Factors such as a shift toward online shopping, expansion of e-commerce and courier service sectors, and rapid urbanization will accelerate the growth of the corrugated packaging market, at 3.7% CAGR, during the forecast period. Additionally, increasing preference for sustainable packaging solutions and cost-effective packaging materials support the market growth. Also, governments across the world are motivating the use of these materials for sustainable development. Owing to these factors, the value of the market is expected to increase from $237.5 billion in 2017 to $294.3 billion by 2023.
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Corrugated packaging is one of the most affordable and convenient modes of packaging for the e-commerce sector, due to its lightweight and low cost. Adoption of the packaging materials assists in easy and convenient delivery of the goods to customer's door-step. This has prompted players in the corrugated packaging market, such as DS Smith PLC, Nine Dragons Paper (Holdings) Limited, Oji Holdings Corporation, Georgia-Pacific Equity Holdings LLC, Packaging Corporation of America, International Paper Company, Mondi Group, Lee & Man Paper Manufacturing Ltd., and WestRock Company, to increase their production considerably.
Globally, the Asia-Pacific (APAC) region consumed the highest quantity of corrugated packaging materials in 2017, due to the rising Western influence and increasing consumption of retail ready-to-eat food. The adoption of durable and non-durable goods has surged in the region, owing to the changing lifestyle pattern and rapid urbanization. Furthermore, the escalating consumption of processed foods, especially in emerging nations such as Indonesia, India, and China, is one of the prime reasons behind the widescale application of the packaging solution in these countries.
Thus, the spurring demand for electronics and processed food will propel the utilization of corrugated packaging materials in the foreseeable future.
Read more: https://www.psmarketresearch.com/market-analysis/corrugated-packaging-market
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