They provide protection, presentation, and convenience during transport and storage of various products. Board packaging helps extend shelf life of products and promotes brand visibility through attractive graphics and labels.
The global Board Packaging Market is estimated to be valued at US$ 357.20 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for flexible packaging from food & beverage sector is one of the key trends witnessed in the board packaging market. Flexible packaging offers superior benefits such as lightweight, portability, and reusability for various food items. They help maintain freshness of food products for a longer duration and reduce wastage during transport. Flexible board packaging solutions comes with barrier layers that prevents permeation of moisture, gases and aromas, thus improving the shelf life of packaged food products.
Segment Analysis
The Global Board Packaging Market Size is segmented based on material type and end-use industry. Based on material type, the market is segmented into paperboard, corrugated boards and carton boards. In 2023, the corrugated boards segment accounted for the largest market share of over 40% owing to its wide applications in packaging of consumer goods and food & beverages. Corrugated boards provide protection, cushioning and enable easy stacking during transport. Based on end-use industry, the market is segmented into food & beverages, consumer goods, personal care & household, healthcare and others. The food & beverages industry dominated the board packaging market in 2023 owing to increased demand for packaging food items and beverages. Developing retail sector has also augmented the demand for board packaging in food & beverages industry.
Key Takeaways
The global board packaging market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from food & beverages industry globally.
Regional analysis - Asia Pacific region accounted for the largest share in the global board packaging market in 2023 owing to rapid growth of packaging industry in emerging economies like China and India. North America and Europe are also significant markets for board packaging due to well-established packaging industry.
Key players - Key players operating in the board packaging market are Nippon Paper Industries Co., Ltd., Mondi Plc, Metsa Board Oyj, WestRock, and Oji Holdings Corporation. These players are focusing on expansion of production facilities and new product launches to cater to growing demand and strengthen their market position.
For More Insights, Read- https://www.newsstatix.com/board-packaging-market-size-share-analysis-2023-2030/
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