Ongoing technological developments and innovations have been highlighting the paperboard packaging market trends over the recent years. Currently, paperboard has emerged as the packaging substrate of choice, right from retailers and supply chain managers to consumers to even marketers and designers. This paradigm shift can be accounted to the product’s intrinsic properties like light weight and robust strength.
It is noteworthy to mention that sustainability and recyclability also characterize the increasing adoption of paperboard as a packaging material. A profound reason supporting the aforesaid is its synthesis from cellulose fibers that are extracted from trees blended with additives to make a continuous matted web. The pressing need for high productivity in packaging industry aligned with the rising consumer base demanding for eco-friendly and biodegradable products are massively impacting the paperboard packaging market dynamics.
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One of the breakthroughs achieved in this context is Frugalpac’s recent launch of a new recycled paper wine and spirits bottle. The British packaging pioneer- Frugalpac in July this year, unveiled what it calls ‘the biggest innovation for wine and spirits’, a 75cl Frugal Bottle which is claimed to be designed from 94% recycled paperboard, with food-grade liner to hold the spirit or wine. As per news reports, the company further revealed that the bottle weighs somewhere around 83 grams, making it nearly five times lighter than a normal glass bottle.
Also, a pivotal point to consider here is that the Frugal bottle made from recycled paperboard boasts of a carbon footprint up to six times lower than a glass bottle, and more than a third less than a bottle made from 100 per cent recycled plastic.
Such strategic initiatives offer a glimpse into the impending scenario, which would push the demand for paperboard packaging in the due course of time.
A Global Market Insights, Inc. report suggests that the overall paperborad packaging market size is anticipated to exceed a mammoth of USD 240 billion by the end of 2024, subject to its massive use across various end-use sectors encompassing food and beverages, medical, durable, and non-durable goods domains. One of the primary revenue generating verticals across the paperboard packaging market is the food and beverages sector.
How is the thriving food and beverages sector influencing the overall paperboard packaging industry outlook?
It is not a hidden fact that the food and beverages sector is witnessing prolific gains in the recent years. In fact, as per numeorus reports, the global food and beverages industry is likely to reach about a USD 20 trillion by 2030, on the grounds of rising consumer spending and inclination towards eating healthy. One of the trends that is massively driving the growth of F&B indusry worldwide is the elevating adoption of packaged food products and beverages by a working population base.
Packaged food products offer increased convenience while retaining the mositure content and allowing food to stay fresh for a relatively longer duration of time. This, in consequence, is paving way for the use of paperboard material for packaging. Given that the product boasts of environment friendly nature and reduced weight, its demand across the office goers and commuters is only surging.
Pioneers in paperboard packaging: Adding potential value to the overall industry
Amidst the expanding paperboard packaging market business, various industry behemoths have been depicting an intense keenness in leveraging paperboard packaging solutions to attain several advantages, right from increased sales to strengthening their reach in the global market.
In lieu of this, packaging majors are working relentlessly on forging new partnerships and redefine relationships with the industry, to move a step in the development of packaging solutions with an assurance of attaining better product innovation and outcome.
One such company, Nippon Paper Group, announced inking a pact for the acquisition of Orora’s paperboard fiber-based packaging business in New Zealand and Australia. The company, in 2019, declared that the financial deal was to close at USD 1.161 billion, and would encompass fiber converting, B9 Paper Mill, specialty packaging, bags, cartons, and Orora WRS packaging distribution operations. Besides, this pact would allow Nippon to enter the integrated corrugated paperboard production business in the Oceania region.
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In yet other instance, Sappi Limited, reportedly announced the launch of new Spectro C2S grade, adding to its expansive product range. As per official reports, the new addition will offer the customers with an impressive quality paperboard packaging product for vivid luxury applications. For the records, Spectro C2S is claimed to offer a smooth and uniform surface for intrinsic details, color reproduction, better ink, and holdout, while also delivering optimum convertibility for die-cutting, glueing, folding, and other converting applications.
In a nutshell, escalating advancements and innovations in the packaging industry in tandem with the rising sustainability trends are expected to offer a lucrative growth path to the overall paperboard packaging market in the years ahead.
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