Factors such as the accelerating industrialization rate in developing countries and increasing demand for sustainable and cost-effective packaging solutions will drive the corrugated packaging market at a CAGR of 3.7% during the forecast period. The market revenue stood at $237.5 billion in 2017 and it is expected to reach $294.3 billion by 2023. Moreover, the expanding e-commerce industry will also boost the market growth in the coming years. Corrugated packaging is one of the most affordable and convenient modes of packaging for the e-commerce sector due to its low cost and lightweight.
The escalating industrialization rate in developing countries will augment the demand for corrugated packaging materials in the foreseeable future. The surging industrialization rate has resulted in the expansion of trade activities, upsurge in per capita income, growth of infrastructure sector, and boom in the chemicals, energy, and oil and gas industries, owing to which, the demand for corrugated packaging solutions will surge in the forthcoming years. Additionally, the expanding manufacturing sector in China and India will also supplement the market growth in the forecast years.
According to P&S Intelligence, Asia-Pacific corrugated packaging market generated the highest revenue in 2017. This was due to the increasing influence of western culture and surging consumption of retail ready-to-eat food products in the region. Besides, the rising use of durable and non-durable packaged goods, owing to the rapid urbanization and busy lifestyle of consumers, also contributes to the market growth in the region. Moreover, the burgeoning sales of processed foods in developing countries such as Indonesia, China, and India also drive the demand for corrugated packaging solutions in the region.
Thus, the escalating demand for eco-friendly packaging solutions and booming manufacturing sector will amplify the market growth in the coming years.
No comments:
Post a Comment