Board packaging includes carton board, folding box board, and liner board that are used to package consumer goods and industrial products. It offers advantages such as flexibility, lightweight, durability, and sustainability over alternative packaging materials like plastic. Most common applications include food & beverage packaging, household goods packaging, cosmetics packaging, pharmaceuticals packaging, and others.
The Board Packaging market is estimated to be valued at US$ 357.20 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growth of the Global Board Packaging Market Size is driven by increasing demand for sustainable packaging from consumers and brand owners. Further, rising e-commerce sector is necessitating effective packaging solutions for safe delivery of goods, propelling the demand for board packaging. However, availability of substitutes like plastic packaging and fluctuations in raw material prices are expected to hamper the market growth over the forecast period.
SWOT Analysis
Strength:
- Board packaging is an eco-friendly packaging alternative as it is a renewable and recyclable material. It reduces the usage of plastics in packaging.
- Board provides high strength and durability to packaging products due to which it can protect products from damage during transportation and storage.
- Technological advancements have enabled the production of high-quality board packaging such as barrier boards, lightweight boards etc to meet various product requirements.
Weakness:
- Manufacturing of board involves wood pulp extraction which requires large utilities of water and energy thus increasing production costs.
- Dependency on raw material prices increases the vulnerability of manufacturers to price fluctuations.
Opportunity:
- Rising environmental concerns are shifting consumer preference towards sustainable packaging options providing opportunities to board packaging companies.
- Growth of e-commerce and food delivery sectors favors the increasing application of board for packaging of various consumer goods catering to untapped markets.
Threats:
- Stagnant paper industry growth in developed nations pose challenges for expansion of board packaging companies.
- Substitution threat from alternative sustainable packaging materials such as wood-plastic composite, bioplastics etc.
Key Takeaways
The global Board Packaging market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing preference for sustainable packaging solutions from consumers and manufacturers.
Regional analysis:
The Asia Pacific region dominated the global market in 2023 with a share of over 35%, owing to presence of emerging economies like China and India with large manufacturing and export industries. The Asia Pacific region is expected to remain the fastest growing region during the forecast period due to growing industries and e-commerce sectors in the region.
Key players:
Key players operating in the Board Packaging market are Nippon Paper Industries Co., Ltd., Mondi Plc, Metsa Board Oyj, WestRock, and Oji Holdings Corporation. WestRock accounted for the largest revenue share of over 20% in 2023 attributed to its product portfolio and wide geographical presence across Americas, Europe and Asia Pacific regions.
For More Insights, Read- https://www.trendingwebwire.com/board-packaging-market-analysis-growth-forecast-outlook-2023-2030/
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