The Paperboard Packaging Market size is estimated to reach US$185.8 billion by 2027, after growing at a CAGR of 3.6% during the forecast period 2022-2027. The growth of the paperboard packaging market would be highly influenced by surging demand from major industries such as food & beverage packaging, medical & healthcare, cosmetics & personal care and others. Paperboard packaging is done using fresh sources or recycled waste paper, such as corrugated boxes, boxboards and others to offer sustainability and environment-friendliness. The rising dominance of paperboard packaging in the food & beverage sector for a wide range of applicability in bakery, meat, frozen food and others acts as a driving force in the Paperboard Packaging industry.
According to the China Chain Store & Franchise Association, the food & beverage sector in China reached US$595 billion in the year 2019, registering a 7.8% growth over the previous year. The growing packaging industry, including food & beverages, cosmetics & personal care, medical and other industries, is fueling the growth scope for the Paperboard Packaging industry.
Paperboard Packaging Market: The Food & Beverage Industry Leads the Market
Based on the end-use industry, the Paperboard Packaging market can be segmented into food & beverages, medical & pharmaceuticals, cosmetic & personal care, electronics, consumer goods and others. The leading segment in the paperboard packaging industry has been evaluated to be the food & beverage industry. During the forecast period 2022-2027, the food & beverage industry is projected to grow at a CAGR of 4.2%. This can be attributed to growth factors such as the easy availability of packaged foods, changing lifestyles and demand for recyclable food packaging technologies.
According to the Food & Drink Federation, food & beverages in the UK contributed US$35.60 billion to the economy and marked a growth of 4.3% in 2021 compared to 2020. Thus, the paperboard packaging industry would grow significantly as a result of emerging applications of paperboard packaging in the food & beverage sector for packaged food items, confectioneries and others over the forecast period.
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Paperboard Packaging Market: Asia-Pacific Holds the Largest Share
Based on geography, the Paperboard Packaging market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific held a 42% share of the total revenues earned by the market, globally. The APAC region is estimated to grow rapidly due to the established food & beverage sector, increasing consumption of packaged items and urbanization trends. The food & beverage sector is growing lucratively in APAC due to demand for ready-to-eat foods, the food system market and changing lifestyles.
According to the Commonwealth Scientific and Industrial Research Organization (CSIRO), the size of the food and beverage sector in Australia is growing and is projected to reach US$25 billion worth by 2030. With robust growth scope for paperboard packaging in the food & beverage industry for fruits & vegetables, fast foods, bakeries and others across APAC countries, the paperboard packaging industry would continue to grow over the forecast period. The Paperboard Packaging market would also gain demand from the North American region. The USA, Canada and others are emerging countries in the Paperboard Packaging industry.
Paperboard Packaging Market: Competitive Landscape
Key companies holding major shares in the Paperboard Packaging market are Stora Enso, ITC Limited, International Paper Group, Nippon Paper Industries Co. Ltd, Mondi Plc, Oji Holding Company, Svenska Cellulosa Aktiebolaget, South African Pulp & Paper Industries, Smurfit Kappa Group and Metsa Board.
Mr. Venkat Reddy
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