Global Market Insights, Inc.

Paperboard Packaging Market to Grow at 7.5% CAGR by 2024 : International Paper, Mondi Group, ITC Limited, Metsä Group, Rock-Tenn Company, Smurfit Kappa

paperboard packaging market is bifurcated into containerboard and boxboard. The manufacturing process of containerboard is done on modified paper machines as they have the ability to handle superior grammages. The segment will grow at an exponential CAGR of over 8.5% from 2017 to 2024.

 

Sellbyville, DE -- (SBWIRE) -- 11/14/2018 -- Global Market Insights presents a most up-to-date research on "Paperboard Packaging Market – Global Industry Analysis, Size, Share, Product (Boxboard [Folding Boxboard, Solid Unbleached Board, Solid Bleached Board, White Lined Chipboard], Containerboard), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) and Forecast 2017 – 2024".

Paperboard Packaging Market size will likely surpass USD 240 billion by 2024; according to a new research report by Global Market Insights, Inc. Corporate lifestyle of people and odd working hours result in home delivering and on-the-go eating habits. These factors are boosting the packaged food industry in the emerging countries. Rising number of working women in these countries is also one of the factors driving the packaged food industry in these regions.

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China is one of the leading packaged food manufacturer with huge bakery, processed food, sauces, dressings, and baby food production. In 2016, China packaged food market was valued over USD 275 billion and is poised to grow at a significant rate in the forecast period. Increasing consumption of such packaged food & beverages by consumers in the emerging countries due to rapidly changing lifestyles will positively influence the paperboard packaging industry in coming years.

Plastic, metal, and glass packaging are a few factors that may affect paperboard packaging market in coming years. Plastic is a widely used substitute product used for packaging purposes. The abundant availability of paper and paperboard material for packaging purposes and safety regulations pertaining to plastic usage however results in a traditional use of paperboard packaging all over the world.

Few of the shortcomings faced by the paperboard packaging market include the higher costs than plastics and the durability. The products are not inherently water resistant and need extra protection layers of plastic to prevent moisture damage. These factors shall act as restraints for the global paperboard packaging market.

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The pressing need for higher productivity in packaging industry coupled with the growing consumer base demanding eco-friendly and biodegradable products are prominently impacting paperboard packaging market dynamics. A significant rise in the purchase parity of consumers is also a major factor supporting the go-green notion. In fact, a sizable proportion of the consumers are willing to pay a premium for sustainable products. In the mature markets, many consumer brands have approached this trend by redesigning their products in order to reduce the proportion of packaging materials. For instance, Kleenex reduced its tissue boxes packaging material by 30%, while Kimberley-Clark reduced their corrugated board packaging usage by 55% for some product lines.

Coca-Cola, a leading beverage industry player, has further launched a prototype called PlantBottle that is manufactured from 100% bio-based raw material. In addition to this, taking part into this sustainability move, McDonald's has recently announced that its packaging for the European region is 100% from sustainable sources such as paper, paperboards, and wood fiber. These developments are overt to carve out a rather lucrative roadmap for paperboard packaging market in the coming years.

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Several paperboard packaging industry players along with paper mills have also responded to the lightweight paperboard trend. Advancements in packaging technology have encouraged these product manufacturers to achieve comparable compression strength and printability at lower grammage. This is likely to reduce the higher costs of paperboard as light weight means less shipping and storage costs. This trend will indeed escalate the product demand, enhancing the overall profitability quotient of this industry. Some of the renowned players defining the competitive hierarchy of paperboard packaging market include Southern Champion Tray, International Paper Company, Outlook Group LLC, Rock-Tenn Company, Nippon Paper Industries, and Shandong Bohui Paper Industry Co Ltd.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.