The global corrugated board packaging market is projected to grow at a CAGR of over 4% during the forecast period. The market growth is attributed to various factors with increasing e-commerce sales is being one of the primary reasons. According to the United Nations Conference on Trade and Development, global e-commerce sales grew 13% in 2017, hitting an estimated $29 trillion. Further, around 1.45 billion people, or one-quarter of the global population aged 15 and older, made purchases online in 2018, representing an increase of 9% as compared to 2017. Increasing e-commerce sales have a profound impact on packaging demand, especially in the corrugated board packaging industry.
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Further, the recent COVID-19 outbreak has led to increasing e-commerce sales. Several brick-and-mortar businesses have shifted resources to e-commerce. Moreover, immunity boosters, hygiene, and other health-related products have seen tremendous growth since the outbreak. The online demand for products such as masks has quadrupled in China and the US in March 2020, as compared to January 2020 and December 2019. Such increasing sales of products provide growth and tend to expand the global corrugated board packaging market size.
The COVID-19 outbreak has also increased the demand for convenience food and the food & beverage industry is one of the major applications of corrugated board packaging. There is an increasing demand for convenient food products as these food items reduce cooking, and clean-up time for consumers. The demand for ready-packed and ready-to-eat products is expected to increase during the forecast period. This is expected to increase the need to provide high-quality, packaged, and processed foods to the customers. This, in turn, will increase the need for packaging and hence will drive the global corrugated board packaging market.
Further, the market growth is influenced by the presence of various players operating in the market. Some of the players contributing to the growth of the global corrugated board packaging industry include International Paper Co., Mondi Group, Smurfit Kappa Group, DS Smith Plc, Cascades Inc., Nippon Paper Industries Ltd., Sealed Air Corp., and others. These players adopt various strategies to strengthen their revenue stream and sustain in the global corrugated board packaging market.
In February 2020, Mondi Group established a partnership with Cartro, a Mexican corrugated packaging company, for delivering sustainable packaging solutions for fresh produce. Mondi’s portfolio of paper grades and ProVantage Kraftliner Aqua, meet these requirements, and the two companies together have developed a completely new corrugated box to serve the purpose.
Global Corrugated Board Packaging Market – Segmentation
By Application
Global Corrugated Board Packaging Market – Segmentation by Region
North America
Europe
Asia-Pacific
Rest of the World