Paperboard Packaging to Reach $240 Billion by 2024
The paperboard packaging market size is expected to surpass U.S. $240 billion by 2024; according to a new research report by Global Market Insights Inc. (gminsights.com). Corporate lifestyle of people and odd working hours result in home delivering and on-the-go eating habits, which are boosting the packaged food industry. Rising number of working women in these countries is also one of the factors driving the packaged food industry in these regions.
China is one of the leading packaged food manufacturer with huge bakery, processed food, sauces, dressings and baby food production. In 2016, China packaged food market was valued over U.S. $275 billion and is poised to grow at a significant rate in the forecast period. Increasing consumption of such packaged food & beverages by consumers in the emerging countries will positively influence the paperboard packaging industry in coming years.
Plastic, metal and glass packaging are a few factors that may affect paperboard packaging market in coming years. Plastic is a widely used substitute product used for packaging purposes. The abundant availability of paper and paperboard material for packaging purposes and safety regulations pertaining to plastic usage however results in a traditional use of paperboard packaging all over the world.
A few of the shortcomings faced by the paperboard packaging market include the higher costs than plastics and the durability. The products are not inherently water resistant and need extra protection layers of plastic to prevent moisture damage. These factors shall act as restraints for the global paperboard packaging market.
The paperboard packaging market is bifurcated into containerboard and boxboard. The segment will grow at an exponential CAGR of over 8.5% from 2017 to 2024.
Boxboard segment is additionally bifurcated as white lined chipboards, solid bleached boards, solid unbleached boards and folding boxboards. The white lined chipboard segment will surpass U.S. $30 billion by 2024.
The market is segmented into medical, non-durable goods, durable goods, food & beverages and other applications. The others segment includes machineries and industrial goods. Development in food & beverage industry, and increasing packed food consumption will positively influence the paperboard packaging market. It is one of the fastest growing segments and will see growth with CAGR of over 8% in the forecast spell.