Paperboard & Corrugated Packaging
Corrugated Market Summary
Source: Mordor Intelligence
CAGR
+8.1%
Mordor Intelligence reports that the corrugated board packaging market is expected to grow at a CAGR of 8.1% between 2021 to 2026. E-commerce, of course, is the driving factor behind that increase because of its versatility, cost effectiveness and other factors that make it appealing for e-commerce across the globe. The report also states that a survey conducted by GreenBlue found that 65% of respondents in the U.S. had concerns about plastic packaging, which gave corrugated a leg up due to its biodegradable properties.
An outlook report from Smithers mitigates those expectations a bit by saying, “softening of raw material prices between 2017 and 2020 have eroded the value of the market.” So while the research firm expects the market to grow, its expectations for how much the market will be work is lower. An element that it says is spurring the market is fit-to-product or box-on-demand systems, in addition to e-commerce, consumer demand and sustainability.
Paperboard is expected to grow at a CAGR of 3.5% between 2020 and 2026, according to Global Market Insights (GMI). The rising consumption of packaged food is a primary factor in the increase, as food and beverage already accounted for 50% of the market in 2019. And, again, sustainability plays a major role in its success.
Market Outlook by Packaging Segment
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Packaging Machinery & Automation
Cover and feature illustrations by fairywong / DigitalVision Vectors via Getty Images