Corrugated Boxes Market to cross $284.6 billion revenue by 2030, according to P&S Intelligence market report
In 2019, e-commerce sector was valued at $3.5 trillion and amid coronavirus pandemic it continues to expand rapidly. With the advent of smart phone and online shopping portals, many customers prefer to shop online to save time. However, amid the ongoing pandemic there has been a surge in e-commerce activity as more and more shoppers are avoiding brick and mortar store to follow social distancing norms.
In the wake of the same, global corrugated boxes market is anticipated to grow from $180.9 billion in 2019 to $284.6 billion in 2030, at a 4.3% CAGR between 2020 and 2030.E-commerce offers physical retailers a cost-effective alternative to pouring money to build their own delivery infrastructure. Additionally, various marketing strategies implemented by online shopping portals also drive the corrugated boxes market, by leading to a huge uptick in sales. In the current scenario, many top brands like Zara are planning to close stores and move to online portals to increase sales.
The COVID-19 pandemic has offered a boost to the corrugated boxes market, by significantly raising the demand for essential items, such as food products, health & wellness, clothes and pharma products. However, as the industry is mostly unorganised, local players have been at the forefront of supplying the boxes during this time.