by The global board packaging market is a key component in food and beverage packaging applications. Board packaging provides effective protection for products during transportation and handling. Common board packaging options include corrugated boxes, folding cartons, set-up boxes, and liquid packaging boards. These packaging solutions offer durability, moisture resistance, printability, and low costs. They enable products to reach consumers undamaged while displaying branding and marketing content.
The global board packaging market size is estimated to be valued at US$ 146.9 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the primary board packaging market trends revolves around the shift towards sustainable packaging solutions. Manufacturers are investing in techniques like recycled content sourcing and lightweighting designs to reduce material usage and minimize environmental footprint. Additionally, innovative recyclable and compostable board materials made from agricultural waste or plant-based fibers are gaining traction. For instance, Trioworld has launched a greaseproof and water-resistant paperboard produced from rice husks. Such eco-friendly innovations will support the market growth while aligning with sustainability priorities of brand owners.
Porter’s Analysis
Threat of new entrants: The board packaging market requires high capital investment and presence of strong brand names. This provides protection to existing players from new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and presence of many established players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes and less switching costs.
Threat of new substitutes: Threat of substitutes is moderate as alternatives like plastics provide competition.
Competitive rivalry: The market is moderately competitive with players differentiating based on quality, innovation, and services.
Key Takeaways
The Global Board Packaging Market Size is expected to witness high growth.
Regional analysis comprised the Asia Pacific region dominated the market in 2020 due to strong construction activities and high cardboard consumption in China and India. North America and Europe are also expected to grow significantly during the forecast period.
Key players operating in the board packaging market include Smurfit Kappa, International Paper, Pratt Industries Inc., DS Smith, and Georgia-Pacific LLC.
