Global Cartnboard Market Forecasts 2021 - 2026
Posted by Sonika on February 10th, 2021
Bharat Book Bureau Provides the Trending Market Research Report on “Global Cartonboard Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026) ”under Packaging Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
The global cartonboard market is expected to grow at a CAGR of 2.89% during the forecast period. The growing demand for premium and high-performance packaging products due to increasing population and disposable incomes is supporting the market. Over the forecast period, a strong level of new product developments in under-developed markets, such as preserved foods, fruit juice, thermoforming, and other functional beverages, is expected to drive the market.
- The cartonboard gained rapid attention due to the rising demand for cost-effective and weightless packaging and growth of the e-commerce industry in the United States and Canada. Most of the vendors use cartonboard containers that can withstand the rigors of transport to protect them from damage in transit. For instance, Amazon Prime Day in July 2019 was the largest shopping event in Amazon history, with more than 175 million items ordered. Two days of Prime Day sales surpassed the previous Black Friday and Cyber Monday sales combined. So, it is expected that growing adoption of online shopping will enhance the supply chains by utilizing an effective packaging solution.
- Moreover, rising public scrutiny and discussion about plastics in the ocean and packaging’s environmental impact has forced the manufacturers to adopt environment-friendly packaging solutions. It gave brands an opportunity to align their packaging with consumer values as consumers feel good about corrugated boxes because more than 96% of them are recycled however, an average box includes 50% recycled content.
- Changing political agenda and legislation, placing an increasing focus on plastic-free packaging, is also shaping the market and is expected to boost the market over the next five years.
Key Market Trends
Food Industry is Expected to Grow Significantly
- Rising demand for packaged food, which provides convenience, aesthetics, and on the go lifestyle has fueled the growth of the folding carton market. Moreover, increasing investment to enhance the packaging and shelf-life of frozen food to meet the demand is expected to bring innovative packaging solutions. Most of the players in the food industry are investing in technologies to store refrigerated or retarded dough, frozen vegetables and meat, partially cooked and fully cooked food for longer durations.
- For instance, in 2018, Thimm Group developed COOLandFREEZE a box made up of corrugated cardboard for temperature-controlled shipping that allows the joint transport of frozen, chilled, and non-refrigerated products within one package. It has also won the iF Design Award 2018 for its innovative shipping packaging solution.
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The global cartonboard packaging market is highly competitive and consists of few major players such as Mayr-Melnhof Karton AG, Nine Dragons Paper Holdings Limited, Asia Pulp & Papers Pvt Ltd and Westrock Company. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
- June 2020 - Supply and Demand Chain Executive, the executive’s user manual for successful supply and demand chain transformation, has selected Asia Pulp & Paper (APP) and its Foopak Bio Natura sustainable food packaging solution as a winner of the SDCE 100 Award for 2020. The Foopak Bio Natura paperboard has been selected as a sustainable and cost-effective food packaging solution to single-use plastics. The innovative coating eliminates the need for the lengthy, expensive stripping process for recycling and allows the product to compost naturally in a matter of weeks.
- April 2020 - Graphic Packaging Holding Company has completed the previously announced acquisition of the Consumer Packaging Group Business from Greif, Inc. for approximately USD 85 million. The company has acquired seven converting facilities across the United States that produce over USD 200 million in annual revenue. The business is expected to generate approximately USD 20 million in annualized EBITDA, including synergies, over the 24-month period after the successful completion of the acquisition.
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