The global Corrugated Wraps Market is expected to garner a market value of USD 3,747.8 million in 2023. The global market is expected to accumulate a market value of USD 5,820.2 million by registering a CAGR of 4.5% from 2023 to 2033.
The growth of the corrugated wraps market can be attributed to the increasing penetration of e-commerce sites and the demand for environmentally friendly packaging materials. The market for corrugated wraps registered a CAGR of 3.1% in the historical period 2018 to 2022.
Corrugated packaging keeps vegetables and fruits fresh from the farm to store. Manufacturers of corrugated wraps offer a wide range of sustainable labels made from papers, post-consumer waste papers, and dissolvable and repulpable papers, among others.
The demand for corrugated wraps is expected to grow with the rise in eco-conscious consumers across the globe. One of the key trends observed among consumers today is a higher preference for sustainable packaging. A lot depends on consumer sentiments regarding the impact of a packaging solution on the environment.
The global corrugated wraps market can be applied on a variety of surfaces such as stainless steel, metal, cardboard, and glass, among others. Corrugated wraps cater to various end-use industries, such as the food & beverages industry and personal care & cosmetics industry. Some key trends observed in the market are using soy-based inks and producing renewable paper & films with corn-based products.
Attribute | Details |
---|---|
Global Corrugated Wraps Market Valuation in 2022 | USD 3,586.4 million |
Estimated Global Market Share in 2023 | USD 3,747.8 million |
Forecasted Global Market Size by 2033 | USD 5,820.2 million |
Projected Global Market Growth Rate from 2023 to 2033 | 4.5% CAGR |
Historical Market Growth Rate from 2018 to 2022 | 3.1% CAGR |
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The global demand for corrugated wraps is projected to increase at a CAGR of 4.5% during the forecast period between 2023 and 2033, reaching a total of USD 5,820.2 million in 2033. According to a report from Future Market Insights (FMI), from 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3.1%.
The increasing demand for packing products neatly, owing to the safety of products, is increasing the demand for corrugated wraps. In addition, manufacturers of corrugated wraps are customizing the same to meet the demand for different products. In addition, the growing penetration of e-commerce sites further accelerates the demand for corrugated wraps.
Although the COVID-19 pandemic affected the demand for corrugated wraps, the demand for the same has heightened post-pandemic. This is owing to the increasing dependency on online shopping for various products.
Demand for Sustainable Corrugated Wraps Driving Market Growth
The global push for sustainable packaging and marketing solutions has increased consumer awareness regarding the negative impact of certain packaging solutions on our environment. As consumer awareness continues to rise, the shift toward recycled packaging and marketing solutions is expected to become conspicuous.
Global corrugated wraps are anticipated to grow on the backdrop of the global sustainable packaging market growth during the next ten years and beyond. Global corrugated wraps are manufactured using a variety of materials to suit various applications and markets. Moreover, manufacturers of corrugated wraps also offer custom services.
E-commerce Sites Augmenting Sales of Corrugated Wraps
Brand owners are expected to use corrugated wraps for their products, which may increase the chances of impulse buying among eco-conscious consumers. In addition, the increasing use of corrugated wraps by e-commerce sites is augmenting sales. Corrugated wraps are manufactured using eco-friendly material, and their production reduces the company's carbon footprint.
This is expected to boost sales of products such as corrugated wraps when there is a high demand for sustainable packaging solutions both from the supply and demand sides. Therefore, the outlook for the growth of the global market is expected to be mostly positive during the forecast period.
Lack of Awareness Regarding the Benefits of Corrugated Wraps Affecting Market Growth
The growth of the global market over the forecast period is hampered due to certain factors. For corrugated wraps to witness higher demand, more consumers need to be made aware of the advantages of sustainable packaging.
Certain end-user industries are not willing to shift to sustainable packaging, thus restraining the market's growth. Furthermore, a lack of knowledge regarding the benefits of using corrugated wraps is affecting the market's growth.
Environment Safety Increasing Dependency on Corrugated Wraps
The North American corrugated wraps packaging market is expected to retain the leading position over the forecast period. This is attributed to a large eco-conscious consumer base in the region.
