Paper packaging is a versatile way of packaging that makes use of paper for sustainable transportation and protection of goods. Paper is 100% recyclable, compostable, and biodegradable, as it is manufactured from the natural fibers of bleached and unbleached cellulose, or from recycled paper. Paper and board packaging is a more eco-friendly alternative to plastic-based packaging. Paper packaging material is light in weight, strong, and easily customizable for aesthetics, which poses as an additional advantage, inclined to customer preference.
Environment friendly nature of paper, low cost compared to alternatives and scrutiny from governments, public, NGOs, and media regarding waste generation are the major drivers fueling market growth. Companies taking an environmental stand have observed a better public profile than their counterparts, which helps in the direct translation of company health.
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The key players in the market include Clearwater Paper Corporation, Amcor Ltd., ITC Ltd., Metsa Group, Cascades Inc., Rock-Tenn Company, Mondi Group, Packaging Corporation of America, and DS Smith Plc.
The major challenges faced by the market is the inability of paper in packaging of very heavy materials, resulting in the industry being overpowered by the polymers and metal packaging industries. Furthermore, deforestation to acquire raw material and the release of dioxins during paper production cause environmental concerns, in turn hindering growth of the paper packaging market.
Paper Packaging Market Taxonomy
On basis of product type
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Asia Pacific is the fastest growing market with increase in demand for food, beverages, pharmaceuticals, and personal healthcare products. Increased consumer awareness in this region, has resulted in a shift towards paper packaging. The demand for paper pulp is also increasing in this region. Japan is the largest packaging market in Asia, however, increase in consumption tax has decelerated its growth.
North America is a market leader in paper packaging and recycles up to 70% of its used paper, according to the US Forest and Paper Association. Around 35% of the feed for new paper was from recycled paper. In Europe, the European Paper Recycling Council aims to achieve 74% recycling in the European Union, with Scandinavian countries particularly adept.
Latin America has witnessed growing investments in hardwood pulp, which is used as a feedstock for paper. Brazil is a major market, however, environmental and labor regulations are expected to restrict growth as the market matures. Moreover, the logging industry is the largest industrial employer in Latin America, with Amazon forests as the source.
The Middle East has one of the largest per capita incomes in the world, hence the population has high disposable incomes, which has resulted in high consumption rates, in turn driving the packaging industry growth in this region. Whereas, Africa is expected to experience growth in the near future.
Low cost and innovative solutions on a local and regional level have challenged established market leaders, creating a buyer’s market with low prices on offer.
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