Paper and paperboard container and packaging market is expected to grow by USD 102.51 billion during 2020-2024, according to market report by Technavio
According to market research report by Technavio, paper and paperboard container and packaging market is expected to grow by USD 102.51 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. It is expected that the impact will be significant in the first quarter however, gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
One of the key market drivers of packaging growth is e-commerce boom. The e-commerce sector is growing rapidly across the world owing to the increased use of smartphones and online shopping amid coronavirus pandemic. More shoppers are opting for online platforms to fulfil their buying needs of food, beverage, pharma, wellness, electronics and clothes.
Paper and paperboard containers are widely used by online retailers for the packaging of these products. Besides, the rapid expansion of the middle-class population has led to a rise in the number of online customers worldwide, which has increased the demand for effective packaging solutions. This is encouraging market vendors to offer paper and paperboard containers and packaging products that are specialised for e-commerce companies. These factors are playing a pivotal role in contributing to the growth of the global paper and paperboard container and packaging market.