The corrugated packaging industry provides key services to both individuals and businesses around the world. This month, numerous researchers have produced reports providing insights and predictions on the future of this important industry.
A report by Ken Research Private Limited provided a comprehensive analysis of the United States paperboard packaging market, as well as a value chain analysis, an investment model, and prevalent trends.
“The market for paperboard packaging witnessed robust growth in terms of revenues and volume in the past few years,” PRNewswire noted in a summary of the report. “The paper packaging industry caters the needs of many sectors in the economy such as Food and Beverages, Automobile, Fast-moving Consumer Goods (FMCG), Pharmaceuticals, Durable Goods, Tobacco, and many more.”
A report by P&S Market Research described similar growth.
According to this report; “The global corrugated packaging market is increasing due to booming e-commerce, along with the increasing industrial production in the developing countries…Increasing urbanization and growing disposable income are further encouraging the growth of non-durable consumer goods, which in turn is up surging the growth of the corrugated packaging market.”
The report by Ken Research also described developments and trends in the industry. For example, in the United States, more than 100 states and municipalities have banned the usage of plastic bags. As a result, consumers are left with an option to purchase paper bags.
The report adds, “Rising Industrial activity especially in the U.S. manufacturing and retail sector, which frequently requires the corrugated packaging in to protect and to transport goods has fueled the market over the past few years.”
For these reasons, the global corrugated packaging market is expected to grow at a compound annual growth rate of 4.6 percent during the forecasted period of 2015 to 2020.