Worldwide 2021 Paper Packaging Material Market to Record an Impressive Growth $362.65 billion

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Worldwide 2021 Paper Packaging Material Market to Record an Impressive Growth $362.65 billion

According to the report, global paper packaging material market was valued at around USD 286.61 billion in 2015 and is expected to reach USD 362.65 billion in 2021, growing at a CAGR of around 4.4% between 2016 and 2021. In terms of volume, the global paper packaging material market stood at above 186.42 million tons in 2015.

Paper packaging is a best alternative to other packaging material due to its recyclable, renewable and biodegradable properties which makes it environment-friendly. Paper is largely used material in packaging market due to its easy availability. Poster paper, craft paper and glassine paper are the different types of papers used in paper packaging. Paper, timber, pulp and other such forest and recycled products are basic raw materials used in paper packaging.

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Liquid packaging cartons, corrugated cases, carton & folding boxes and other products such as sacks, bags, etc. are the key product segments of the paper packaging material market. Liquid packaging cartons dominated the paper packaging market and accounted for more than 40% share of the total market in 2015. Due to advancement in novel retail packaging, corrugated cases segment is expected to witness the highest growth over the forecast period.

On the basis of applications, paper packaging material market can be segmented into beverages, fast foods, fresh foods, dairy & bakery, frozen foods and other applications. Beverage was the largest application market for paper packaging material in 2015, which accounted for about 42% of global consumption in 2015. Frozen foods application is projected to witness the highest growth rate in coming years due to rapid development of fast food and frozen food industries in emerging economies.

Increasing demand for paper packaging due to rising awareness of ecological issues around the world is the key driver of paper packaging material market. For packing the products like food & beverages, pharmaceutical and cosmetics, paper packaging materials are used in a large quantity. It is an eco-friendly option and can be recycled and reused as against plastic which helps to boost the demand of paper packaging material. The demand of paper packaging material is high due to light weight, disposable, safe for environment, cost effective, easy to carry, non toxic and durable properties of paper. Rapid development of fast food and frozen food chains in emerging market coupled with growing packaging market is also expected to flourish the market for paper packaging material.

Paper packaging material market was dominated by Asia Pacific with 35% share in 2015 due to advancement in paper packaging techniques. Asia Pacific was followed by North America and Europe. However, restraint like deforestation is expected to curb the growth of this industry.

Global paper packaging material market is highly competitive, with the presence of well-established global market participants. DS Smith PLC, Georgia-Pacific Corporation, Holmen AB, Hood Packaging Corporation, International Paper Company, MeadWestvaco Corporation, OJI Holding Corporation, Smurfit Kappa Group Plc, Stora Enso Oyj and The Mayr-Melnhof Group are some of the key vendors in the market.