According to Fact.MR, a provider of market research and competitive intelligence, the global demand for paper packaging materials is projected to grow at a Compound Annual Growth Rate (CAGR) of 6%, reaching a value of US$ 465 billion by 2032.
Paper packaging offers a flexible and cost-effective solution for storing, transporting, and preserving various products. It can be customized to meet specific customer needs and product specifications. Moreover, paper packaging holds several advantages over other types of packaging, including its lightweight nature, biodegradability, and recyclability.
The market for paper packaging materials is being primarily driven by stringent regulations imposed by environmental protection authorities and increasing consumer awareness regarding sustainable packaging options. The demand for affordable packaging alternatives such as bags, pouches, cellulose, and others is on the rise due to the expanding population.
Recent advancements in the packaging sector have led to a growing demand for environmentally safe and sustainable packaging materials across various end-use applications. This trend significantly influences the development of the paper packaging materials market.
Retail stores extensively utilize packaging materials to ensure food freshness and maintain nutritional content. With an increase in the number of consumers purchasing groceries, including frozen and chilled foods, the market is expected to witness high growth. Packaged food offers convenience, barrier protection against contamination, and portion control, addressing concerns related to food safety. Sustainable packaging plays a crucial role in safeguarding against chemical contamination and food-borne illnesses while reducing food waste and loss.
Key Takeaways from Market Study
· The global paper packaging materials market is valued at US$ 260 billion in 2022.
· Market in Canada is projected to progress at a CAGR of 5.3% over the forecast period (2022-2032).
· Sales of paper bags & sacks are anticipated to expand at a CAGR of 5.7% from 2022 to 2032.
· Market in Germany is set to evolve at a CAGR of 5.5% through 2032.
Key Segments of Paper Packaging Materials Industry Research
· By Product :
o Liquid Packaging Cartons
o Paper Bags & Sacks
o Corrugated Containers & Packaging
o Folding Boxes & Cases
o Others
· By End User :
o Food & Beverages
o Healthcare
o Industrial
o Others
By Region :
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa
Competitive Landscape
Key market participants are boosting their investments in innovative and specialized packaging solutions through increased R&D plans.
For instance:
· Smurfit Kappa and Wildlife Fund Combia have partnered to enhance forestry conservation and increase the use of recyclable papers.
Key Companies Profiled
· Stora Enso Oyj
· WestRock Company
· Hood Packaging Corporation
· DS Smith PLC
· Holmen AB
· Georgia-Pacific LLC
· BillerudKorsnäs AB
· International Paper Company
· Mayr-Melnhof Karton AG
· Mondi Group plc
· Napco National
· Oji Holdings Corporation
· Smurfit Kappa Group plc
Winning Strategy
Key market participants engage in captive consumption of paper packaging materials used by a variety of end-user businesses, including the chemical industry and consumer goods industry that produces tablecloths, flatware, and cups. To expand their product range with superior product attributes to suit the escalating industry demand, leading companies heavily engage in R&D. To achieve a competitive edge, several market participants also partner with R&D firms.
For instance,
· Testronix introduced premium next-generation packaging testing equipment. The testing equipment from Testronix is renowned for its high level of technology and build quality. Testronix and its highly qualified team of engineers have been able to create the newest technological instruments to service paper and packaging industries thanks to extensive research and development efforts.