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In 2020, corrugated board segment held over 55% share in printed cartons market. Corrugated board is made of two components, medium and liner. Both liner and medium are manufactured from containerboard. Liner is the outer surface of the corrugated packaging material. Medium is prepared into flutes or arches and joined between the liner facings. It is primarily used across the hardware & electronic industry as it provides various benefits including moisture resistance, shock resistance, and sustainability. Its main drivers are e-commerce and digital printing industries, which have positive impacts on the corrugated packaging industry. The rapid expansion of e-commerce can be attributed to efficient supply chain.
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Recycling segment will witness over 5.5% CAGR by 2027. Packaging is used in various industries such as food & beverage, pharmaceutical, electronics, personal care, and bulk chemical. The huge proportion of wastes generated by these industries include packaging products and materials. Most countries that do not have infrastructures required to recycle these wastes from packaging end up in landfill activities. Toxic waste emissions from these products cause soil pollution.
Recyclable packaging helps in reducing the waste generated from packaging materials. Changing consumer lifestyles, procuring goods in smaller quantities, and increased consumer awareness toward eco-friendly packaging products are driving the recyclable packaging market. Further, recyclable packaging reduces operational costs; thus, improving efficiency and minimizing wastes.
The food & beverage segment will cross USD 210 billion by 2027. The growing population in Asia Pacific and the Middle East is a major contributor for the rapidly growing food & beverage industry, which will have subsequent positive impacts on the packaging material demand and thereby result in boosting the printed cartons market share by 2027.
The Indian food & beverage industry growth is supported by the availability of a large raw material production base and natural supply advantages along with a large population base that spends a high proportion of their disposable income on food. Additionally, changing consumer lifestyles across the globe will propel the demand for processed, frozen, and packed foods, which will also have a positive influence on the packaging market; thus, the growing packaging industry will boost the printed cartons market growth.
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Europe will hold over 20% share in printed cartons market over forecast timeframe. The region is one of the largest personal care industry contributors, mainly due to consistent innovations and development and the presence of a large number of SMEs and big companies in the region. According to Cosmetics Europe, skin & hair care segments are projected to witness significant gains in the near future. Cosmetic products require packaging with different designs and graphics to attract customers. Coated paper is widely used as a packaging material for personal care products owing to its lightness and easy printability. Favorable trends associated with personal care and the cosmetic industry will generate a positive outlook for the printed cartons market.