NEW YORK, Sept. 23, 2020 /PRNewswire/ -- The e-commerce sector, which already valued $3.5 trillion in 2019, continues to expand, on account of the heavy discounts available on online shopping portals, increasing penetration of smartphones and usage of mobile data, and rapid developments in the delivery ecosystem. As a result, the global corrugated boxes market will grow from $180.9 billion in 2019 to $284.6 billion in 2030, at a 4.3% CAGR between 2020 and 2030.
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E-commerce offers physical retailers a cost-effective alternative to pouring money to build their own delivery infrastructure. In addition, the various marketing strategies implemented by online shopping portals also drive the corrugated boxes market, by leading to a huge uptick in sales. For instance, during the Amazon Prime Day in July 2019, more than 175 million orders were received by the tech giant around the world.
The COVID-19 situation has offered a boost to the corrugated boxes market, by significantly raising the demand for essential items, such as food products, hygiene-related products, and medical supplies. Moreover, people are refraining from traveling to physical stores, choosing to shop online instead, which has also increased the demand for corrugated boxes. However, as the industry is mostly unorganized, local players have been at the forefront of supplying the boxes during this time.
Browse report with detailed COVID-19 on Corrugated Boxes Market Research Report: By Flute Type (A, B, C, E, F), Board Style (Single-Face, Single-Wall, Double-Wall, Triple-Wall), Box Style (Slotted, Telescope, Folder, Rigid), End Use (Processed Food, Fresh Food and Produce, Beverages, Paper Products, Electrical Goods, Personal/Household Care, Glassware and Ceramics, Chemicals, Tobacco, Wood/Timber Products, Textiles, Transport, Direct Mail) - Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/corrugated-boxes-market-analysis
Historically, processed food has been the largest classification in the corrugated boxes market, under the end use segment. During the long-distance transportation of canned & frozen food, grain-based food, and bakery & dairy products, their safety and freshness remain a significant concern, which is propelling the usage of corrugated boxes for this purpose.
Asia-Pacific (APAC) has been the largest corrugated boxes market till now, and it will continue to maintain this trend in the immediate future. The increasing awareness on environment conservation and sustainable packaging, rising requirement for personal care and electronic products, and growing e-commerce industry are creating a high demand for such boxes here. Moreover, APAC's growing significance as a manufacturing hub is also helping in the industry's advance.
In an effort to be on top of the competition, players in the corrugated boxes market are launching new products.
The most significant organizations working in the global corrugated boxes market are WestRock Company, International Paper Company, Smurfit Kappa Group, Georgia-Pacific LLC, Packaging Corporation of America, Mondi plc, Oji Holdings Corporation, Nine Dragons Paper (Holdings) Limited, Stora Enso Oyj, DS Smith Plc, Wertheimer Box Corporation, and VPK Packaging Group NV.
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Corrugated Packaging Market
The global corrugated packaging market was valued at $237.5 billion in 2017 and is projected to reach $294.3 billion by 2023, witnessing a CAGR of 3.7% during the forecast period.
Retail E-Commerce Packaging Market
The retail e-commerce packaging market generated $19,022.7 million in 2019, and it is expected to touch a market size of $68,388.1 million by 2030, growing at a CAGR of 12.1% during the forecast period (2020–2030).
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