The global paper packaging materials market is expected to grow at a compound annual growth rate (CAGR) of 6.6% over the analysis period from 2022 to 2030, according to a report by Research and Markets.
The report, titled ‘Paper Packaging Materials: Global Strategic Business Report,’ indicates that the market is estimated to have been worth $251.7bn in 2022 and is projected to reach $420.6bn by 2030.
The significance of sustainability continues to be a crucial element
Sustainability remains a critical factor driving recycling initiatives in the global paper packaging materials market, according to the report. The Paper Bags & Sacks segment is expected to record a 6.6% CAGR and reach $132.8bn by the end of the analysis period.
The market in the US is estimated to be worth $66.3bn as of 2022 while China’s market is forecast to grow at a CAGR of 7.7% over the analysis period and reach a projected size of $87.5bn by 2030.
Among the other noteworthy geographic markets are Japan and Canada, which are each forecasted to grow at 5.4% and 5.8%, respectively, over the 2022-2030 period.
The technical challenges associated with sustainable packaging
In Europe, Germany is forecast to grow at approximately 6.1% CAGR. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach $65.4bn by the year 2030.
Rising environmental concerns regarding the use of plastics in packaging applications are spurring demand for paper. The sustainability factor remains critical in driving recycling initiatives in the paper packaging materials market.
The report also provides an analysis of the technical challenges associated with sustainable packaging.
Ultimately, the global paper packaging materials market is expected to grow significantly in the coming years, driven by sustainability and recycling initiatives.
Source: Mohamed Dabo, Packaging Gateway