Innovations and Sustainability Drive Growth in the Plastic Corrugated Packaging Market Size to Hit USD 229.06 billion With 3.6% CAGR By 2029 | Says Exactitude Consultancy

The rise in demand for packaging of food and beverage, coupled with increasing application in pharmaceutical packaging solutions, is driving the Plastic Corrugated Packaging Market.

PUNE, India, April 4, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Plastic Corrugated Packaging Market.

The global Plastic corrugated packaging Market is expected to grow at 3.6% CAGR from 2023 to 2029. It is expected to reach above USD 229.06 billion by 2029 from USD 166.6 billion in 2022.

The packaging sector is heading towards the environment-friendly and sustainable way of packaging due to the transforming regulatory landscape along with shifting consumer preferences pertaining to the side effects of unsustainable packaging waste. Thereby, it is likely to be one of the primary reasons for the robust development of the global plastic corrugated packaging market vigorously during the forecast period. Manufacturers are moving towards novel packaging solutions to align with modern-day sustainability objectives.

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Plastic corrugated packaging is gaining immense traction among consumers due to the rapidly proliferating e-commerce sector. The growing adoption of e-commerce is known to revolutionize the global plastic corrugated packaging market. There is a significant surge in demand for plastic corrugated packaging owing to the onset of e-commerce along with digital printing technology. Plastic corrugated boxes explicitly boost the demands from various end user sectors like food & beverages, pharmaceutical, tobacco, and durable goods.

The key leaders involved in the market are concentrating on discovering novel and innovative packaging solutions to address the underlying challenges of managing packaging waste. However, such initiatives are likely to open several lucrative growth opportunities in the global plastic corrugated packaging market in the forthcoming years. The emergence of non-contaminated special foods & beverages will further boost the adoption of plastic packaging all across the globe. The surging consumption of ready-to-go meal products along with transforming lifestyle and consumer eating habits are further supporting the growth of the market. In addition, the growing population of working women all across the globe is also propelling the demand for packaged and processed food products, which in turn will significantly escalate the demand for plastic corrugated packaging.

Recent Developments

• May 2022 – Mondi announced to invest EUR 280 million to increase the production of corrugated board and cardboard. This investment will help to expand capacity and increase efficiency in the Czech Republic, Poland, Germany and Turkey. Of this investment figure, EUR 185 million will go to the company's network of Corrugated Solutions plants in Central and Eastern Europe.
• April 2022 – DS Smith, a UK-based sustainable packaging provider, developed and launched a corrugated cardboard box for e-commerce shipments of medical devices. This new corrugated cardboard box features a single-material solution in place of glued packaging with a single-use plastic insert.

The APAC region is expected to represent about 39% of the global market, making it the largest market in terms of value.

The Asia Pacific plastic corrugated packaging market is expected to witness significant growth during the forecast period. This can be attributed to the increasing demand for lightweight and durable packaging solutions in the region. The growing e-commerce industry, along with the increasing demand for food and beverage, healthcare, and consumer goods, is expected to drive market growth in the Asia Pacific region. In addition, the adoption of sustainable packaging solutions is also expected to boost the demand for plastic corrugated packaging in the region. China, India, Japan, Australia, and South Korea are the major markets for plastic corrugated packaging in the Asia Pacific region.

Five key trends that are changing the future of the Plastic Corrugated Packaging Market

1.  E-commerce

E-commerce retail sales are continuing to rocket, with estimates of around 20% annual growth in e-commerce trade in Europe.

2.  Fit-to-product

Born out of e-commerce has been the advent of fit-to-product (FtP) or box-on-demand systems, driven in particular by the needs of dedicated e-commerce sellers such as Amazon and Staples.

3.  Sustainability

Corrugated board is proving popular in packaging as sustainability becomes a more important issue across the value chain – it is easy to recycle and the pulp and paper industry is already adept at converting these into new generations of containerboard.

4.  Retail changes

Retail-ready packaging has established itself as a major cost saver for retailers, especially in Western Europe.

5.  Digital printing advancements

As the digital print market matures, the corrugated sector, while still in its infancy, has developed a growing appetite for adoption of the process, and systems are now being developed to address the demands of the high-volume liner and post-print markets.

Protective packaging requirements in the eCommerce sector are boosting market growth.

• The packaging industry is currently feeling the pressure from a variety of brand owners, as these brands need secondary packaging to market their products more vigorously. As a result, corrugated plastic packaging options with excellent graphic design are increasingly necessary from manufacturers. These brand owners are seizing opportunities by interacting with their consumers more effectively, which is driving marketing and promoting repeat business for bringing in new customers.
• Additionally, the eCommerce industry's top priority is safe and secure merchandise delivery. Because plastic corrugated sheets and liners have the ability to endure sudden jerks, end users are placing an emphasis on protective packaging.
• By the end of 2023, it is anticipated that worldwide online sales will total $5.8 trillion. This will undoubtedly have an impact on the demand for packaging, particularly corrugated plastic packaging products, which currently account for more than 70% of demand in the eCommerce industry.

Spill-proof and Non-contaminated Food and Beverage Delivery Creating Growth Opportunities

• Developments in food processing and packing have a significant impact on the growth of the global plastic corrugated packaging market. More than 52% of the market is contributed by the international food business. The global food market is expanding as a result of rising demand for prepared foods, shifting lifestyles, quickly changing customer preferences, and ease of access. This development is also fueling the plastic corrugated packaging market.
• Consumers now favour packaged foods over other foods thanks to rising personal disposable income per capita. The output of packaged foods has increased as a result of this shift in consumer behaviour. Due to their improved meal quality and on-time delivery phenomenon, various Quick Service Restaurants (QSRs) like KFC and McDonalds are becoming more popular.
• Furthermore, consumers are highly conscious about spill-proof and non-contaminated food delivery amid COVID-19. Unlike paper packaging, plastic corrugated packaging has good water resistance and ensures leakage safety. Moreover, such packaging solutions are made of FDA approved material, which further reduces chances of contamination due to chemical reactions.

