The global paper packaging materials market is expected to reach USD 391.17 billion by 2022, according to a new report by Grand View Research, Inc. Rapid development of fast food and frozen food industries particularly in emerging markets of Asia Pacific and Middle East & Africa is expected to remain a key driving factor for global paper packaging materials market over the forecast period. Environmental concerns associated with plastics packaging for food & beverages are also expected prompt demand for paper packaging materials over the next seven years. Governments across various regions have been implementing stringent regulations. Novel technologies related to paper recycling and extensive R&D to develop superior quality products are expected to create new avenues for market participants.
Liquid packaging cartons were the leading product segment and accounted for over 40% of total market volume in 2014. Positive outlook on global beverages industry is expected to drive this segment over the forecast period. Corrugated cases are projected to witness the highest growth rate over the forecast period owing to novel retail packaging developments.
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Further key findings from the study suggest:
- Global paper packaging materials market demand was 195.72 million tons in 2014 and is expected to reach at 273.31 million tons by 2022, growing at a CAGR of 4.3% from 2015 to 2022.
- Beverages were the leading application segment with demand share estimated at 42.3% in 2014. Growth of organic beverages industry in developed economies of North America and Europe are expected to steer growth of this segment. Frozen foods are expected to witness the highest growth of 4.6% from 2015 to 2022. Rise in convenience food and fast food demand particularly in emerging markets China and India on account of rising disposable income and rapid urbanization are expected to assist the regional market in the near future.
- Asia Pacific was the leading regional market with demand share exceeding 35% in 2014. Growth of food & beverages industry coupled with government support in the form of tax holidays and financial incentives to develop manufacturing sector particularly in China, India, Thailand, Indonesia and Vietnam are expected to drive the regional growth Asia Pacific is also expected to witness the highest growth of 4.8% from 2015 to 2022.
- Paper packaging materials market is highly fragmented and characterized by a large number of players. Key industry participants include Hood Packaging Corporation, International Paper Company, OJI Holding Corporation, Georgia Pacific Corporation, DS Smith Plc., Smurfit Kappa Group Plc. And MeadWestvaco.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.