The corrugated packaging products are collective with cushioning with structural firmness within it that empowers protruding fortification to fragile or substantial contents from impairment. Its lightweight possessions and clean nature assistance in lowering shipping price to the users and encompasses of impactful graphics on it which is cooperative in educating brand awareness between people and eventually leads to the enhancement in product sale.
According to the report analysis, ‘Global Corrugated Box Packaging Market to reach USD 350.30 Billion by 2026’ states that corrugated packaging encompasses 88 percent of the reprocessed material, with additional fresh fibers inventing from sustainably managed trees. Owing to such feature of corrugated box packaging, it is achieving significant requirement across the globe in several end use industries likewise healthcare, food and beverages and electronics and several others. Hence, speedy industrialization and noteworthy initiatives taken by government around the world regarding industrialization is propelling the growth of market over the review years For instance: as per the Indian Brand Equity Foundation, the government of India took ‘Make in India’ creativities through which it purposes to augment the share of manufacturing segment to the GDP to 25% percent by 2022, from 16 percent during 2018.
Also, in Union Budget of 2018-19, the government of India decreased the income tax rate to 25% for all corporates having a turnover of up to USD 38.75 million, to encourage industrialization. Similarly, during September 2016, Hangzhou, China, the G20 enterprises was taken to sustenance industrialization in Africa and least developed region. The initiative focuses to Support sustainable agriculture, speculation in sustainable and protected energy, agri-business and agro-industry improvement and supportable and resilient infrastructure and Industrialize through the trade and public-private partnerships (PPPs) in maintainable infrastructure. In addition, growing requirement of corrugated box packaging in developing economies owing to the speedy growth in e-commerce, retail and food & beverage industries is the aspects generating a lucrative thrust to the growth of market over the review years. However, the Volatility of corrugated box prices owing to the variation in prices of raw materials and Kraft papers is limiting the growth of market over the review years.
Whereas, the worldwide Corrugated Box Packaging Market is worth approximately USD 261.9 Billion during 2019 and is projected to increase with a vigorous growth rate of more than 3.90% over the review period of 2019-2026. The regional analysis of worldwide Corrugated Box Packaging market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. However, the North America is the leading/significant economy across the globe in terms of market share due to the speedy growth in food & beverage industries in the economy. Whereas, Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period 2020-2027. Aspects such as surging requirement for consumer electronics manufacturing would generate the lucrative growth prospects for the Corrugated Box Packaging market crossways Asia-Pacific region. Therefore, in the near years, it is predicted that the market of corrugated box packaging will increase around the globe more positively over the forthcoming years.
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Global Corrugated Box Packaging Market
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