Packing Paper Market Value to Grow by US$72.4 Billion During 2022-2032
The packing paper market is on pace to escalate at a compound annual growth rate (CAGR) of 4.8 percent from $45.3 billion this year to $72.4 billion through 2032, forecasts EIN News (June 14). Throughout the pandemic, there's been a decrease in packaging paper production, which has presented some challenges to manufacturers. However, observers say there are opportunities for market players to deal with these challenges in the packaging paper market. A growing retail and e-commerce industry, coupled with increased demand for environmentally friendly packaging products, represent the market's primary drivers presently. Indeed, booming growth in the number of online shopping platforms has fueled an increase in the demand for secondary and tertiary packaging products. Another big growth factor will come from the rapidly expanding food and beverage industry worldwide -- an industry that's moving towards the adoption of food-grade paper packaging products to preserve food quality.
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