Corrugated packaging market to be worth $294.3 billion by 2023, according to market research report
The pandemic has entirely changed the way people shop. With social distancing measures in place, more and more people are shifting towards online shopping for food, clothes, pharma products and grocery. In the wake of COVID-19, e-commerce companies are witnessing a surge in their demand. Earlier, shoppers were apprehensive about shopping online, which has drastically changed in the last few months.
Compared to 120 million in 2018, India is expected to be home to 220 million online shoppers by 2025, says the India Brand Equity Foundation (IBEF). Consequently, from $38.5 billion in 2017, the Indian e-commerce industry would mushroom to $200 billion by 2027. This is a result of the rapidly increasing uptake of smartphones and rising number of people who can access the internet. Online platforms, such as Amazon, Ebay, Myntra, and Jabong, are already doing robust business in the country.
With the growing volume of shipments, e-commerce companies are using an ever-increasing amount of corrugated packaging material. Thus, with the expansion of e-commerce, the corrugated packaging market is predicted to witness an increase in its size, to $294.3 billion by 2023, from $237.5 billion in 2017, at a 3.7% CAGR during the forecast period (2018–2023).