Paperboard Packaging Market to achieve 7.5% Growth by 2024
Date: 2018-12-12   Author: Rahul Varpe  Category: #market

Paperboard Packaging Market to achieve 7.5% Growth by 2024

Global Market Insights, Inc. adds a new Paperboard Packaging Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Paperboard Packaging Market size will likely surpass USD 240 billion by 2024; according to a new research report by Global Market Insights, Inc. Corporate lifestyle of people and odd working hours result in home delivering and on-the-go eating habits. These factors are boosting the packaged food industry in the emerging countries. Rising number of working women in these countries is also one of the factors driving the packaged food industry in these regions. 

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Metsä’s Lidloc, having made it to the headlines last month, accentuates the contemporary product evolutions prevalent in paperboard packaging market. ‘Lidloc’ has been launched by a segment of the Metsä Group, Metsä Board, and has already been presented at the Packaging Innovations Exhibition in Birmingham, UK. While experts have been pondering over Lidloc’s sudden fame, analysts claim that the product’s ultra-unique design is what has done the trick.

The patented design encompasses an extension to a regular cup structure that folds and gets locked into an integrated lid, thereby eliminating the requirement for a separate plastic lid. The product has been touted to reinvent the design, production, consumption, and recycling methodologies of paperboard cups, inherently impelling the profitability landscape of paperboard packaging market from the food & beverage sector.

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Paperboard packaging industry, with its widespread gamut of applications, has had a rather appreciable record of successes across the APAC belt. One of most crucial determinants this growth can be credited to is the phenomenal expansion of the F&B, pharmaceutical, and the FMCG sectors in the region, which have been touted as the most lucrative end-use domains of paperboard packaging market.

Driven by the robust economic development, rising number of industrial activities, urbanization, and changing consumer lifestyles, the Asia Pacific region has experienced quite a surge in the demand for paperboard packaging products such as bleached boards, container boards, chipboards, etc. In 2016 alone, APAC apparently held a sizable chunk of the overall paperboard packaging industry share, driven by the round-the-clock work culture necessitating an increase in the percentage of door deliveries (food, medicines, cosmetics, etc.), increasing disposable incomes, high purchase parity, and rapidly advancing technological developments in the packaging sector.

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Nippon Paper Industries Co., Ltd., one of the major Japan paperboard packaging industry giants, has recently been making rapid inroads in the Indian sub-continent. The company aims to take over the country’s biggest paper cup manufacturer - Plus Paper Foodpac, owned by the BK Modi Group. Although the deal valuation has not been disclosed yet, reports cite that the projected amount of the agreement bordered close to INR 100 crore.

Nippon’s foray in the India paperboard packaging market portrays the firm’s commitment toward expanding its business throughout Asia Pacific. Given that India currently, is a hub of the packaging sector, owing to the country’s expanding FMCG, F&B, and pharma domains, Nippon’s decision of acquiring an Indian subsidiary is something that would have a subsequently beneficial impact on the APAC paperboard packaging industry.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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