Report ID: SQSG15H2007 | Region: Global | Published Date: September, 2022 | Pages: 157Global Liquid Packaging Carton Market
Report ID: SQSG15H2004 | Region: Global | Published Date: September, 2022 | Pages: 157
Global Paperboard Market size was valued at USD 195.01 billion in 2021 and is expected to reach USD 256.62 billion, at a CAGR of 4.0% over the forecast period (2022-2028).
Paperboard is a thick paper-based material widely used in packaging. It is made with wood pulp as the primary component. A significant portion of paperboard is recycled to prevent deforestation and waste. Food and beverage packaging, medical packaging, durable and non-durable goods packaging, industrial packaging, and cosmetics packaging are the most common applications for these.
Plastic-based packaging products are subject to stringent regulations all over the world due to their non-biodegradability. Single-use plastic is increasingly being banned in many countries, and paper-based packaging is increasingly being used in its place due to its sustainability. Furthermore, rising consumer sustainability awareness and end-use industry demand for eco-friendly packaging are expected to drive the global paperboard market.
Paperboard products are widely used to package food and beverages due to their low cost, lightweight, excellent printability, sustainability, and non-reactive properties. The global packaged food industry has grown significantly in recent years as a result of rising disposable income and retail network expansion. Thus, growing packaged food industry is expected to boost demand for paperboard over the forecast period.
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Global paperboard market is segmented based on grade, product type, application, and region. Based on grade, the global paperboard market is segmented into white lined chipboard, folding boxboard, solid bleached sulfate, coated unbleached kraft paperboard, label paper and others. Based on product type, it is categorized into corrugated box, boxboard, flexible paper. Based on application, it is further categorized into food & beverage, personal care, healthcare, home care and others. Based on region, it is divided as North America, Asia Pacific, Europe, Latin America, and MEA.
Analysis by Product Type
Based on product type, in 2021, the most common type of packaging was flexible paper packaging. Flexible paper bags are increasingly being used to replace single-use plastic bags. Furthermore, low cost and excellent printability are important factors contributing to the segment's largest share.
Analysis by Application
Food and beverages have emerged as the market’s leading application sector, accounting for nearly half of the market share in 2021. Among the applications are frozen meals, alcoholic and non-alcoholic drinks, sweets, dairy products, fast foods, and fresh fruits and vegetables. The outstanding operating characteristics of paperboard are responsible for this segment's rapid growth. This packaging is food-safe, can operate at a wide range of temperatures, and aids in the preservation of organoleptic properties over time.
The most recent developments in the healthcare industry are driving new approaches to medical product packaging. Healthcare is a top priority for everyone on the planet. The appearance of pharmacy packaging is becoming increasingly important. It is no longer regarded as merely a functional entity, but as an asset to be exploited when selling over-the-counter. Supplements and vitamins have been around for a long time, and thanks to appealing packaging, their sales are steadily increasing as the average consumer becomes more interested in them.
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Global paperboard market is dominated by Asia Pacific and the region is expected to experience significant growth during the forecast period (2022–2028) and it is thoroughly studied that, in the year 2021, Asia Pacific generated significant revenue; and India and China are the prominent economies focussing on high competition along with the rapid growth in urbanization and increased preference of packaged foods and other consumer products.
North America, with its large corporate presence, remains one of the primary markets for paperboard packaging materials. North America consumed 74.21 million metric tons of paper and paperboard in 2018. This is the case, according to FAO and UNECE data. The United States dominates the folding carton packaging industry in North America, with food expected to be the leading end-user. According to the Association for Packaging and Processing Technologies, the food sector in the United States is expected to grow at a CAGR of 2.9% by 2022. Such trends in North America are expected to continue, which will benefit the paperboard market.
Europe is also expected to grow at a rapid pace in the coming years. The European Union intends to phase out single-use plastic by 2021. Furthermore, when compared to other countries, European consumers have a significantly higher level of sustainability awareness. These factors are primarily boosting market growth in Europe.
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Consumers nowadays prefer environmentally friendly products. The packaging industry is no exception, and it has seen a similar trend. Nowadays, environmentally conscious consumers prefer paper or paperboard packaging over other types of packaging solutions.
The waste or recovered paper market is expected to expand, and consumers have shown an increased interest in purchasing recycled products. It is also expected that as developing countries industrialize, there will be an increase in demand for paper and paperboard packaging products. Because it is one of the most widely used recycled paper packaging products on the market, the containerboard packaging market is expected to grow the most.
Paper and paperboard containers are currently biodegradable and more sustainable than plastic, making them more appealing to consumers. Paper and paperboard containers are environmentally friendly because they are recyclable, reusable, save energy, and conserve natural resources. Thus, the environmental benefits of paper and paperboard containers will increase their adoption by businesses in various industries, such as retail, driving the global paperboard market.
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Global paperboard market provides detailed competitive landscape. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the prominent market players are also focussing on concentrating on R&D. The following top players are manufacturing packaging products by the recycled pulp owing to enhance the packaging sustainability.
Top Players in the Global Paperboard Market
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According to our global paperboard market analysis, Asia Pacific is expected to capture higher market share. Growth of the region is attributed to greater demand for paperboard packaging in developing economies such as India, China and others owing to increased demand for e-commerce products. This is boosting the market growth especially due to the presence of youth online buyer.
|Market size value in 2021||USD 195.01 billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Paperboard Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Paperboard Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15H2004