The corrugated packaging market will get a boost from e-commerce through to 2023.
According to a new study by Smithers Pira, The Future of Corrugated Packaging to 2023, the corrugated packaging market is worth a value of $245 billion, and is forecasted to be worth $300 billion in 2023.
A major key driver of this growth is expected to be e-commerce. The report stipulated that the overall market for e-commerce packaging will grow rapidly in the coming years, expanding at a compound annual growth rate of 14.3% from 2017 through to 2022.
As e-commerce grows, so will the use of corrugated board as a packaging medium. The report estimated that upwards of $20 billion worth of corrugated materials are used in this sector as a whole.
This growth will see e-commerce packaging, including corrugated packaging, as well as flexible packaging, and protective and transit packaging, reaching almost $55 billion in 2022.
This growth rate compares to an overall growth rate for the packaging industry of 2.9% in 2017-22.
Industries that are using e-commerce include consumer electronics, books and media products, fashion, and toys, hobby, and sports equipment.