Technavio analysts forecast the global corrugated box packaging market to grow at a CAGR of 4.8% through 2020, according to their latest report.
The research study covers the present scenario and growth prospects of the global corrugated box packaging market 2016-2020. Based on end-user, the market is divided into the following segments: F&B products, electronics goods, personal and household care goods, glassware and ceramics, paper products, chemicals, textile goods, other non-durable goods. To calculate the market size, this report covers revenue generated by corrugated box vendors from the sales and manufacturing of the corrugated boxes.
Technavio’s report highlights three major drivers that are expected to uplift the global corrugated box packaging market.
Increased demand from e-commerce industry
The growing e-commerce market, which primarily includes online shopping, has witnessed an increase in the demand for corrugated boxes for the shipment of products sold through them. The ease of online shopping has made many customers switch from the traditional method of shopping. Online retailers use different types of corrugated boxes according to the product transported. These boxes ensure the safety of the products which are being transported. In addition, the effective packaging is becoming one of the key business requirements in the e-commerce marketplace, thus fueling the growth of the market.
“Global e-commerce experienced a growth of around 23% from 2013 to 2014. In 2013, around 4.2 billion consumers shopped online, which amounted to USD 1.5 trillion in revenue,” said Sriram Mohan, a lead packaging industry research analyst at Technavio. “In 2013, APAC was the largest market for B2C e-commerce reaching a global value of USD 563.7 billion and the market is expected to flourish at the same rate during the forecast period. The other key leading regions for B2C e-commerce market are Europe, reaching a value of USD 483.2 billion and North America, reaching a value of USD 454.2 billion,” added Sriram.
Growth in processed food industry
Change in consumer behavior patterns and the growth of the processed food industry will drive the growth of the global corrugated box packaging market. Increased demand for convenience food and fast food, which require lightweight packaging, will exert a positive influence on the market. The packaging of a product plays a significant role in the demand for and life cycle of a product. Processed foods require easy and flexible packaging material, which is convenient to customers and also ensures product safety. As consumers look for convenient, easy-to-use, and lightweight packaging, innovative paperboard packaging solutions are being developed by packaging manufacturers to tap the growing organized retail and processed food markets.
Increased demand from organized retail sector
Organized retailing refers to modern retailing, wherein a licensed retailer sells many goods related to different categories under one roof. These retail stores use packaging materials not only to preserve food but also to retain the nutritional value of the food. In addition, there is increased demand from consumers to use packaging materials that are eco-efficient. The organized retail sector is expected to play a significant role in the growth of the global corrugated box packaging market.
“Presently, a growing number of consumers are purchasing grocery items, including frozen and chilled foods, from organized retail stores. These items are packed in paper and paperboard containers. With the growth of the organized retail sector and an increase in consumer demand for frozen and chilled foods, the demand for corrugated packaging has increased and is expected to increase further during the forecast period,” said Sriram.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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