According to Transparency Market Research (TMR), the global paperboard packaging market was valued at US$122.7 bn in 2015. Exhibiting a strong 7.1% CAGR between 2016 and 2024, the market’s valuation is expected to rise to US$227.4 bn.
Food and Beverage, Cosmetic Industries Likely to be Vital for Paperboard Packaging Market
The global paperboard packaging market has been driven in recent years by the steady rise of urban-centric industry sectors such as the food and beverage industry and cosmetics industry. The former is likely to remain the key consumer in the global paperboard packaging market in the coming years due to the rising demand for packaged food from busy, urban consumers. The cosmetics industry has also benefited from the steady rise of an affluent consumer demographic in urban centers across the world and is likely to comprise a key part of the global paperboard packaging market in the coming years. The rising international trade of packaged fresh food such as produce is likely to play a key role in the development of the global paperboard packaging market in the coming years.
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By product type, the global paperboard packaging market is segmented into containerboard and boxboard. Of these, containerboard products are likely to dominate the global paperboard packaging market in the coming years. Significant technological innovation could be seen in the product lineup in the global paperboard packaging market in the coming years as producers attempt to overcome the growing competition in the market by providing enhanced products with characteristics such as water-resistant linings. Coatings for the purpose for safety and functionality have also become popular in the global paperboard packaging market are likely to remain a consistent part of the industry in the coming years.
Asia Pacific Paperboard Packaging Market Set for Strong Progress due to Growth of Ecommerce
Regionally, Asia Pacific is the leading contributor to the global paperboard packaging market, due primarily to the steady growth of the food and beverage and personal care products industries in the region’s dynamic economies. While developed regions such as Europe and North America contain matured paperboard packaging markets, the vast unmet potential of the ecommerce sector in developing Southeast Asian countries is likely to consolidate the position of the Asia Pacific paperboard packaging market as the leading regional contributor in the coming years. Similarly, Latin America is likely to be important to the global paperboard packaging market in the coming years due to the presence of strong developing economies.