Global Market Insights, Inc. adds a new Global Paperboard Packaging Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR from 2018 to 2024. Paperboard Packaging Market size will likely surpass USD 240 billion by 2024. Corporate lifestyle of people and odd working hours result in home delivering and on-the-go eating habits. These factors are boosting the packaged food industry in the emerging countries. Rising number of working women in these countries is also one of the factors driving the packaged food industry in these regions.
China is one of the leading packaged food manufacturer with huge bakery, processed food, sauces, dressings, and baby food production. In 2016, China packaged food market was valued over USD 275 billion and is poised to grow at a significant rate in the forecast period. Increasing consumption of such packaged food & beverages by consumers in the emerging countries due to rapidly changing lifestyles will positively influence the paperboard packaging industry in coming years.
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Paperboard packaging market is classified based on raw materials as recycled waste paper and fresh (virgin) sources. Used and collected waste paper is recycled and added with fresh fiber for strengthening properties as recycled paper has the tendency of losing strength when reused. Impurities in recycled paper, and inferior quality are the main reasons they are not used in the packaging of food & beverages owing to the food safety standards and norms. Fresh sources majorly include wood pulp as raw materials, which account to almost 90%, while other raw materials are sugarcane bagasse, straw, hemp, cotton, etc.
Considering products, the paperboard packaging market is bifurcated into containerboard and boxboard. The manufacturing process of containerboard is done on modified paper machines as they have the ability to handle superior grammages. The segment will grow at an exponential CAGR of over 8.5% from 2017 to 2024.
Boxboard segment is additionally bifurcated as white lined chipboards, solid bleached boards, solid unbleached boards and folding boxboards. The white lined chipboard segment will surpass USD 30 billion by 2024.
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The pressing need for higher productivity in packaging industry coupled with the growing consumer base demanding eco-friendly and biodegradable products are prominently impacting paperboard packaging market dynamics. A significant rise in the purchase parity of consumers is also a major factor supporting the go-green notion.
In fact, a sizable proportion of the consumers are willing to pay a premium for sustainable products. In the mature markets, many consumer brands have approached this trend by redesigning their products in order to reduce the proportion of packaging materials. For instance, Kleenex reduced its tissue boxes packaging material by 30%, while Kimberley-Clark reduced their corrugated board packaging usage by 55% for some product lines.
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Several paperboard packaging industry players along with paper mills have also responded to the lightweight paperboard trend. Advancements in packaging technology have encouraged these product manufacturers to achieve comparable compression strength and printability at lower grammage. This is likely to reduce the higher costs of paperboard as light weight means less shipping and storage costs.
This trend will indeed escalate the product demand, enhancing the overall profitability quotient of this industry. Some of the renowned players defining the competitive hierarchy of paperboard packaging market include Southern Champion Tray, International Paper Company, Outlook Group LLC, Rock-Tenn Company, Nippon Paper Industries, and Shandong Bohui Paper Industry Co Ltd.
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