Rising Retail Demand Spurs Growth in Paper Packaging Market, Projected to Reach USD 573.7 Billion by 2033

The global paper packaging market is predicted to register a robust CAGR of 4.1% over the forecast period, as per FMI's analysis. The industry's size is anticipated to increase from USD 3,83,867.8 million in 2023 to USD 5,73,705.45 million by 2033 end.

The rising prevalence of hypermarkets and supermarkets is projected to drive the sales of paper and paperboard containers. As a result, they are propelling the growth of the packaging industry in the forecast period. Several retail stores utilize packaging materials to safeguard food and conserve its nutritional value. The rise in the consumption of grocery items is predicted to augment the demand for paper packaging solutions over the upcoming years.

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The budding e-commerce as well as retail industries, in addition to the rising interest in environment-friendly packaging products, due to ecological concerns among citizens, are estimated to push the market forward.

Additionally, the robust rise in online shopping platforms is pushing the requirement for tertiary and secondary paper packaging products, thus spurring market growth further.

Top Highlights from the FMI's Analysis of the Paper Packaging Market

• Europe region is projected to make its headway in the paper packaging industry over the forecast period. The region is projected to generate a revenue of USD 1,00,596 million by 2023, at a CAGR of 3.9% over the forecast period.
• North America region is projected to attain a market value of USD 94,062.8 million by 2023. Over the forecast period, the region is anticipated to expand at a CAGR of 3%. The high penetration of key players in the region is pushing regional growth by introducing new and innovative products for dynamic consumer requirements.
• East Asia region is expected to witness robust expansion in the years to come. The region is set to attain USD 93,793.3 million by 2023, registering a CAGR of 4.2% from 2023 to 2033.
• The corrugated boxes are expected to be valued at USD 1,11,983.3 million by 2023. The segment is projected to exhibit a CAGR of 3.7% over the forecast period.
• Based on the level of packaging, the secondary packaging segment is expected to attain USD 1,96,117.6 million by 2023. Over the forecast period, the segment is expected to expand at 4.2%.
• The food packaging industry is set to record significant sales of USD 1,92,757.9 million by 2023. Over the upcoming years, the segment is projected to exhibit a 4% CAGR.

Competitive Intelligence

The top five players in the paper packaging market control more than 25% of the market. Though paper bottles are the current trend, manufacturers are also working to improve corrugated boxes in the future.

• Smurfit Kappa: In September 2022, the company acquired a packaging plant by the name of PaperBox in Saquarema, which is 70 km east of Rio de Janeiro. With this acquisition, the company aims to meet the rising demand for sustainable and innovative packaging solutions.
• Napco National Paper Products Company: In January 2023, the company revealed its packaging solutions, including corrugated packaging solutions, at the 2022 International Dates Conference & Exhibition. The event took place at the Riyadh International Convention & Exhibition Center, Saudi Arabia.
• Billerud: In April 2022, the company acquired Verso, a coated paper producer, for a total worth of US$ 825 million. The motive behind adding Verso to the company's acquisitions is to strengthen Billerud's position under the virgin paper and packaging material segments.

Other Key Players

• WestRock Company
• Georgia Pacific LLC
• Pratt Industries, Inc.
• DS Smith Packaging Limited
• Stora Enso Oyj
• Mondi Group Plc
• WestRock Company
• Huhtamaki Oyj
• Pactiv LLC
• Sonoco Products Company
• KapStone Paper and Packaging Corp
• Rengo Co. Ltd.
• US Corrugated Inc.
• Reynolds Group Holdings
• Stora Enso, UFP Technologies
• ESCO Technologies Inc
• Brodrene Hartmann
• Mayr-Melnhof Karton AG

Recent Developments

• In August 2022, Nestlé Hong Kong officially disclosed Kit Kat stick ice cream packaging is shifting from plastic to paper. This development is first in line for the Innovation Zone. The packaging is formulated of 100% pure pulp, which is certified by the Forest Stewardship Council (FSC).
• In January 2022, Amcor unveiled a platform for new paper-based packaging. AmFiberTM is an exclusive platform for paper-based packaging material introduced by a leading packaging solutions maker. AmFiber inventions intend to revolutionize the capabilities of conventional paper packaging by offering an extensive range of features and functional advantages to satisfy consumers' evolving needs.

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Key Segments Covered in Paper Packaging Industry Research

By Material Type:

• Corrugated Board
• Specialty Paper
• Box-board/Carton Board
• Kraft Papers
• Molded Pulp

By Packaging Type:

• Corrugated Boxes
• Cartons
• Wrapping Paper
• Inserts & Dividers
• Bottle & Cup Carriers
• Cups & Trays
• Clamshell
• Display Packaging
• Bags & Sacks
• Tapes & Labels

By Level of Packaging:

• Primary Packaging
• Secondary Packaging
• Tertiary Packaging

By End Use:

• Food Packaging
• Beverage Packaging
• Tobacco Packaging
• Healthcare Packaging
• Personal Care & Cosmetics
• Homecare & Toiletries
• Electrical & Electronics
• Industrial Packaging
• E-Commerce Packaging
• Chemical & Fertilizers

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East & Africa

Have a Look at Another Post on the Packaging Domain:

Collapsible Rigid Containers Market - https://www.fmiblog.com/2024/12/03/global-collapsible-rigid-containers-market-to-be-worth-usd-2-74-billion-by-2033-future-market-insights-inc/

Growlers Market - https://www.fmiblog.com/2024/12/05/global-growlers-market-set-to-expand-with-a-cagr-of-2-7-through-2033-reaching-usd-726-million-fmi/

Sachet Packaging Machines Market - https://www.fmiblog.com/2024/09/10/sachet-packaging-machines-market-is-expected-to-reach-a-high-valuation-of-usd-822-4-million-by-2034-fmi/

Aluminum Extrusion Market - https://www.fmiblog.com/2024/12/05/global-aluminum-extrusion-market-set-to-soar-to-usd-195-48-billion-by-2033-future-market-insights-inc/

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.