Future Market Insights estimates that the global paper packaging market will experience robust growth with a strong compound annual growth rate (CAGR) of 4.1% over the forecast period. By the end of 2033, the industry is projected to reach a value of US$ 573,705.45 million, growing from US$ 383,867.8 million in 2023.
The expansion of the packaging industry is expected to be fueled by the increasing prevalence of supermarkets and hypermarkets. As these retail establishments become more common, the demand for paper and paperboard containers is anticipated to rise.
The use of packaging materials to protect food and maintain its nutritional content is widespread in various retail establishments. The consumption of supermarket items, including chilled and frozen foods, is expected to increase in the coming years, thereby driving the demand for paper packaging options.
The growing retail and e-commerce sectors, along with consumer preferences for environmentally friendly packaging materials, are expected to be key drivers for the market. The rapid expansion of online shopping platforms is further contributing to the demand for tertiary and secondary paper packaging materials, leading to accelerated market growth.
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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 US$ 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 US$ 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 US$ 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 US$ 1,11,983.3 million by 2023. The segment is projected to exhibit a CAGR of 3.7% over the forecast period.
- The secondary packaging segment, based on the level of packaging, is expected to attain US$ 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 US$ 1,92,757.9 million by 2023. Over the upcoming years, the segment is projected to exhibit a 4% CAGR.
New Developments as Observed by FMI
- 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 Players:
- Smurfit Kappa Group Plc
- Napco National Paper Products Company
- Billerudkorsnas, International Paper Company
- WestRock Company
- Georgia Pacific LLC
- Pratt Industries, Inc.
- DS Smith Packaging Limited
Regional Analysis:
The United States is projected to generate market revenue of US$ 87,314 million by 2023 end. For the forecast period, the market is set to expand at a CAGR of 3.1%. Increasing demand for flexible packaging is pushing the market growth forward. Additionally, rising investments in cartons for protection, preservation, and additional value is enhancing reusability among customers.
WestRock, a paperboard solutions vendor, developed a similar carton for Asahi beer, in which the structural engineering of the bottom tray helps the pack hold ice and display cans. Additionally, the development of multi-use designs to serve as a showpiece or to illuminate parties is projected to bolster the market growth in the country.
The retail industry is another significant user of paper packaging. The boom of e-commerce has significantly catapulted in recent years and can be justified by more than 50 million prime subscribers for Amazon. The rapidly increasing online sales are expected to propel the growth of paper packaging industry in the United States.
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Key Segments Covered In Paper Packaging Industry Research
Paper Packaging Market by Material Type:
- Corrugated Board
- Specialty Paper
- Box-board/Carton Board
- Kraft Papers
- Molded Pulp
Paper Packaging Market by Packaging Type:
- Corrugated Boxes
- Cartons
- Wrapping Paper
- Bags & Sacks
- Cups & Trays
- Tapes & Labels
- Others
Paper Packaging Market by Level of Packaging:
- Primary
- Secondary
- Tertiary
Paper Packaging Market by End-use:
- Food & Beverages
- Tobacco
- Healthcare
- Personal Care & Cosmetics
- Homecare & Toiletries
- Electrical & Electronics
- E-Commerce
- Chemicals & Fertilizers
- Other Industrial
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