Demand for corrugated boxes is expected to increase by CAGR of 3.8 % to reach USD 74.3 billion, with use of 260 billion square meters by 2019
March, 2019 | Source: Profshare Market Research
Demand for corrugated boxes is expected to increase by CAGR of 3.8 % to reach USD 74.3 billion, with use of 260 billion square meters by 2019. Globally, strong growth in e-commerce and online retail highly increasing demand for corrugated boxes with growing popularity of retail-ready packaging. Retail-ready packaging saves packaging time and labor cost.Corrugated boxes with better advantage as sustainability, eco friendly, and low cost compared to competitive packaging products.
Food & beverage market is one the top growing market in next 4-5 years.With growing demand for packaged and branded food products, and consumer awareness regarding the safe packaging the demand for corrugated boxes expected to experience a higher growth rate from the food & beverage industry. Food & beverage market has alone contribute 43% of overall corrugated box market share.Corrugated boxes offers safe shipment of the product resulting in heavy use of material for packaging of beverage by manufacturers.
Global revenue of corrugated boxes is USD 68.95 in 2017 expected to reach USD 89.52 billion in 2024 at CAGR 3.8%:
In 2018 Asia/Pacific region accounted for 51.3 % of global corrugated box demand. China has shown growth of 28% from 2012-15 for corrugated box with other other countries like India, Thailand. Vietnam, Philippines and Japan are showing strong growth in demand for corrugated box. Growing economies, increase in population, and rise disposable income are main reason for growth in demand for corrugated box.Manufacturing sectors are heavily depend on corrugated box for product transportation and handling.
End-user application of corrugated box packaging industry:
• Chemicals • Food and beverage products • Paper products • Personal and household care goods • Fragile goods. • Textile goods • Non-durable goods • Electronic goods.
US corrugated boxes market value expected to reach USD 34 billion by the end of 2021. US is the largest market for corrugated boxes because of high demand for online shopping and increase in cross-border trade and. The key vendors in the market are - • Smurfit Kappa • Clarasion, DS Smith • Georgia-Pacific • U.S. Corrugated • Roch-Tenn
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