Demand for paper packaging to reach USD 465-bn by 2032
According to Fact.MR, a provider of market research and competitive intelligence, the global demand for paper packaging materials is projected to grow at a CAGR of 6%, reaching a value of USD 465-billion by 2032.
04 Mar 2024 | By Abhay Avadhani
The global paper packaging materials market is valued at USD 260-billion in 2022
Paper packaging holds several advantages over other types of packaging, including its lightweight nature, biodegradability, and recyclability.
The market for paper packaging materials is being primarily driven by stringent regulations imposed by environmental protection authorities and increasing consumer awareness regarding sustainable packaging options. The demand for affordable packaging alternatives such as bags, pouches, cellulose, and others is on the rise due to the expanding population. This trend significantly influences the development of the paper packaging materials market.
Retail stores utilise packaging materials to ensure food freshness and maintain nutritional content. With an increase in the number of consumers purchasing groceries, including frozen and chilled foods, the market is expected to witness high growth. Packaged food offers convenience, barrier protection against contamination, and portion control, addressing concerns related to food safety.
Sustainable packaging plays a crucial role in safeguarding against chemical contamination and food-borne illnesses while reducing food waste and loss.
The global paper packaging materials market is valued at USD 260-billion in 2022. Sales of paper bags and sacks are anticipated to expand at a CAGR of 5.7% from 2022 to 2032.
For instance, Smurfit Kappa and Wildlife Fund Combia have partnered to enhance forestry conservation and increase the use of recyclable papers.
Key market participants engage in captive consumption of paper packaging materials used by a variety of end-user businesses, including the chemical industry and consumer goods industry that produces tablecloths, flatware, and cups. To expand their product range with superior product attributes to suit the escalating industry demand, leading companies engage in R&D.
For instance, Testronix introduced premium next-generation packaging testing equipment. The testing equipment from Testronix is renowned for its high level of technology and build quality. Testronix and its team of engineers have been able to create the newest technological instruments to service paper and packaging industries.