Paper packaging market to grow at 4.3 per cent: Grand View
By Cindy Macdonald
The global paper packaging materials market is expected to reach US$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 and 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 and beverages are also expected to prompt demand for paper packaging materials over the next seven years.
Corrugated cases are projected to witness the highest growth rate over the forecast period owing to novel retail packaging developments.
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.
Further key findings from the report:
– 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.
– Asia Pacific was the leading regional market with demand share exceeding 35% in 2014.
According to Grand View, the 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, Smurfit Kappa Group and MeadWestvaco (now WestRock).