According to a new market research report published by Report Ocean, the Corrugated And Paper Boxes Market is anticipated to grow at a CAGR of 6.10%, during the forecast period. The market is estimated to reach US$ 151.54 billion by 2030.
This detailed market research report by Report Ocean include in-depth analysis of technological innovations, market trends, supply chain trends, future trends, leading players, and key developments. The report also includes additional information about other factors such as drivers, restraints and challenges faced by this market, along with an overview for each mentioned segment in the study.
The global corrugated and paper boxes market size was US$ 91.9 billion in 2021. The global corrugated and paper boxes market is forecast to grow to US$ 151.54 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.10% during the forecast period from 2022 to 2030.
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The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
The logistics price increased by 34.9% in July 2022, disrupting the supply chain, while electricity prices increased by 15.5%, the highest level since February 2006. Besides that, The number of existing U.S. homes sold in July 2022 decreased by 5.95% to 4.85 million (seasonally adjusted annual rate), which was the lowest number since May 2020 and under the market’s forecast of 4.89 million. The home sector sales fell for the sixth month in a row as the mortgage rate reached its highest point at 6.3%. The U.S. economy continues to be heavily impacted by the global energy crisis, causing people to spend less and conserve more.
Paper and paper-based packaging are widely adopted to deliver goods from one place to another. This method is considered one of the cost-efficient, lightweight, and attractive, which also ensures the safety of the product. Thus, these benefits are forecast to drive the global corrugated and paper boxes market forward during the forecast period.
Corrugated boxes are also used in the form of shipping containers in the food & beverages industry. Thus, the rapidly growing food and beverage sector will contribute to the growth of the global corrugated and paper boxes market.
The growing e-commerce industry is forecast to offer ample growth opportunities for the corrugated and paper boxes market. In addition, the rising awareness related to sustainable packaging solutions will propel the corrugated and paper boxes market forward.
Rising industrialization and favorable government policies to ban plastic waste will offer lucrative growth opportunities for the market. Furthermore, the growing number of online food delivery and shopping platforms will escalate the growth of the global corrugated boxes market.
The high installation costs of machinery and equipment may impede the growth of the corrugated and paper boxes market.
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The wake of the COVID-19 pandemic has been beneficial for the corrugated and paper boxes market. The market witnessed a sudden rise in global sales due to rising demand for doorstep delivery. The demand for packed food, beverages, dairy products, and other items escalated. People started adopting online platforms to avoid contact. Thus, it has been beneficial for the entire corrugated and paper boxes market. In addition, corrugated and paper boxes are low in cost and can be recycled. This factor has been a significant push towards market growth.
Asia-Pacific corrugated and paper boxes market is forecast to emerge as the largest market due to the rapidly growing e-commerce industry. Furthermore, increasing disposable income and the growing food and beverage industry will contribute to the growth of the corrugated and paper boxes market.
The corrugated and paper boxes market has been segmented based on region –North America The U.S. Canada Mexico Europe Western Europe The UK Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Rest of South America
The global corrugated and paper boxes market segmentation focuses on Material, Product, Application, and Region.
The corrugated and paper boxes market has been segmented based on material –Paper board Adhesives Inks Waxes
The corrugated and paper boxes market has been segmented based on product –Corrugated & Solid Fiber Boxes Set-up Paperboard Boxes Folding Paperboard Boxes
The corrugated and paper boxes market has been segmented based on application –Food & Beverages Paper & Publishing Chemicals Personal Care Products Pharmaceuticals Others (Consumer Goods and Electronic Goods)
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Competitors in the Market Cascades Inc.DS Smith Plc Georgia-Pacific Corporation Graphic Packaging International, Inc. International Paper Company Klabin S.A. Mondi Group Nine Dragons Paper (Holding) Limited Nippon Paper Industries Co. Ltd Oji Holding Corporation Orora Packaging Australia Pty Ltd Packaging Corporation of America Rengo Co., Ltd. Smurfit Kappa Group West Rock Other Prominent Players
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