According to FMI's estimate, the worldwide paper packaging market is anticipated to grow at a strong CAGR of 4.1% over the forecast period. By the end of 2033, the industry is projected to have grown from US$ 3,83,867.8 million in 2023 to US$ 5,73,705.45 million.
Sales of paper and paperboard containers are expected to increase as supermarkets and hypermarkets become more common. Hence, fueling the packaging industry's expansion during the projection period.
Packaging materials are used by many retail establishments to protect food and preserve its nutritional content. Over the future years, it is anticipated that the increase in the consumption of supermarket items (such as chilled and frozen foods) would increase demand for paper packaging options.
According to estimates, the market will be driven ahead by the developing retail and e-commerce sectors, as well as consumer interest in environmentally friendly packaging materials. Further driving demand for tertiary and secondary paper packaging materials and accelerating market growth is the rapid expansion of online shopping platforms.
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Top Highlights from the FMI’s Analysis of the Paper Packaging Market:
- Europe region is projected to make its headway in the paper packaging industry over the forecast period. The region is projected to generate a revenue of US$ 1,00,596 million by 2023, at a CAGR of 3.9% over the forecast period.
- North America region is projected to attain a market value of US$ 94,062.8 million by 2023. Over the forecast period, the region is anticipated to expand at a CAGR of 3%. The high penetration of key players in the region is pushing regional growth by introducing new and innovative products for dynamic consumer requirements.
- East Asia region is expected to witness robust expansion in the years to come. The region is set to attain US$ 93,793.3 million by 2023, registering a CAGR of 4.2% from 2023 to 2033.
- The corrugated boxes are expected to be valued at US$ 1,11,983.3 million by 2023. The segment is projected to exhibit a CAGR of 3.7% over the forecast period.
- The secondary packaging segment, based on the level of packaging, is expected to attain US$ 1,96,117.6 million by 2023. Over the forecast period, the segment is expected to expand at 4.2%.
- The food packaging industry is set to record significant sales of US$ 1,92,757.9 million by 2023. Over the upcoming years, the segment is projected to exhibit a 4% CAGR.
New Developments as Observed by FMI
- In August 2022, Nestlé Hong Kong officially disclosed Kit Kat stick ice cream packaging is shifting from plastic to paper. This development is first in line for the Innovation Zone. The packaging is formulated of 100% pure pulp, which is certified by the Forest Stewardship Council (FSC).
- In January 2022, Amcor unveiled a platform for new paper-based packaging. AmFiberTM is an exclusive platform for paper-based packaging material introduced by a leading packaging solutions maker. AmFiber inventions intend to revolutionize the capabilities of conventional paper packaging by offering an extensive range of features and functional advantages to satisfy consumers' evolving needs.
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Key Players:
- Smurfit Kappa Group Plc
- Napco National Paper Products Company
- Billerudkorsnas, International Paper Company
- WestRock Company
- Georgia Pacific LLC
- Pratt Industries, Inc.
- DS Smith Packaging Limited
USA and China to Experience Growth in Paper Packaging Industry
The paper packaging industry is set to witness growth in both the United States and China. In the USA, the market revenue is projected to reach US$ 87,314 million by 2023, with a CAGR of 3.1%. The increasing demand for flexible packaging and investments in cartons for protection and value enhancement are driving the market growth. The retail industry, particularly e-commerce, is also contributing to the expansion of paper packaging due to the surge in online sales.
In China, the paper packaging industry is expected to reach US$ 70,985.9 million by 2023, growing at a CAGR of 4.5%. The manufacturing economies and growing consumerism in China are driving the sales of paper packaging. Investments in paper packaging plants and the shift away from polystyrene towards paper materials are further fueling the industry's growth in the country
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Key Segments Covered In Paper Packaging Industry Research
Paper Packaging Market by Material Type:
- Corrugated Board
- Specialty Paper
- Box-board/Carton Board
- Kraft Papers
- Molded Pulp
Paper Packaging Market by Packaging Type:
- Corrugated Boxes
- Cartons
- Wrapping Paper
- Bags & Sacks
- Cups & Trays
- Tapes & Labels
- Others
Paper Packaging Market by Level of Packaging:
- Primary
- Secondary
- Tertiary
Paper Packaging Market by End-use:
- Food & Beverages
- Tobacco
- Healthcare
- Personal Care & Cosmetics
- Homecare & Toiletries
- Electrical & Electronics
- E-Commerce
- Chemicals & Fertilizers
- Other Industrial