RFID-Enabled Plastic Corrugated Packaging is Likely to Offer Growth Opportunities

Plastics corrugated packaging boxes are now being offered with RFID or radio frequency identification system for tracking the product. Technology Container Corp. of Desoto, Texas manufactures and distributes these closed-loop plastic corrugated cases.

The TCC Techno-package is a polypropylene corrugated package with self-locking bottoms and tops. These boxes can be used repeatedly for hundreds of cycles in a system and come with an RFID tracking device. These boxes are frequently used for distribution purposes, allowing consumers to find the product's cycling number. The system can also provide information on the location of the merchandise and other things. These plastic corrugated crates also lighten the load on the vehicle and ease storage problems.

Report coverage & details:

Plastic Corrugated Packaging Market: Key Market Participants

A prominent presence of domestic players in several regions renders the plastic corrugated packaging market increasingly fragmented. Their relentless urge to solidify their positions in the respective markets ups the ante for incumbent players with global presence.

Some of the leading industry players from all tiers are

• WestRock Company
• Georgia-Pacific LLC
• Smurfit Kappa Group
• DS Smith Plc
• Bemis Company Inc
• Coveris Holdings S.A
• Hood Packaging Corporation
• HAVI Global Solutions
• ProAmpac
• Menasha Corporation
• Sealed Air Corporation
• Cascades Inc
• Nampak Flexibles
• Coroplast

Key Market Segments: Plastic Corrugated Packaging Market

Plastic Corrugated Packaging Market By Packaging Type, 2023-2029, (USD Billion), (Kilotons)

• Folding Boxes
• Trays
• Crates
• Inserts And Dividers
• Bins
• Racks

Plastic Corrugated Packaging Market By Material, 2023-2029, (USD Billion), (Kilotons)

• Polypropylene
• Polyethylene
• Polyethylene Terephthalate
• Polycarbonate

Plastic Corrugated Packaging Market By End-User Industry, 2023-2029, (USD Billion), (Kilotons)

• Food & Beverages
• Agriculture
• Healthcare
• Automotive
• Electrical & Electronics

Browse In-depth Market Research Report (144 pages) on Plastic Corrugated Packaging Market  
https://exactitudeconsultancy.com/reports/13781/plastic-corrugated-packaging-market/ 

Price Transmission in the Crude Oil Industry Will Fuel Market Expansion

While the crude oil business is reeling from the recent drop in oil prices, the plastics industry is unwinding. Given that plastic is primarily made from petroleum products, the price of crude oil has a significant impact on the plastic sector. Because of this, when the price of crude oil fell, the cost of producing plastic also fell considerably, which led to an explosion in both supply and demand.

The cost of primary plastic product manufacturers' goods has increased by Rs. 1,000 in response to changes in crude oil costs. The cost of materials like PVC (polyvinyl chloride), LDPE (low density polyethylene), HDPE (high density polyethylene), and LLDPE (linear low-density polyethylene) has also contributed to the decline in crude energy prices.

Booming eCommerce sector will support market expansion

The demand for plastics corrugated packaging has witnessed consistent growth due to a host of factors including the onset of cutting-edge digital printing technologies and the booming eCommerce industry. The fact that the global market for plastic corrugated packaging provides essential services to both businesses and people globally is expected to drive market development during the assessment period. The primary markets for plastic corrugated boxes are the pharmaceutical, food & beverage, tobacco, and durable products industries.

The worldwide market for plastic corrugated packaging has undergone significant change thanks in large part to the eCommerce industry. The demand for plastic corrugated boxes is anticipated to stay high as the global eCommerce market is anticipated to grow steadily in the years to come. Market players are anticipated to depend on tried-and-true packaging alternatives to achieve these goals even though the volume of eCommerce transactions, orders, and sales continues to grow.

Sustainable Packaging Initiatives and Innovative Food Packaging Solutions to Impact Market Growth

A number of packaging companies and stakeholders involved in the global plastics corrugated packaging market is expected to focus on product innovation and development to ensure compliance with regulatory guidelines. Additionally, the growth of the global plastics corrugated packaging market may be negatively impacted by the rise in sustainable packaging efforts and consumer scepticism regarding the use of plastic. Amazon India declared in September 2022 that it will put more of an emphasis on reducing the use of single-use plastic in the future years. The worldwide market for plastics corrugated packaging is predicted to suffer as a result of the growing emphasis on reducing the use of plastic in the packaging industry.

Plastics Corrugated Packaging Market: Key Findings

• Among materials, the polyethylene segment is estimated to account for nearly 34% value share by the end of 2022 and is likely to expand 1.3 times of current market value by 2029
• Folding boxes segment is projected to hold more than 1/4th share of the global market during 2023-2029
• Demand for plastic corrugated packaging in food & beverages industry is expected to upsurge over the next eight years, attributing to increasing concern of safe and hygienic packaging of consumable products
• Europe market is anticipated to outpace other regions with the prominent market share and maximum incremental opportunity. However, Asia Pacific market is anticipated to lead during the forecast period.

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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SOURCE Exactitude Consultancy

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