In addition, the growing trend of digitization along with increasing usage of electronic items, automotive, and health and wellness-related products is anticipated to increase demand for their packaging.
Regulations about environmental safety coupled with the rising need for easy-to-handle and readily disposable packaging solutions in the region are expected to drive the product demand. Thus, due to the reasons mentioned above, North America held a 27% market share for corrugated wraps in 2022.
E-commerce Sites Aggravating Sales of Corrugated Wraps
The European region is also expected to witness sizeable demand for corrugated wraps as brands move from conventional to sustainable packaging and labeling solutions. Moreover, the growth of this market can be attributed to the wide product application in the regional processed food and electronics industries.
Increasing sales of products from e-commerce sites is aggravating the demand for corrugated wraps. Moreover, consumers from the United Kingdom, Germany, and Italy are exhibiting interest in buying products that are packaged in an eco-friendly manner. Thus, owing to the aforementioned reasons, Europe possessed a 25% market share for corrugated wraps in 2022.
The Retail Sector Contributes Majorly to the Corrugated Wraps Market
Rapid urbanization in highly populated countries, such as China, India, and Indonesia, drives the demand for packaging products. Growing environmental awareness is expected to result in increased demand for greener packaging solutions, driving market growth. In addition, the booming retail sector in the region is expected to gain momentum, resulting in more sales of packaged products with corrugated wraps.
Government initiatives to ban plastic packaging in several Asian countries are also expected to accelerate product consumption. Thus, the Asia Pacific region procured a 20% market share for corrugated wraps in 2022. It is also anticipated to be the leading growing regional market in revenue from 2023 to 2033.
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Consumer Demand for Safe Packaging is Accelerating the Growth of Corrugated Wraps in the Retail Sector
The retail sector is the key contributor to the corrugated wrap segment. This is owing to the increasing demand for packaging products efficiently in corrugated wraps for the safety of the same. Furthermore, most retail sectors are investing in environmentally-friendly wraps due to the growing demand for the same from consumers.
Packaging products in retail sectors ensure no product is damaged, spilled, or broken. This has led to retail sectors maximizing the use of corrugated wraps on a large scale. Thus, retail sectors held a 35% market share for corrugated wraps in 2022.
Key start-ups for corrugated wraps are Noptla, Evoware, BeeBagz, RooCreate, Kleen Hub, and Boostani.
A few of the key market participants operating in the global corrugated wraps market include Springfield Corrugated Box, Inc., Crown Technologies, Palmer Packaging, Inc., Willard Packaging Co., Antalis S.A., and On-Demand Packaging (Packsize).
Attribute | Details |
---|---|
Market Value in 2023 | USD 3,747.8 million |
Market Value in 2033 | USD 5,820.2 million |
Growth Rate | CAGR of 4.5% from 2023 to 2033 |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Product Type, End Use, Region |
Regions Covered | North America; Latin America; Asia Pacific; The Middle East and Africa |
Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
Key Companies Profiled | Springfield Corrugated Box; Crown Technologies; Palmer Packaging Inc.; Packsize LLC; Amcor; International Paper; Smurfit Kappa Group; WestRock; Mondi Group; DS Smith; Context |
Customization | Available Upon Request |
Demand for sustainable corrugated wraps drives the market growth.
Demand for corrugated wraps is expected to grow with the rise in eco-conscious consumers.
The market is forecast to register a CAGR of 4.5% through 2033.
The market generated a revenue of USD 3,586.4 million in 2022.
BeeBagz and Boostani are the startup companies.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 5.1. Paper 5.1.1. Semi-gloss/Matte Paper 5.1.2. Direct Thermal Paper 5.1.3. Vellum Paper 5.1.4. Others 5.2. Plastic 5.3. Fiber 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Schools 6.2. Retail Stores 6.3. Warehouses 6.4. Restaurants 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Springfield Corrugated Box 17.2. Crown Technologies 17.3. Palmer Packaging Inc. 17.4. Willard Packaging 17.5. Antalis Packaging 17.6. Packsize LLC 17.7. Amcor 17.8. International Paper 17.9. Smurfit Kappa Group 17.10. WestRock 17.11. Mondi Group 17.12. DS Smith 17.13. Context 18. Assumptions & Acronyms Used 19. Research Methodology
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