Paper & Paperboard Packaging Market worth $254.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 29, 2021 /PRNewswire/ -- According to the new market research report "Paper & Paperboard Packaging Market by Grade (SBS, CUK, FBB, WLC, Glassine & Greaseproof Paper, Label Paper), Type (Corrugated Box, Boxboard, Flexible Paper) Application (Food, Beverage, Healthcare, Personal & Homecare), & Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is estimated grow from USD 199.8 billion in 2021 and is projected to reach USD 254.5 billion by 2026, at a CAGR of 5.0% during the forecast period. The global market is primarily driven by increasing environmental issues of landfills and degradation of packaging material. A shift has been seen from plastic to more usage of paper & paperboard in the packaging industry. The rising demand for sustainable and recycled packaging for food, healthcare, and personal & homecare applications will further drive the paper & paperboard packaging market.
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Food is expected to be the fastest-growing application in the Paper & paperboard packaging market during the forecast period.
Food is the fastest-growing application segment in the paper & paperboard packaging market. The growth in this segment is attributed to the increase in the consumption of convenience foods. It accounte for a share of about 42.2% of the paper & paperboard packaging market, in terms of value, in 2020.
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APAC is expected to hold the largest market share in the global Paper & paperboard packaging market during the forecast period.
APAC accounted for the largest share of the Paper & paperboard packaging market in 2020. APAC is the largest and market of paper & paperboard packaging, with China being the major market. The paper & paperboard packaging market in APAC is driven by the demand from countries such as China, Japan, and India. The market for paper & paperboard packaging in APAC is expected to increase in the next five years due to increasing disposable income of people in developing countries and more dependence on convenience food, the packaging industry is booming in the Asia-Pacific region.
International Paper (US), Amcor plc (Switzerland), WestRock Company (US), Mondi Group (UK), and DS Smith (UK) are the leading Paper & paperboard packaging manufacturers, globally.
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