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The latest report, ‘The Future of Corrugated Board Packaging to 2029’, sheds light on the evolving landscape of the corrugated packaging industry, forecasting growth and identifying key trends over the next five years.
Smithers’ analysis indicates a downturn in the corrugated board market for 2023. The year saw global containerboard production fall to 183.4 million metric tons, marking a 4% decline from 2022’s figures. This production was subsequently turned into roughly 165 million tons of corrugated board, which represents a decrease of over 7% compared to the previous year. The market’s value was recorded at $224.4 billion.
The report anticipates a modest uptick in the corrugated board market for 2024, with an expected increase in market value to $231.7 billion. A more substantial recovery is forecasted, with global demand growing at an average annual rate (AGR) of 2.5% by volume.
By 2029, it is projected that the volume of corrugated board will reach 190 million tons, and the market’s value will rise at an AGR of 3.7% to $277.6 billion, maintaining constant prices.
The industry is bracing for a reshaping of the competitive environment, with multi-billion-dollar mergers such as those between Smurfit Kappa and WestRock, as well as DS Smith and International Paper. These consolidations are anticipated to redefine the commercial dynamics of the corrugated board market.
Between 2024 and 2029, the corrugated packaging market is expected to experience demand fluctuations across various end-use sectors. Notably, the food industry, which represented more than 46% of the total corrugated packaging consumption in 2023, is projected to witness a marginal increase in its share to 47% by 2029.
The recyclability of corrugated materials is gaining favor among brands and legislators, leading to a shift towards higher-quality, premium flute grades that can rival folding cartons in sectors like cosmetics, confectionery, and consumer electronics.
European Union legislation, such as the Packaging and Packaging Waste Regulation (PPWR), is set to ban certain single-use plastic items by 2030, creating new opportunities for corrugated packaging.
The industry could also see advancements in food-service applications if non-PFAS oil and grease-resistant coatings are successfully integrated into corrugated production lines.
Smithers predicts a surge in retail-ready packaging (RRP) box sales, driven by the growing popularity of budget grocery stores in developed markets and the expansion of retail infrastructure in Asia.
Converters are likely to benefit from the deployment of high-throughput inkjet presses for corrugated board, enabling the production of high-quality, customized RRP solutions.
You can purchase the report on the official Smithers website (€6,350, £5,475, or $6,750) – HERE
corruga.expert
