In terms of revenue, the Global Corrugated Boxes Market is expected to reach USD 82.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.40% from 2022 to 2028. The Global Corrugated Boxes market is gaining momentum over the forecast period owing to its wide range of applications. These boxes are used for packaging various products ranging from food items to electronic devices. Corrugated Boxes are manufactured using different grades of paper, depending upon their end-use requirements. The Corrugated Boxes industry is expected to witness a steady rise in demand due to increasing consumer preference for eco-friendly products. Moreover, increasing the use of Corrugated Boxes in the manufacturing of other products such as furniture, electronics, and appliances is expected to further augment the demand for Corrugated Boxes. The rising disposable income among consumers coupled with the growing awareness regarding the benefits of these boxes is expected to drive the Global Corrugated Boxes Market over the forecast period. However, the high cost associated with the production of Corrugated Boxes may hamper the market growth.
Key Highlights from the Report:
- The slotted boxes segment dominated the market growth at a substantial Compound Annual Growth Rate (CAGR). The increase in demand for safe transporting of delicate items with protection to the goods accentuated the segment growth in 2021.
- The Flexography segment held a significant market share in 2021. The market growth has been spurred due to its simple and cost-effective printing technology.
- The food & beverages segment holds the largest market share. The packaging of processed foods necessitates the use of safe packaging materials that are appealing to the buyer while also confirming product safety. As a result, Corrugated Boxes are utilized to package processed meals.
- Asia Pacific is the largest regional segment owing to the growing demand for corrugated containers in developing countries such as China and India are expected to provide numerous opportunities for players operating in this market. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.
Some of key players in the Corrugated Boxes Market include - Rengo Co., Ltd. (Japan), Mondi Group (UK), DS Smith (UK), Smurfit Kappa Group (Ireland), International Paper (US), Tat Seng Packaging Group, VPK Packaging Group nv, STORA ENSO OYJ, Nelson Container Corporation, Great Little Box Company Ltd., Action Box Inc., Acme Corrugated Box Co. Inc., Wertheimer Box Corporation, Shillington Box Company, Bee Packaging, A.D. Inc. of Milwaukee..
The slotted boxes are made from a single piece of stitched, taped, or glued cardboard. Slotted boxes are a particularly efficient product as they generate very little waste during manufacturing. The products are placed adjacent to the depth to provide adequate loading strength, making them ideal for transporting a variety of things such as cups, mugs, books, and more.
Flexography is used to imprint simple designs and colors on a variety of packaging materials, including Corrugated Boxes, plastic containers, tapes, envelopes, and metal foils. Flexography printing ink dries quickly and has a low viscosity, making it a speedy printing procedure.
Food & beverages accounted for the largest share owing to the growing consumer awareness regarding health issues coupled with the rise in disposable incomes have led to increased consumption of packaged foods. Moreover, the growing trend toward organic food products is expected to drive the demand for Corrugated Boxes in the food & beverage industry.
Asia Pacific is expected to emerge as a potential market for Corrugated Boxes. The market growth in the region is attributed to the increasing disposable income of consumers in emerging economies such as China and India. Key factors such as industrialization, increased internet penetration, growth in manufacturing activities, increased disposable income, increased consumption levels and increased electronic retail sales will drive the market during the forecast period. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.