The global paper and paperboard packaging market is expected to witness strong growth during the forecast period between 2021 and 2031.
Paper and paperboard packaging materials are products manufactured using pulp, which is obtained from both wood as well as non-wood products such as bamboo and straw.
Paper and paperboard packaging has emerged as suitable packaging option in various end-use industries owing to features such as reduced cost of wood pulp.
Some of the end-use industries that deploy paper and paperboard packaging include food and beverages, healthcare, personal care, and home care.
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Rising consumer demand for biodegradable products has emerged as key growth driver for global paper and paperboard packaging market.
Also, surge in customer demand for convenient food products in leading economies globally is expected to help create revenue-generating opportunities for prominent players in overall paper and paperboard packaging market.
Growing consumer awareness for sustainable packaging techniques and recyclability of paper and paperboard packaging are some of the other key factors boosting growth of the global paper and paperboard packaging market currently.
In addition to this, recyclable nature of paper and paperboard packaging is anticipated to propel paper and paperboard packaging market, in the years ahead.
Other factors such as continuous growth in e-commerce industry and rising disposable income among different population sections is expected to contribute to growth in paper and paperboard packaging market in future.
Flexible paper bags product segment is expected to emerge as largest contributor, in terms of revenue, to overall market because of increasing need to reduce deployment of single-use plastic bags in prominent countries worldwide.
The global paper and paperboard packaging market is highly competitive, with the presence of several prominent players. Many of these players are expected to account for a large share in overall market, in the coming years.
Research and development activities could be key, revenue-generating growth strategy for leading players in global paper and paperboard packaging market in the years ahead.
Collaboration with smaller players could assist well-established paper and paperboard packaging market players expand their market presence and increase their revenue shares.
Some of the prominent players in paper and paperboard packaging market include Nippon Paper Industries Co. Ltd., DS Smith PLC, International Paper Company, Packaging Corporation of America, and RockTenn Company.
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The global paper and paperboard packaging market is classified into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Growing demand for convenience food products in countries such as India and China is projected to help Asia Pacific emerge as maximum revenue-generating region in paper and paperboard packaging market in future.
Ease of availability of key resources such as land and labor could help well-established market players establish research and development centers and production units, which could further help market growth in the region.
Oji Holdings Corporation, in November 2021, announced the launch of new corrugated container plant in Vietnam, which has helped raise the production volume of corrugated boxes in Asia Pacific region.
North America is expected to witness substantial growth in overall paper and paperboard packaging market because of continuous growth witnessed in food and beverages industry in countries such as the U.S. and Canada.
Increasing consumer awareness about benefits of paper and paperboard packaging in countries such as UK and Germany is anticipated to help Europe emerge as significant revenue-generating region in overall market in the years ahead.
Other regions of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in overall market, in future.
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