pacific Region:
India, Indonesia, and Vietnam are expected to grow in coming years owing to the expanding e-commerce industry at both domestic and international levels. These emerging economies offer attractive growth opportunities for the corrugated boxes market.

■ Flexible Government Policies in Asia Pacific Region:
The government of emerging economies offer a number of incentives for foreign investors, including free trade zones, business grants, and competitive tax rates and tax rebates. Knowing the long-term growth potential of APAC, many foreign investors have been entering the market and expanding via mergers and acquisitions. This in turn will increase the demand for corrugated packaging over the coming years.

■ Increasing Demand for Personalized Forms of Packaging:
Youth in the Asia-Pacific Region make up 60 per cent of the world's youth population, or 750 million young persons aged 15 to 24 years. This major proportion of the population demands more personalized forms of packaging. Personalization is one of the quickest and least costly ways of giving a packaging product a more unique appearance, as well as offering companies a mechanism to increase brand awareness and engage with their consumers. This trend is expected to increase the demand for corrugated packaging in the coming years.

■ Increasing Cost of Raw Material:
The sharp rise in the price of raw materials and disruptions in the supply of raw materials has severely affected the corrugated box industry. Shortage of coal, high power and fuel prices have led to an increase in the cost of raw materials by 70-75%.

■ Increasing Demand for Electrical & Electronics Goods:
China continues to be a significant global hub for the production of consumer electronics, drawing the biggest electronic manufacturers from across the world. The first two months of 2022 saw the steady rise of China's electronics manufacturing sector. During that time, the export value of Chinese electronics items rose 11.4% year over year.

Scope of the Study
Makreo Research has published a study on "Asia-Pacific Corrugated Packaging Market Analysis and Forecast (2018-2028)". The report offers a wide range of factors covering market analysis, trade performance, regional mix, production and consumption scenarios, and other developments.

Additionally, the focus on both qualitative and quantitative factors suggests our well-rounded approach to analysis. This provides readers with a more complete understanding of the Asia Pacific Corrugated Packaging Market, including its past and present performance, as well as potential growth opportunities in the future. Overall, this study could be a valuable resource for anyone interested in understanding the Asia Pacific market and its potential for growth in the future.

Find Out More:- https://www.makreo.com/report/asia-pacific-corrugated-packaging-market-analysis-forecast-2018-2028

The report examines the Asia Pacific Corrugated Packaging Market Analysis on the below parameters:

Period of Study-
2018-2022: Past and Present Scenario
2023-2028 : Future Outlook of the industry

Market Assessment:
The report examines opportunity for the Asia Pacific Corrugated packaging market on various grounds including.
1. Market revenue
2. Market share by geography
3. Price scenario
4. Market Forecast

Countries Covered:
China, India, Japan, Indonesia, Thailand, Australia

Segmentation:
By Production, By Consumption, By End User

Competitive landscape:
Mergers /Acquisitions/ Investments

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This release was published on openPR.