Propel Paper & Paperboard Packaging Market Towards $319.62 Billion by 2031 - Sustainability Spurs Growth

Market Sizing:
The Paper & Paperboard Packaging Market, valued at USD 219.66 Billion in 2023, is anticipated to achieve a valuation of USD 319.62 Billion by 2031, experiencing a compound annual growth rate (CAGR) of 4.8% throughout the forecast period from 2024 to 2031.

Market Report Scope:
The market report encompasses a comprehensive analysis of the global Paper & Paperboard Packaging Market, including market trends, drivers, challenges, and opportunities. It examines the market on a global, regional, and segmental basis, providing insights into key growth factors, recent developments, and competitive landscape.

Major Key Players Included are:
Smurfit Kappa Group plc, DS Smith plc, Packaging Corporation of America, International Paper Company, Nippon Paper Industries Company Ltd, ITC Ltd, Sappi Limited, Metsa Group, Stora Enso Oyj, Svenska Cellulosa Aktiebolget

Market Analysis:
The Paper & Paperboard Packaging Market is witnessing robust growth, driven by increasing demand for sustainable packaging solutions, stringent government regulations promoting eco-friendly practices, and growing consumer awareness regarding environmental conservation. Innovations in packaging technology, such as bio-based materials and recyclable packaging, are further fueling market expansion.

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Segment Analysis:
By Raw Material:
Dominating Segment: Recycled Waste Paper
Reason for Dominance: Growing emphasis on sustainability and environmental conservation drives demand for recycled materials.
- Wood Pulp
- Recycled Waste Paper

By Product Type:
- Dominating Segment: Folding Boxboard
- Reason for Dominance: Versatility, durability, and eco-friendliness make folding boxboard a preferred choice across various industries.
- Folding Boxboard
- Solid Bleached Sulfate
- Label Paper
- White Lined Chipboard
- Glassline & Grease Paper
- Others

By Application:
- Dominating Segment: Food & Beverages
- Reason for Dominance: Increased demand for packaged food products, especially due to the rise in e-commerce and convenience food consumption trends.
- Durable Goods
- Food & Beverages
- Medical
- Non-Durable Goods
- Others

Covid-19 Impact:
The Covid-19 pandemic significantly impacted the Paper & Paperboard Packaging Market, affecting prices, demand, and supply chains. Lockdown measures, disrupted supply chains, and fluctuating demand led to challenges in production and distribution. However, the increased demand for paper packaging from the food and e-commerce sectors partially offset the decline.

Impact of Russia-Ukraine War:
The Russia-Ukraine war resulted in global economic instability, impacting the Paper & Paperboard Packaging Market. With disruptions in supply chains and fluctuating raw material prices, market growth faced impediments. However, the increasing global focus on sustainability may mitigate some of these challenges.

Impact of Economic Slowdown:
The economic slowdown adversely affected the Paper & Paperboard Packaging Market, leading to decreased demand and disrupted supply chains. However, the market is expected to rebound as economies recover and demand for sustainable packaging solutions grows.

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Key Regional Development:
The Asia Pacific region is poised for significant growth in the Paper & Paperboard Packaging Market due to factors such as population growth, rising literacy rates, and government initiatives promoting sustainable practices. Europe follows closely, driven by stringent regulations favoring eco-friendly packaging alternatives.

Key Takeaways:
- Sustainable packaging solutions and innovative technologies are driving market growth.
- Asia Pacific emerges as a key growth region, fueled by population growth and environmental initiatives.

Recent Developments:
- JMC Paper Tech Private Limited commenced construction of a recycled fiber-based Kraft paper mill in North America, aiming for production to commence by mid-2024.
- Mesta Board plans to establish a paperboard mill in Finland, with an investment decision expected in 2024.
- Liansheng Pulp & Paper Company Limited successfully initiated two ANDRITZ tissue machines at its China mill, enhancing production capacity and efficiency

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Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

This release was published on openPR.