Global corrugated boxes market is expected to reach $284.6 billion by 2030: Market Report
The global corrugated boxes market is expected to reach $284.6 billion by 2030 growing at a CAGR of 4.3%, according to market research report. Major growth driver of corrugated boxes market are increasing demand for lightweight packaging solutions across industries, e-commerce and modern retail boom.
During the forecast period, corrugated boxes market in Asia Pacific is expected to grow at a faster pace due to the shift towards sustainable packaging, growing environmental awareness, e-commerce boom, and rising requirement for electronic goods and personal care products. In addition, growing use of corrugated boxes in primary and secondary packaging applications is due to the government initiatives pushing environmentally sustainable developments and the easy availability of raw materials.
In fact, the rising focus on sustainable packaging and product recycling is a major trend being observed in the corrugated boxes market. Presently, manufacturers are making use of innovative technologies for compaction and shredding, which enables recycling of corrugated boxes. The fiber produced during the recycling of corrugated materials can be used for producing new corrugated boards, further reducing wastage of the products.