Fact.MR, a market research and competitive intelligence provider, reveals that worldwide demand for paper packaging materials is forecasted to increase at a CAGR of 6% and reach US$ 465 billion by 2032.
Paper packaging is a flexible and economical solution to store, transport, and preserve a variety of products. It can also be modified to match the needs of customers and any specifications for a particular product. Paper packaging has several advantages over other types of packaging, including lightweight, biodegradable, and recyclable. The market for paper packaging materials is being driven by rigorous restrictions by various environmental protection authorities and growing consumer awareness about sustainable packaging options.
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A variety of end-use applications now call for environmentally safe and sustainable packaging materials as a result of recent breakthroughs in the packaging sector. This is a significant aspect influencing the development of the market for paper packaging materials. The demand for low-cost packaging alternatives such as bags, pouches, cellulose, and others is rising as a result of the growing population.
Many retail stores employ packaging materials to keep food fresh and maintain its nutritional content. High market growth is anticipated as a result of a rise in the number of people buying groceries, including frozen and chilled foods. Food that has been packaged is ideal for convenience, barrier and contamination protection, and portion control, among other things. Food safety concerns are addressed through sustainable packaging, which guards against chemical contamination and food-borne illnesses while reducing food waste and loss.
Key Takeaways from Market Study
- The global paper packaging materials market is valued at US$ 260 billion in 2022.
- Market in Canada is projected to progress at a CAGR of 5.3% over the forecast period (2022-2032).
- Sales of paper bags & sacks are anticipated to expand at a CAGR of 5.7% from 2022 to 2032.
- Market in Germany is set to evolve at a CAGR of 5.5% through 2032.
“Enormous demand for wrapping food goods is driving the market for paper packaging materials for frozen foods, quick foods, and fresh foods. Additionally, recently developed paper packaging products and ongoing improvements in manufacturing techniques have given rise to packaging that is quite functional, such as leak-proof packaging,” says a Fact.MR analyst
Winning Strategy
Key market participants engage in captive consumption of paper packaging materials used by a variety of end-user businesses, including the chemical industry and consumer goods industry that produces tablecloths, flatware, and cups. To expand their product range with superior product attributes to suit the escalating industry demand, leading companies heavily engage in R&D. To achieve a competitive edge, several market participants also partner with R&D firms.
For instance,
- Testronix introduced premium next-generation packaging testing equipment. The testing equipment from Testronix is renowned for its high level of technology and build quality. Testronix and its highly qualified team of engineers have been able to create the newest technological instruments to service paper and packaging industries thanks to extensive research and development efforts.