Paper Products Market was sized USD 268.8 billion in 2018. The market is anticipated to witness a CAGR of 0.3% during the forecasted years. The increase in the demand for paper across all industries such as hospitality services, pharmaceuticals, FMCG and retail is expected to drive the market growth in the upcoming years. The rising demand for such products owing to the declining usage of plastics for packaging has paved the way for paper manufacturing which has higher durability and strength.
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The key driving factors responsible for the growth of Paper Products
market :
The industry of Quick Service Restaurant
(QSR) is also the largest consumer for packaging purposes. This growth can be
attributed to the increase in the consumption of packed or ready-to-cook foods
due to the busy work schedule among the working population. Also, the
availability of fresh food at food trucks and other food franchises has boosted
the demand for paper as a packaging material. For example, the chain of
McDonald's’ or Domino’s offers delivery of food items with paper packaging
thereby increasing the consumption of paper.
The method of recycling the paper
for reusing it is also becoming popular among the paper manufacturers. Various
types of papers, cardboards, and other paper materials can get recycled and
then used for applications such as shipment and packaging. The majority of the
leading companies have undertaken initiatives to use paper products for
packaging. For example, Pepsico Inc. has committed its customers to use 100%
recyclable paper packaging material for its products by 2025.
Application Insights
The application segment of paper
packaging held the largest share during the year 2018 and is anticipated to
register a CAGR of 0.6% during the forecasted years, 2019 to 2025. This growth
can be attributed to the number of product features such as recyclability and biodegradability.
The shifting trends in the packaging industry from the usage of plastics to
usage of paper which are durable, and reusable is anticipated to boost the
market growth in the upcoming years.
Many manufacturers also offer
customized paper packaging for their products as per the demand of the
consumers. The major customized paper bag suppliers include Barry Packaging,
Etsy Inc., and PAPER MART.
The application segment of
printing and writing held the second-largest share during the year 2018. The
need for laser images and offset printing has resulted in the growth of this
segment.
Regional Insights
In 2018, the region of Asia
Pacific dominated the global paper products market with a share of 36.65%. The
factors contributing to this growth are rising population and rapid
industrialization across this region. The demand for news printing paper is
facing a decline across this region due to the shifting trend towards digital
platforms among the consumers. This region is expected to grow at the fastest
CAGR of 2.3% during the forecasted period, 2019 to 2025.
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