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Paperboard Packaging Innovations Redefining Sustainability in 2024
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According to The Business Research Company's, The paperboard packaging market size has grown strongly in recent years. It will grow from $204.13 billion in 2023 to $214.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to sustainable packaging demand, shift from plastic to paperboard, brand preference for eco-friendly packaging, regulatory changes, cost-efficiency of paperboard.
The paperboard packaging market size is expected to see strong growth in the next few years. It will grow to $275.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rise in convenience packaging, product protection demands, health and safety concerns, customization and branding, cost-efficiency. Major trends in the forecast period include eco-friendly packaging demand, brand commitment to sustainability, innovations in design and printing, customization and versatility, demand from retail sector.
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Market Drivers and Trends:
The rising consumption of packaged food is expected to propel the growth of the paperboard packaging market going forward. Packaged food is food that is covered to prevent direct contact with the environment, either by permeable or impermeable wrapping. Packaged food usually requires paperboard packaging as it does not harm the food product. Paperboard folding cartons are used to package frozen foods, dry meals, milk products, and a variety of other items. For instance, in September 2022, according to a report published by Zawya, a UAE-based media portal, the anticipated surge in demand for packaged food is projected to witness a 21% increase, reaching 44 million tons by 2026. The consumption of packaged food in specific regions is expected to experience notable growth, with Iraq's consumption projected to increase by 28%, Saudi Arabia's by 22%, and the UAE's by 19%. Therefore, the rising consumption of packaged food is driving the growth of the paperboard packaging market.
New product innovations have emerged as the key trend gaining popularity in the paperboard packaging market. The packaging industry is increasingly focusing on integrating smarter technologies into packaging for better safety in different terrains and conditions. For instance, in February 2021, J & J Green Paper, a US-based company that develops novel paper products, introduced JANUS, a green paper technology that treats paper and packaging with environmentally friendly components to minimize chemical by-products while maintaining moisture resistance. It is organic, recyclable, compostable, and repulpable and directly replaces polyethylene glycol (PEG).
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Major Key Players of the Market:
WestRock Company, The International Paper Company, RockTenn Company, Georgia Pacific LLC, Smurfit Kappa Group plc, Amcor Ltd., Oji Holdings Corporation, Stora Enso Oyj, DS Smith plc, Mondi plc, Graphic Packaging International LLC, ITC Limited, Packaging Corporation of America, Sappi Limited, Sonoco Products Company, Rengo Co Ltd., Evergreen Packaging Inc., Huhtamaki Oyj, BillerudKorsnas AB, Shandong Chenming Paper Holdings Limited, Cascades Inc., Lee & Man Paper Manufacturing Limited, KapStone Paper and Packaging Corporation, Wilfried Heinzel AG, Anhui Shanying Paper Industry Co Ltd., Metsa Board Corporation, Svenska Cellulosa Aktiebolaget, Clearwater Paper Corporation, Nippon Paper Industries Co Ltd., Shandong Bohui Paper Industry Co Ltd.
Paperboard Packaging Market 2024 Key Insights:
• The paperboard packaging market size is expected to see strong growth in the next few years. It will grow to $275.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Paperboard Packaging Market Thrives On Surging Demand Driven By Increased Consumption Of Packaged Food
• Sustainable Technology Advancements In Paperboard Packaging
• Asia-Pacific was the largest region in the paperboard packaging market in 2023
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