As predicted in 2014, the global market is continuing its CAGR expansion of 4%. At this rate, by the year 2020, it is estimated to reach $173.6 million. There are many contributing factors to this growth, such as economic and manufacturing expansion in developing countries, corrugated packaging’s low cost and durability, and growing e-commerce sales worldwide.
Several growing industries such as medicine, durables, petroleum, rubber, and food, in addition to the low-cost and simple handling of corrugated packaging, have been great drivers in the continued growth of the industry. As online e-commerce sales continue its upward trend, so will the need for additional packaging to house consumer and B2B goods. The greatest users of corrugated packaging, by industry include personal and household care, processed food, tobacco, ceramics, electronic goods, paper products, fresh food, and beverages.
Demand in developing countries for consumer durable goods, medicine, and food in developing countries has also increased the need for packaging. Rising populations have been a main contributing factor to this demand. In China, healthcare and food maintain their trend as two of the fastest growing industries maintaining the use of corrugated packaging; with processed food growing at a rate of 10%.