Corrugated Packaging Market Size To Cross $294.3 Billion The global corrugated packaging market is projected to reach $294.3 billion by 2023, according to the mar- ket research report published by P&S Market Research. The market growth is reportedly driven by the increas- ing demand of cost-effective and environment-friendly packaging materials from various end use industries. On the basis of application, the corrugated packag- ing market is categorized into processed food, per- sonal and household care, beverages, electrical and electronics goods, chemicals, glassware and ceramics, fresh food and produce, paper products, tobacco, and wood and timber products, textiles, direct mail and dispatch, transport, and others. Others include footwear and furniture. The market expected to witness the fastest growth is personal and household care application, witness- ing a Compound Annual Growth Rate of 4.3 percent during the forecast period. The demand for personal and household care has seen immense growth over the past few years owing to high demand for cosmet- ics and personal care products.This, according to the report, is driving the use of corrugated packaging widely in cosmetics, personal care product, and home furnishing packaging. The corrugated packaging market in Asia-Pacific (APAC) is expected to register a CAGR of 5.0 percent during the forecast period.The market growth in the region is mainly driven by the growing demand for packaging materials from the processed food indus- try of countries such as China and India. China is the largest market for corrugated packing in the region. The high industrial production in China is one of the leading factors for the growth of the corrugated packaging market in the country while Japan is the second largest market. The Japanese economy is largely based on export, as the country is one of the leading exporters of consumer electronics and auto- motive parts in APAC. Corrugated packaging is one of the most popular packaging materials for internation- al trade, owing to its suitability and lower cost, as compared to its counterparts, stated the report. Additionally, the boom in the processed food indus- try is expected to contribute to the corrugated pack- aging market growth.The packaging of processed food requires secure and flexible packaging solutions, to en- sure product safety and convenience. The increasing demand for easy-to-use, convenient, and lightweight packaging materials, innovative paperboard packaging solutions are being developed by packaging manufac- turers to tap the growing demand from the processed food industry, thus fueling the market growth.
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6 June 25, 2018 Flexo Market News
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