Boxboard Packaging Market is Projected to Reach US$ 116.7 Billion by 2033 at 6.5% CAGR, Driven By Food Delivery & Takeout Services | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
5 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The boxboard packaging market has experienced notable growth due to the widespread adoption of this packaging solution, thanks to its lightweight and space-saving design, which delivers numerous benefits to both businesses and consumers. Furthermore, the report offers valuable insights into the dominant players in the industry, their respective market shares, and the prevailing regional trends.
NEWARK, DEL, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global boxboard packaging market size is anticipated to reach a valuation of US$ 62.1 billion in 2023, driven by a rise in e-commerce. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.5% between 2023 and 2033, and reaching a total valuation of approximately US$ 116.7 billion by 2033.
One of the major factors contributing to the growth of the boxboard packaging market is versatility and convenience. Boxboard packaging is highly versatile and can be tailored to suit a wide range of products. The boxboard boxes can be designed to accommodate various shapes and sizes, whether it's cosmetics, electronics, apparel, or food items. The boxboard packaging often comes with convenient features such as easy-to-use closures, handles, and windows for product visibility.
Boxboard offers excellent protection to products from external impacts during handling, transportation, and storage. Its sturdy and durable nature ensures that delicate or fragile items remain intact and undamaged throughout the supply chain. The retail industry's expansion, particularly in emerging markets, is propelling the demand for boxboard packaging. The need for attractive and functional packaging solutions in retail stores has led to increased adoption of boxboard boxes for product display and presentation.
Global boxboard packaging market was valued at US$ 58.3 billion by 2022 end.
From 2018 to 2022, the market demand expanded at a CAGR of 3.2%.
Asia Pacific is expected to hold a dominant CAGR of 6.4% during the forecast period.
By product type, cartons segment is expected to constitute a CAGR of 6.4% in 2033.
On the basis of end-use, food & beverage segment is expected to dominate the market with a CAGR of 6.4% in 2033.
From 2023 to 2033, boxboard packaging market is expected to flourish at a CAGR of 6.5%.
By 2033, the market value of boxboard packaging is expected to reach US$ 116.7 billion.
“Rapid growth of the food and beverage industry, across the globe, is a major factor that is expected to propel the growth of the boxboard packaging market in the near future,”- remarks an analyst at FMI.
Boxboard Packaging Market Competitive Landscape:
Prominent players in the boxboard packaging market are:
Stora Enso
Sappi
Nippon paper group
Mondi
Metsa Board Oyj
Mayr-Melnhof Karton
ITC Limited
International Paper
DS Smith Plc
Huhtamaki Oyj
Smurfit Kappa Group PLC
Recent Developments:
In 2023, Graphic Packaging International announced the launch of its new line of sustainable boxboard packaging. The new packaging is made from recycled materials and is recyclable in standard paper recycling streams.
In 2022, International Paper announced the launch of its new line of high-performance boxboard packaging. The new packaging is designed to be more durable and protect products during shipping.
In 2021, Mondi Group announced the launch of its new line of compostable boxboard packaging. The new packaging is made from compostable materials and can be disposed of in industrial composting facilities.
In 2021, WestRock announced a new investment of $100 million in a new boxboard packaging manufacturing plant in the United States.
Future Market Insights offers an unbiased analysis of the global boxboard packaging market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the boxboard packaging market, the market is segmented on the basis of product type (boxes, cartons, clamshells, trays, cups, dividers, and others (bottle carriers, tubes, etc.)), by grade (virgin, and recycled), and by end-use (food & beverage, pharmaceuticals, cosmetics & personal care, homecare, electrical & electronics, automotive, and other industries), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
About the Packaging Division at Future Market Insights:
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.
