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A recent survey on the corrugated boxes market by Future Market Insights (FMI) examines the historic outlook and uncover key factors that will favor the growth in market over the assessment period. The report aims at projecting future growth potential of the corrugated boxes market across different segments such as material type, board type, grade type, product type, and end use.
DUBAI , UAE, Dec. 8, 2021 /PRNewswire/ -- As per a detailed analysis by FMI, the global corrugated boxes market is poised to exceed US$ 128.3 Bn in 2021. Surging applications of corrugated boxes in diverse end-use industries such as pharmaceuticals, consumer electronics, healthcare, textiles, chemicals, and others are propelling the demand in the market.
Corrugated boxes are finding a wide range of applications across the food and beverage sector. It is increasingly being used as secondary packaging solutions for processed food, dairy products, and confectionaries among others. On account of this, the market is estimated to expand at 4.3% CAGR during the forecast period 2021-2031.
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Implementation of stringent regulations on the use of plastic as secondary packaging solutions is favoring the growth in the market. For instance, according to a report by The Energy and Resource Institute (TERI), in January 2019 , the Government of an Indian State, Tamil Nadu, placed a ban on the use of plastic carry bags and other plastic-based secondary packaging solutions.
A slew of such initiatives are expected to propel the demand for corrugated boxes, with the market registering 4.4% year-on-year growth in 2021.
In terms of material type, the recycled segment is projected to register the high demand, expanding at nearly 4.7% CAGR between 2021 and 2031. Growing sustainability concerns regarding environmental conservation, high availability of raw material, and less cost & energy for manufacturing recycled corrugated boxes are driving the growth in the segment.
"Growing inclination towards green packaging and surging demand for customized, safe, and shock-absorbing packaging solutions across personal care and cosmetics industry for shipment of e-commerce purchases is augmenting the growth in the market," says a FMI analyst.
Key Takeaways from Corrugated Boxes Market Study
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Top five companies in the global corrugated boxes market are Smurfit Kappa Group plc, International Paper Company, WestRock Company, Georgia Pacific LLC and DS Smith plc. As per FMI, these players are estimated to collective account for nearly 30% to 35% of the revenue share in 2021.
Leading manufacturers are aiming at adopting strategies such as product launches, expansions, mergers, acquisitions, and strategic partnerships with other players to expand their product portfolio, manufacturing capabilities, and global presence. For instance,
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Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Corrugated Boxes Market
A new report published by FMI offers an in-depth analysis of the global corrugated boxes market, uncovering vital dynamics accelerating the market growth between 2021 and 2031. The survey also forecast sales projections for corrugated boxes market with detailed segmentation:
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Key Questions Covered in the Report
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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