Board packaging includes corrugated boxes, folding cartons and sleeves used for packaging of various products in food processing, electronics, cosmetic and personal care, and other industries. Board packaging offers advantages like recyclability, durability and cost effectiveness.
The global Board Packaging Market is estimated to be valued at US$ 357.20 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global Board Packaging Market Size is increasing demand for sustainable packaging from food processing and cosmetic industries. Board packaging utilizes recyclable material for manufacturing of boxes and cartons reducing waste generation. Also, the folding carton packaging segment is growing rapidly owing to rising preference for lightweight and viable alternative to plastic packaging. Innovations towards developing biodegradable barrier coating for cartons is further propelling the market growth.
SWOT Analysis
Strength: Board packaging materials provide lightweight, durable, and cost-effective packaging solutions. They help reduce carbon footprint by lowering shipping weight.
Weakness: Paper board materials have limited barrier properties and get easily damaged by moisture. Prone to defects during production like breaks, holes etc.
Opportunity: Increasing focus on sustainability is driving the demand for eco-friendly packaging materials like paper boards. Growing e-commerce sector need robust yet light weight packaging.
Threats: Availability of alternative packaging materials like plastic poses competition. Consolidation among paper board manufacturers can reduce competition.
Key Takeaways
The global Board Packaging Market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing preference for sustainable packaging from consumers and industries. Growing e-commerce sales are driving the need for sturdy yet lightweight packaging like paperboards for product shipping.
Regional analysis: Asia Pacific region dominated the board packaging market in 2023 with a share of over 35%, with China being the largest producer and consumer. North America is expected to witness fastest growth due to strong presence of e-commerce and food & beverages industry in the region demanding more paperboard packaging.
Key players operating in the Board Packaging are Nippon Paper Industries Co., Ltd.,,Mondi Plc,,Metsa Board Oyj,,WestRock,,Oji Holdings Corporation. The board packaging market is consolidated in nature with top players occupying major market share. Increased mergers and acquisitions are witnessed to strengthen market presence and product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it