Paperboard Packaging Industry is Anticipated to Grow Rapidly and Contribute to Paperboard Packaging Market Size
HYDERABAD, TELANGANA, INDIA, September 15, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Paperboard Packaging Market size is estimated to reach US$185.8 billion by 2027, after growing at a CAGR of 3.6% during the forecast period 2022-2027. Paperboard is a paper-based fibrous material produced through fresh sources or recycled waste paper. Paperboard packaging offers sustainable solutions, environment-friendliness and strength. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
1. Asia-Pacific dominates the Paperboard Packaging Market, owing to growth factors such as the flourished base for packaged food & beverages production and rising awareness for environment-friendly packaging solutions, thereby boosting growth in this region.
2. The flourishing demand for the food & beverages sector across the world is propelling the demand for Paperboard Packaging for major utilization in frozen food items, snacks, bakeries, aseptic drinks and others, thereby influencing the growth in the Paperboard Packaging market size.
3. The demand for Paperboard Packaging in the cosmetic & personal care sector is significantly rising for applications in skin care products, cosmetic packaging and others, thereby fueling the growth scope in the Paperboard Packaging market,
4. However, the availability of high-performance alternatives to paperboard acts as a challenging factor in the Paperboard Packaging industry.
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1. Boxboard Segment held a significant Paperboard Packaging Market share in 2021 and is projected to grow at a CAGR of 3.7% during the forecast period 2022-2027. The boxboard segment is divided into folding boxboard, solid unbleached, solid bleached, paper sheet and white lined chipboard.
2. Food & Beverages segment held a significant Paperboard Packaging Market share in 2021 and is projected to grow at a CAGR of 4.2% during the forecast period 2022-2027.
3. According to the Association for Packaging and Processing Technologies, the food sector in the US is anticipated to expand by 2.9% by 2022. According to Food & Drink Federation, food & beverage in the UK contributed US$35.60 billion to the economy and marked a growth of 4.3% in 2021 compared to 2020.
4. Asia-Pacific held the largest Paperboard Packaging Market share of up to 42% in 2021. The lucrative growth scope for paperboard packaging in this region is influenced by the rising food & beverages sector, high consumption of sustainable packaged items and changing lifestyle trends.
5. According to the India Brand Equity Foundation (IBEF), the food processing sector in India is expected to reach US$535 billion by the year 2025-26. According to the China Chain Store & Franchise Association, the food & beverages industry in China reached US$595 billion in the year 2019, marking a 7.8% growth over the previous year. According to the Commonwealth Scientific and Industrial Research Organization (CSIRO), the size of the food and beverages sector in Australia is growing and is forecasted to reach US$25 billion worth by 2030.
The top 5 players in the Paperboard Packaging industry are –
1. Stora Enso
2. ITC Limited
3. International Paper Group
4. Nippon Paper Industries Co. Ltd.
5. Mondi Plc
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