The market for paper & paperboard packaging is projected to be valued at $213.4 Billion by 2020. The Asia-Pacificregion is projected to grow at the highest CAGR of 5.3% during the review period, that is, 2015 to 2020.
The paper & paperboard packaging industry has been growing with the global packaging market. With increasing environmental issues of landfill and degradation of packaging material, a shift has been seen from plastic to more use of paper & paperboard in the packaging industry.
With increasing disposable income of people in developing countries and more dependence on convenience food, the packaging industry is booming in the Asia-Pacific region. Food accounts for the largest share in the paper & paperboard packaging applications followed by home & personal care and beverage packaging.
The growth of the paper & paperboard market is primarily driven by the following:
- Growing consumer awareness for sustainable packaging
- Recyclability of paper & paperboard
The beverage packaging segment is projected to grow at the highest CAGR of 3.9% from 2015 to 2020. The paper & paperboard packaging market was dominated by food packaging segments, which accounted for 40.7% of the total market in 2014. This is because of the increasing demand of the convenience food in developing nations.
The paper & paperboard packaging market is marked with intense competition due to the presence of a large number of players. The market for this industry is highly unorganized because of the small- and medium- scale manufacturers and converters. New product launches, mergers & acquisitions, partnerships, and expansions are the key strategies adopted by market players to ensure their growth in the market.