Boxboard Packaging Market Industry Growth, Opportunities, Challenges, Strategies Analysis and Forecast 2030
Market Synopsis
The boxboard packaging market is anticipated to record a CAGR of 7.5% during the forecast period, to reach a valuation of US$ 80 Bn by 2028.
Boxboard is the lighter weight and thin carton commonly used to carry a single item such as breakfast cereal, crackers, shoes, a toy, among others. The boxboard packaging does not have the wavy middle layer (corrugating medium) which provide the strength. Boxboard packaging is used for various applications from packaging products of cosmetics to electronics.
Packaging of a product is mandatory to achieve the extended product storage, products safety, and maintain the quality of the product. Boxboard packaging utilizes recycled materials, along with being rigid, boxboard packaging system provides stability, and due to its excellent surface for printing the product appears more attractive to the final consumer. Boxboard packaging can be folded intricately, the printing on the boxboard packaging can be done using vibrant colors, they are aesthetically good and are ideal for the retail boxes. All these factors are together propelling the growth of boxboard packaging market across the globe.
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COVID-19 Analysis
The demand for packaging products has declined considerably from the industrial sectors, including food & beverage, confectionery, personal care & cosmetics, wines & spirits, and fashion, owing to the outbreak of the COVID-19 pandemic. The packaging industry witnessed a mixed impact due to the significant changes in brick-and-mortar stores and online businesses attributed to the moving restrictions implied by the government authorities to prevent the further spread of the deadly virus. The packaging manufacturers supply their products for the packaging of various products across end-use industry verticals, such as pharmaceuticals, food & beverages, and electronics, to name a few. Due to the restrictions imposed on manufacturing industries and the slowdown in economic activities, the packaging industry reported a significant downfall in its revenues globally. However, due to the gradual ease of lockdowns and upliftment of imposed restrictions post-second COVID-19 wave, there has been a gradual rise in the profits for Boxboard packaging manufacturers in the second half of the year 2020. For instance, according to a post by Swiftpak, based in the UK, a leading supplier of wholesale packaging products, online sales in the UK swelled by over 74% year
Competitive Landscape
The global boxboard packaging market is consolidated with the presence of numerous global, regional, and local players, with prominent players holding a major market share. Some of the prominent players include International Paper (US), Mayr-Melnhof Karton (Austria), Mondi (UK), Nippon paper group (Japan), Metsa Board Oyj (Finland), Stora Enso (Finland), DS Smith (UK), SMURFIT KAPPA (Ireland), Sappi (South Africa), ITC Limited (India), among others. Manufacturers focus mainly on the expansion of production facilities, acquisition, joint ventures, and partnerships with key stakeholders to gain a competitive advantage over other players. Furthermore, producers are increasingly focusing on a strategic alliance with stakeholders, new product development, and expansion of production capacities to gain a maximum share of the global market.
Segmentation
By Material Type
This segment is further segmented into coated unbleached kraft paperboard, bleached kraft paperboard, and recycled paper .
Coated unbleached kraft paperboard is one of the largest segment in the boxboard packaging market. It’s commonly used for beer and soft drink beverage containers as well as heavy-duty retail packaging such as hardware and concentrated laundry detergents
By Product Type
By product type, the market is segmented into boxes, folding cartons, and tubes & cores.
Boxes segment is one of the largest segment in the boxboard packaging market across the globe. Boxes has variety of applications in various end use industries such as food & beverages, pharmaceutical, personal care & cosmetics, among others.
By Thickness
By thickness, the market is segmented into from 0.75mm to 1 mm and from 1.1 mm to 2.3 mm.
From 1.1 mm to 2.3 mm segment is projected to hold prominent share in the boxboard packaging market during the forecast period.
By End-Use
By end-use, the market is segmented into food & beverages, personal care & cosmetics, home care, pharmaceutical, automotive, electrical & electronics, chemical & lubricants, and others.
Food & Beverages segment is likely to have a higher demand owing to increasing demand in food and beverage industry and are widely used in cereals, confectionaries, and ready to consume fruit drink packaging.
By Region
North America: North America accounted for the second-largest share in the global market due to large production bases of Boxboard Packaging producers globally, increasing demand for sustainable packaging solutions.
Europe: Europe recorded a significant growth in the global market based on consumption. The demand is mainly driven by stringent government regulations, and the presence of large-scale end-use industries.
Asia-Pacific: Pacific accounted for the largest market share and is projected to witness the fastest growth in the market. This is mainly attributed to the rapid growth of end use industries such as food & beverages, and the wide presence of key producers in the region.
Latin America: Latin American market is projected to witness notable demand for Boxboard Packaging owing to expanding food & beverages industry across the region.
Middle East & Africa: The demand for Boxboard Packaging is rising due to the increased demand for homecare & pharmaceutical sector.
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