Paper and packaging materials find widespread applications across diverse end-use industries such as food and beverage packaging, personal care, consumer goods, healthcare, and industrial applications. Paper is used extensively for folding cartons, milk cartons, food containers, and flexible packaging. Growing working population coupled with busy lifestyle has led to surge in demand for packed and processed food, which in turn is driving demand for paper and paperboards for food packaging. The global food service industry has witnessed significant growth in recent years owing to rapid urbanization, rising disposable incomes, and changing preferences of consumers towards ready-to-eat meals and processed food. Expansion of quick-service restaurants, food chains, and online food delivery portals has augmented consumption of packed food products, thereby boosting utilization of paper packaging materials.
The Global Paper And Packaging Market Size is estimated to be valued at US$ 454.5 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The two main drivers propelling growth of the global paper and packaging market include growth of food service industry and rising demand for sustainable packaging solutions. As mentioned earlier, rapid expansion of food chains, quick service restaurants, and online food delivery portals has significantly increased consumption of ready meals and processed food, which in turn has boosted utilization of paper packaging for food items. Furthermore, growing emphasis on environmental sustainability has led packaging manufacturers and brand owners to shift from plastics to paper-based packaging materials. Properties of paper such as recyclability, biodegradability, renewability, and lower carbon footprint make it a viable sustainable alternative to plastics. Various governments across regions have implemented regulations to curb plastic usage, which has accelerated replacement of plastics with paper packaging, thereby fueling market growth.
Segment Analysis
The paper and packaging market is dominated by the corrugated boxes segment which accounts for over 45% of the total market share. Corrugated boxes remain the preferred choice for packaging various goods due to their excellent cushioning and protection properties. They ensure that products reach the consumers safely without any damage. Their high recyclability rate and sustainability also make them environment friendly.
PEST Analysis
Political: Growing regulations promoting sustainable packaging are positively impacting the paper and packaging market. Many countries have imposed bans on single-use plastics to reduce pollution.
Economic: An expanding e-commerce industry relying heavily on packaging is driving market growth. Improvements in the global economic conditions are increasing purchasing power and demand for packaged goods.
Social: Rising health and environmental concerns are boosting the demand for eco-friendly paper-based packaging solutions. Customers prefer paper over plastic due to its sustainability and decomposability.
Technological: Advances in digital printing and converting machines allow for mass customization and production of creative paper packaging designs. Automation is enhancing production efficiency.
Key Takeaways
The global paper and packaging market is expected to witness high growth. The global Paper and Packaging Market is estimated to be valued at US$ 454.5 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Regional analysis: The Asia Pacific is the fastest growing as well as the largest paper and packaging market globally. Countries like China, India, and Japan are major contributors to regional growth due to their large population base and rapid industrialization.
Key players: Key players operating in the paper and packaging market are Dell Technologies Inc., HP Inc., Lenovo Group Limited, and Toshiba Corporation. Dell Technologies and HP Inc. have a dominant presence worldwide while Lenovo Group and Toshiba Corporation have a strong focus in the Asia Pacific region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
