The demand for paper packaging is diverse in different industries. Industries, including cosmetics, fast foods, beverages, frozen foods, dairy, and bakeries, often demand paper packaging to preserve goods. Consequently, the contribution made by these industries to the growth of the global paper packaging materials industry is significant.
Transparency Market Research Inc. – The projected CAGR of the Global paper packaging materials market is 4.4%. This estimates that the subject market shall achieve a US$ 553.1 billion valuation by the end of 2031. The overall valuation of the subject market was about US $ 359.5 billion in 2020. This market growth is subjected to various forces influencing the market.
The environmental awareness among consumers has been increasing recently, favoring the production of paper packaging materials over plastic production. Due to this, more demand is generated for eco-friendly products like paper packaging materials that can be reused. Hence, this is the crucial market driver for the market under consideration.
The retail sector is expected to be driven by corrugated case packaging. This increases the demand for paper materials, which, in turn, gives rise to the industry’s growth. Hence, this is one of the important market drivers for the given market.
With the help of paper packaging, sustainability is achieved by the end user, and hence, it is favored by consumers. Furthermore, that demand from various industries fuels the growth of the subject market, resulting in advancing the allied business. This collective growth enhances the market dynamics, which creates a good driving force.
