The global fiber based packaging is witnessing steadfast growth over the past few decades owing to the numerous applications of fiber based packaging across several end-use industries. The fiber based packaging market is primarily driven by the growth of the packaging industry and shift in consumer preference for eco-friendly packaging solutions.
Further, easy availability of raw material for the manufacture of fiber based packaging products and government statutes in favor of naturally sourced packaging solutions is fuelling the growth of fiber based packaging market.
A report by Transparency Market Research (TMR) projects the global fiber based packaging market to expand at a CAGR of 3.8% in terms of revenue between 2017 and 2025. At the pace, the market’s valuation of US$284 bn in 2016 will become US$383.5 bn by the end of 2025.
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Corrugated Packaging to Register Leading Revenue Contribution through 2025
The report segments the global fiber based packaging market by packaging type into corrugated boxes, cartons, partition & inserts, bottles & cup carriers, trays, plates, clamshells, display packaging, and bags and sacks. Of these, corrugated boxes segment dominate the market with an estimated share of more than 45% in the overall market by value. This is because corrugated boxes are ideally suited for primary and secondary packaging needs and are mainly used in transit packaging across several industry sectors.
Cartons hold significant share in the market as they are widely preferred for primary packaging in food and beverages, cosmetics and personal care, pharmaceuticals, etc.
On the basis of material, the global fiber based packaging market has been segmented into corrugated, boxboard/carton board, molded pulp, kraft paper. Of them, corrugated segment accounts for more than 50% market share by value.
By end-use industry, the fiber based packaging market has been segmented into food packaging, beverages packaging, tobacco packaging, healthcare packaging, personal care & cosmetics, homecare & toiletries, electrical & electronics, e-commerce packaging, chemical & fertilizer, and other industrial packaging. Amongst them, the segment of food packaging holds dominance with close to 40% share in the overall market by value.
The global fiber based packaging market has been segmented into virgin and recycled by material source. Recycled fiber segment is likely to dominate accounting for almost three-fourth revenue contribution to the market. The segment is likely to expand at a CAGR of 3.9% in terms of value over the forecast period.
Middle East and Africa to Register Leading CAGR through 2025
The global fiber based packaging market has been segmented into five regions, namely North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Asia Pacific is expected to register the leading revenue contribution of US$182,318.8 mn by the end of the forecast period. Europe is a significant market that currently holds 22.6% of the global fiber based packaging market vis-à-vis revenue.
However, the Middle East and Africa is projected to register the leading CAGR of 5.8% over the forecast period. The region is expected to display rapid growth among other key regional markets over the forecast period.
Key players in the global fiber based packaging market include International Paper Company, DS Smith plc, Huhtamaki Oyj, Smurfit Kappa Group plc., Sonoco Products Company, WestRock Company, Georgia-Pacific LLC, Pratt Industies Inc., Reynolds Group Holdings Ltd., U.S. Corrugated Inc., UFP Technologies Inc., ESCO Technologies Inc. Ltd., Brodrene Hartmann A/S, KapStone Paper and Packaging, Mayr-Melnhof Karton AG, Rengo Co. Ltd., Mondi Group, Stora Enso, AR Packaging Group AB, and BillerudKorsnas AB.