- The paper packaging materials market is projected to attain around USD 391.2 billion by 2022, as per Grand View Research, Inc. In 2014, the market demand, in terms of volume, was 195.7 million tons. It will reach about 273.3 million tons in 2022, at 4.3% CAGR from 2015 to 2022 (forecast period). Rising economies of India, Brazil, and China have led to high demand for paper packaging applications across various sectors.
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The expanding sectors of frozen food & fast food in the Middle East & Africa (MEA) and Asia Pacific (APAC) would positively impact the market. Paper is the largest material in the packaging sector. It can be easily reused, raising the demand for recycled paper. It can also be utilized as a better alternative to polystyrene packaging.
Strict regulatory policies regarding plastic packaging will favor the market. The paper packaging materials market has encountered environmental concerns regarding deforestation, which can hamper its progress. It is divided on the basis of products, applications, and regions. Products wise, the market consists of carton and folding boxes, corrugated cases, liquid packaging cartons, and others.
Liquid packaging cartons led the market, accounting for 40% volume in 2014. They will continue their reign in the forecast phase. Corrugated cases and carton and folding boxes would experience significant growth in the same period. The applications include fast foods, bakery and dairy products, frozen foods, and beverages.
Beverages were the largest paper packaging materials market application and captured about 42.3% of the demand in 2014. Frozen foods will experience 4.6% CAGR in the coming seven years. Access to easy money, rapid industrialization, and reliance on ready-to-eat foods in China and India have boosted the demand for fast foods.
Asia Pacific dominated the paper packaging materials market in 2014 and accounted for over 35% demand. It is predicted to witness 4.8% CAGR in the forecast phase. The region will benefit from its big food & beverages sector, combined with tax and financial benefits in China, India, Thailand, and Indonesia.
Paper recycling technologies that can develop eco-friendly products would provide future market opportunities. Players involved in the paper packaging materials market are International Paper Company, Holmen AB, DS Smith Plc, OJI Holdings Corporation, and MeadWestvaco Corporation.
Information Source: Grand View Research
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