March 28, 2020
Corrugated Box Packaging

Corrugated Box Packaging Market 2024 with strategic trends growth, demand & future potential of the industry

The global market for corrugated box packaging was valued at US$ 142.0 billion in 2015 and is expected to grow to US$ 210.9 billion by 2024, increasing to CAGR by 4.6 per cent from 2016 to 2024.

Rising modernization and demand for quality packaging solutions have led to the incorporation of advanced technology among corrugated box manufacturers. Packaging plays a pivotal role in the development of corrugated box products of different attributes. This also leads to a significant demand for corrugated box packaging, mainly in fresh products, processed food products and electrical products. Corrugated box packaging market growth is attributed to rising disposable income leading to demand for both food and non-food products, government avocation for green packaging, cheap prices, increasing application of corrugated boxes in different applications due to sustainable packaging, increased internet shopping, printing, manufacturers ‘ concerns about product safety and convenience. However, the durability offered by corrugated box packaging for few products is a concern for corrugated box manufacturers, thereby limiting their acceptance as compared to other types of packaging available and hindering market growth. The manufacturers of corrugated boxes are keen to develop durable products that cater to the demand for efficient packaging for use in glass, electronics and other fragile products.

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North America dominated the market in 2015 in terms of revenue share, followed by Asia Pacific and Europe. North America accounted for about 37% of the total market for corrugated box packaging. Asia Pacific is also expected to record the highest CAGR in the forecast period. Factors fueling the growth of the corrugated box packaging market in the region include China as the leading producer of corrugated boxes, high demand for corrugated boxes in the growing food and beverage industry in India and China, growing processed food industry and increasing consumer preferences for sustainable packaging.

Companies are focused on enhancing product line mitigating concerns such as environment-friendly and sustainable packaging, adequate requirements related to shelf-dimensions and shipping density, boxes having water repellant coatings and high-barrier protection leading to both food and non-food applications of corrugated box packaging. Also, corrugated box packaging market is witnessing strategic alliances among both international as well as local players across the value chain. 

Some of the prominent players identified in the corrugated box packaging market include Mondi Group, Packaging Corporation of America, WestRock Company, International Paper Company, Nine Dragons Paper (Holdings) Limited, Lee & Man Paper Manufacturing Ltd., Smurfit Kappa Group, DS Smith Plc., Oji Holdings Corporation and Georgia-Pacific Equity Holding LLC.

Based on application, the global corrugated box packaging market is segmented as follows:

  • Food & Beverage
  • Automotive
  • Electronics
  • Health & Hygiene
  • Pharmaceuticals
  • Other Consumer Goods

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