Paper packaging market to reach USD 94.73 billion by 2027
According to market research report, paper packaging market was valued at USD 69.91 billion in 2019, and is anticipated to reach USD 94.73 billion by 2027, registering a CAGR of 4.7% during the forecast period of 2020-2027.
The popularity of paper packaging is increasing owing to ban on single use plastic bags. Paper packaging includes flexible and rigid paper packaging formats such as corrugated boxes, paper sacks & bags, cartons, wrapping paper, inserts & dividers, cups & trays, display packaging, clamshells, and tapes & labels. Paper packaging has significant weight advantages that ensure benefits in terms of raw material inputs and distribution efficiencies.
Paper packaging can be reused and recycled when compared with other materials like metals and plastics. Paper packaging is one of the most sustainable and cost-effective packaging. With rising environment awareness and harmful effects of plastic packaging becoming common knowledge, consumers are also shifting towards sustainable packaging, which is further driving growth of the global paper packaging market during the forecast period.