The global boxboard packaging market 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 the 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.
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Competitive Landscape:
Key players in the boxboard packaging market are strongly focusing on profit generation from their existing product portfolios along while exploring potential new applications.
The players are emphasizing on increasing their boxboard packaging production capacities, to cater to the demand from numerous end use industries. Prominent players are also pushing for geographical expansion to decrease the dependency on imported boxboard packaging.
Recent Developments:
- In 2023, Tetra Pak announced the launch of its new line of aseptic boxboard packaging. The new packaging is designed to extend the shelf life of food products and reduce food waste.
- In 2023, Amcor 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 2022, Dart Container Corporation announced the acquisition of Sonoco, a leading manufacturer of packaging solutions. The acquisition is expected to offer Dart Container Corporation, a larger market share in the boxboard packaging market.
- In 2021, Smurfit Kappa 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.
Market Players:
- 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
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Segmentation:
By Product Type:
- Boxes
- Cartons
- Clamshells
- Trays
- Cups
- Dividers
- Others (Bottle Carriers, Tubes, etc.)
By Grade:
- Virgin
- Recycled
By End-Use:
- Food & Beverage
- Pharmaceuticals
- Cosmetics & Personal Care
- Homecare
- Electrical & Electronics
- Automotive
- Other Industries
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Key Takeaways from the Market Study:
- 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 FMI analyst.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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