April 14, 2022 03:35 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 14, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Corrugated Boxes Market finds that the expanded usage of corrugated boxes in the packaging of lightweight goods such as cosmetics, consumer electronics, and fast-food items is augmenting the growth of Corrugated Boxes Market. Additionally, increasing usage of these boxes in delivering items door to door is also boosting its growth.
The total Global Corrugated Boxes Market is estimated to reach USD 82.8 Billion by the year 2028. The Market stood at a revenue of USD 67.4 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.50%.
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Driver: Sustainability, and Rising Demand from End-Use Industries
The Corrugated Boxes Market is witnessing huge growth due to the rising demands from the, food & beverage industry, e-commerce sector industrial sector, electronic industry, and the rising disposable income in emerging countries. The rising shift towards consumer goods and other end-use sectors is also fuelling the Corrugated Boxes Market. These are the major factors augmenting the demand during the forecast period for corrugated boxes.
Approximately 45% of the consumers in Eastern and Central Europe prefer online shopping owing to the pandemic. Surveys and studies predict that the new virtual buyers are likely to continue shopping online. Almost 80% of the population in Eastern and Central Europe appreciate the inclusion of an eco-friendly material and sustainable approach used for packaging in the corrugated boxes. 77% customers use sustainable packaging solutions with respect to corrugated for their online shopping.
Key Insights & Findings from the Report:
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Segmentation of the Global Corrugated Boxes Market -
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Opportunity: Substantial Competition from Plastic Packaging Which is Flexible
Flexible packaging provides the greatest benefit for retailers and manufacturers as it decreases the packaging weight which can result in reduced warehousing and shipping costs, hence, taking significantly less space. For customers, it provides convenience through characteristics like, single-serve portions, easy-peel options, and easy-to-open, and the food tastes improved in retort pouches than that in conventional tin cans. It is also 40% lower in overall packaging cost, which amounts to a reduction of 50% in landfill waste and reduction of 62% in greenhouse gas emissions over stiff packaging. Hence, determinants such as portability, cost savings, convenience, health benefits, and sustainability are leading packaging converters and product packaging manufacturers to shift to flexible materials from standard rigid materials.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Corrugated Boxes Market highlights:
Asia Pacific to Dominate the Global Corrugated Boxes Market
Asia Pacific has dominated the Global Corrugated Boxes Market in 2021 and is likely to continue the same trend during the forecast period. Growth in the region is backed by the effective supply and demand cycle of the electronic, personal care, and food & beverage industry majorly in nations like India, Japan, China, among others. A significant rise in business development in e-commerce is facilitating the market in the area.
List of Prominent Players in the Corrugated Boxes Market:
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Corrugated Boxes Market Size, Share & Trends Analysis Report by Type (Slotted Boxes, Telescope Boxes, Rigid Boxes, Folder Boxes), by Material (Linerboard, Medium, Others), by Printing Ink (Water-Based Ink, Uv-Curable Ink, Hot Melt-Based Ink, Solvent-Based Ink), by Printing Technology (Digital Printing, Flexography Printing, Lithography Printing, Others), by End-use (Food & Beverages, Electronic Goods, Home & Personal Care Goods, Chemicals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/corrugated-boxes-market-411780
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Oct, 2021: Smurfit Kappa Group completed the acquisition of Verzuolo. As a result of this acquisition, the company converted the PM9 machine into a state-of-the-art 661,387-ton recycled containerboard machine in 2019. It complements the already existing and strategically located operational facilities near the port of Savona. This is expected to benefit the company as well as the customer base.
Sep, 2021: Mondi Group expanded by installing new equipment at its corrugated box production plant in Szczecin, Poland. This expansion aims at expanding the company’s packaging portfolio and enhance production processes. This expansion is expected to further strengthen the company's presence as a preferred e-commerce packaging supplier to the growing European markets.
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