Global Corrugated Packaging Market Report, published by Variant Market Research, forecast that the global market is expected to reach $218 million by 2024 from $158 million in 2016; growing at a CAGR of 4.1% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 5.8% and 3.8%, respectively, during the forecast period. Corrugated packaging market is mostly driven by rising e-commerce and retail industry, where it has been used majorly for product packaging solutions. Thesecorrugated packaging materials are produced from biodegradable card board boxes that are of low cost and eco-friendly.
"Corrugated Packaging Market (By Application:Processed Food, Fresh Food and Produce, Beverages, Personal and Household Care, Chemicals, Paper Products, Electrical and Electronic Goods,Glassware and Ceramics, Tobacco, and Other Applications;By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
High adoption in end-user industriesto drive the growth ofthe corrugated packagingmarket
The factors supporting growth of the global corrugated packaging market arehigh adoption in end-user industries such as medicines, consumer durables, petroleum, and food, high demand ofcorrugated packaging, owing to organized retailingand rapidly growing manufacturing sector. However, low durabilityof thesecorrugated packagingmay act as a restraint for the growth of the market. Moreover, increasing demand for consumer products with growing populationwould provide several growth opportunities for the market in the future years.
Application, and geography are the major segments considered in the globalcorrugated packaging market. By application, the market is bifurcated into processed food, fresh food and produce, beverages,personal and householdcare, chemicals,paper products, electrical and electronic goods,glassware and ceramics, tobacco, and other applications. By geography, the globalcorrugated packaging market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Processed food accounted for the largest market share in the application segment
Global Corrugated Packaging Market, by Application
Processed foodaccounted for the largest market share in 2016, in the application segment, and are expected to continue its dominance during the forecast period 2016 – 2024,owing to high adoption of processed food among consumersglobally.
Asia-Pacific dominated the global market with highest market share over the forecast period
GLOBAL CORRUGATED PACKAGING MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the globalcorrugated packaging market with largest market share of 49.9% in 2016, and expected to continue its dominance during the forecasted period, owing to the growing industrial production coupled with changing consumer lifestyle in this region.
The major players competing in the market areDS Smith Plc, Smurfit Kappa Group Plc, Nine Dragons Paper Limited, U.S Corrugated, Inc., Mondi Group, Georgia-Pacific LLC, Rock Tenn Company, Sravan Corrugaters Private Limited, Rengo Co.,Ltd., and NEFAB Group, among others.