The global corrugated carton market size was valued at USD 158.76 billion in 2022. The market is projected to grow from USD 164.93 billion in 2023 to USD 218.39 billion by 2030, exhibiting a CAGR of 4.09% during the forecast period.
Corrugated cartons are manufactured by integrating two to three layers of liners that create a robust structure. These cartons help to transport goods safely. The increasing demand for renewable and sustainable packaging has raised the corrugated-carton packages demand, as they are made from a high percentage of recycled paper.
Fortune Business Insights™ mentioned this in a report titled, “Corrugated Carton Market, 2023-2030.”
Segments:
Growing Preference by Online Businesses to Augment Single Wall Segment Growth
Based on wall type, the market is segmented into single wall, double wall, and triple wall. The single wall segment holds the largest market share due to the rising preference for single wall cartons by several online businesses.
Increasing Demand for Sustainable Packaging to Drive Slotted Carton Segment Growth
Based on product type, the market is divided into slotted carton, folding carton, telescope carton, and die cut carton. The slotted carton segment dominates the market. The increasing demand for sustainable packaging by consumers and rapid growth in pharmaceutical, e-commerce, and food & beverage industries drives the segment’s growth.
Rising Utilization of Corrugated Cartons in Food & Beverage Packaging to Augment Food & Beverage Segment Growth
By end-use industry, the market is divided into food & beverage, pharmaceutical, e-commerce, chemicals, building & construction, and others. The food & beverage segment dominated by holding the largest corrugated carton market share. The growth is attributed to the growing utilization of these cartons from food & beverage packaging companies.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The report offers:
· Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
· Comprehensive insights into regional developments.
· List of major industry players.
· Key strategies adopted by the market players.
· The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Growing Benefits of Corrugated Cartons to Boost Market Growth
The increasing benefits of these cartons, such as sustainability and reduced carbon footprint, drive corrugated carton market growth. These cartons are made from recycled newspapers and other papers, which is a primary factor boosting market growth. These cartons are easily customizable, reusable, and eliminate waste compared to other alternatives.
However, increasing prices due to unexpected downtime and shipping restrictions affecting the supplies may hamper market growth.
Regional Insights
Asia Pacific Dominates Owing to Rapid Growth in Food & Beverage and Pharmaceutical Industries
Asia Pacific is expected to grow significantly and will dominate the market during the forecast period. The growth is attributed to the rapid and continuous growth in the food & beverage and pharmaceutical industries, encouraging companies to produce corrugated-cartons.
Europe market’s growth is led by the growing product portfolio expansion by key players by launching paperboard and paper products.
Information Source: https://www.fortunebusinessinsights.com/corrugated-carton-market-108688
Competitive Landscape
Increased Key Players Focus on Advanced Packaging Solutions to Aid Market Growth
The corrugated carton market consists of key players, such as DS Smith, International Paper, Rengo Co., Ltd., and others. The increasing focus of these players on delivering advanced packaging solutions to strengthen their market position will drive market growth during the forecast period.
Key Industry Development
· August 2022 – B2B Industrial Packaging acquired Springfield Corrugated Box Inc., a corrugated packaging solutions provider. The acquisition will allow B2B Industrial Packaging to provide more resources to its East Coast customers and enhance the services enjoyed by the customers of Springfield Corrugated Box.
List of Key Players Present in the Report:
· Rengo Co., Ltd. (Japan)
· Mondi Group (U.K.)
· Smurfit Kappa (Ireland)
· International Paper (U.S.)
· WestRock Company (U.S.)
· DS Smith (U.K.)
· Cascades (Canada)
· Georgia-Pacific, LLC (U.S.)
· Kapco Packaging (India)
· Stora Enso (Finland)