The global Corrugated Bin Boxes Market is expected to be valued at USD 25,231.2 million in 2023. Mounting demand for greener packaging solutions and increasing packaging needs of e-commerce platforms are anticipated to drive market growth.
The overall demand for corrugated bin boxes is projected to record a CAGR of 4.3% between 2023 and 2033, totaling around 38,439.8 million by 2033.
Corrugated bin boxes are made from corrugated board, a preferred packaging material because of its sustainability, recyclability, and versatile features. This high-performance material influences manufacturers to select corrugated materials over other conventional materials.
Corrugated bin boxes are manufactured from natural renewable resources, consuming high percentages of recovered fibers, which include old newspapers, mixed papers, old corrugated containers, and Kraft papers, thus diverting these materials from the public solid waste stream.
For instance, in 2021, around 92% of all cardboard and containerboard manufactured were recovered and recycled in the United States. Corrugated materials have the maximum recycling rate of any packaging material used today. Owing to this, corrugated bin boxes have been reused to store and move items across the industries.
| Attribute | Details |
|---|---|
| Global Corrugated Bin Boxes Market Valuation in 2022 | USD 24,191.1 million |
| Estimated Global Market Share in 2023 | USD 25,231.2 million |
| Forecasted Global Market Size by 2033 | USD 38,439.8 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 4.3% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 2.8% CAGR |
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According to a report from FMI, from 2018 to 2022, sales witnessed significant growth, registering a CAGR of 2.8%. Following this moderate growth rate, the overall market reached a valuation of USD 24,191.1 million in 2022.
Over the years, the e-commerce sector has witnessed immense growth, backed by the increasing demand for convenience deliveries at home or offices. Gradually, the demand for corrugated bin boxes spiked at a significant rate.
Prominent e-commerce companies are introducing sustainable ways of packaging to reduce cost and wastage, which fuels the market growth of corrugated bin boxes.
The extensive application of corrugated bin boxes into various end-use industry verticals, including pharmaceutical and food and beverage, is anticipated to motivate sales in the global corrugated bulk bins market in the coming years.
Implementation of Sustainable Packaging Policies and Adoption of Packaged Food Products to Propel Market Growth
Factors such as the recyclability of corrugated materials coupled with strong growth in the food & beverage and electronic goods industries are driving the growth in the global corrugated bin boxes market.
The demand from the food & beverage packaging industry is expected to grow at a healthy rate, owing to the growing demand for branded and packaged products and consumer awareness of the safe packaging of the product.
In addition, beverage manufacturers are using corrugated bin boxes due to the safe shipment these boxes offer.
Consumer spending on packaged products and growing e-commerce industries are expected to fuel the demand for the corrugated bin boxes market in the future.
Rising manufacturing activities, together with increasing retail-ready packaging driven by the influence of modern trades over the retail landscape and sustained by their increasing share in the retail market, are also the key factors driving the growth of the global corrugated bin boxes market.
E-commerce May Provide the Best Opportunities for Corrugated Boxes
In terms of geographic divisions, North America accounted for a 19% share of the corrugated bin boxes market as of 2022. According to Future Market Insights analysis, the region is projected to maintain its growth over the projection period, backed by the upsurge growth in the e-commerce and pharmaceutical sectors in the region.
Over the years, the e-commerce industry has evolved as a significant player, governed by prominent e-commerce companies such as Amazon, Walmart, Alibaba, Facebook, and others. These companies have been using corrugated bin boxes for packaging individual items.
Several market players are focusing on replacing single-use plastics with corrugated boxes and paper bags to minimize packaging wastage and become sustainable. For instance, in 2021, Amazon launched Frustration-Free Packaging - a program designed to reduce waste, lower cost, and provide customers with 100% recyclable, easy-to-open packaging.
Likewise, pharmaceutical companies hold a prominent share in the disposal of corrugated bin boxes for packaging medicines. In August 2021, Express Packaging introduced smart packaging, a new and improved system of boxing products, and started using embedded sensor technology for foods, pharmaceuticals, and other products.
Packaging is essentially based on barcodes and QR codes that improve the shipping process's functionality, durability, and convenience. With these advancements, packages are easier to monitor to ensure they are not being tampered with.
Based on Future Market Insight’s recent analysis, Europe is the leading region in revenue share, accounting for 23% share of the corrugated bin boxes market. Prominent countries contributing to the regional revenue share of corrugated bin boxes are Germany and the United Kingdom.
This market growth is attributed to the increasing consumption of packaged food products and extensive application in warehouses.
According to Eurostat, in 2019, packaging waste generated was estimated at 178.1 kg per inhabitant in the European Union. This quantity varied between 74.0 kg per inhabitant in Croatia and 228.0 kg in Ireland.
Owing to this, the regional manufacturers are making a hefty investment in developing sustainable solutions for the end-use industry's packaging. In addition, they are expanding their reach by multiplying their manufacturing capabilities within Europe and abroad.
Smurfit Kappa, which strategically has grown its portfolio of small, local producers of corrugated, has increased its share of the United Kingdom sheet plant market over the last three to four years.
As per the recent analysis, the demand for corrugated boxes in Western Europe increased from billion sqm in 2012 to 38.1 billion sqm in 2021, at an annual growth of 6.0%.
Recently, several factors have also impacted the corrugated bin boxes market, such as Brexit, which introduced trade barriers and restrictions on imports and exports between the United Kingdom and other European countries., the occurrence of the COVID-19 pandemic, and the most recent one-Ukraine conflict.
These factors significantly hampered the market growth in FMCG, pharmaceuticals, and manufacturing units, which in turn may impact the aforementioned sectors. However, the regional market is recuperating at a steady rate and is projected to witness significant gains over the coming years.
Augmenting Growth in Consumer Electronics & Manufacturing to Act as Key Drivers
As per the recent analysis by Future Market Insights, Asia Pacific is anticipated to be a leading region over the forecast period. The growth in the developing economies may primarily drive the growth in the Asia Pacific due to rising disposable income and the growing retail and packaging industry.
According to the recent report published by the Association of Packaging and Processing Technologies, the rising demand for consumer electronics, the growing demand for high-end chips, and the cost reduction and enhanced efficiency brought by advancing packaging spiked the use of corrugated bin boxes in the Asia Pacific.
Several countries are implementing sustainable packaging policies favorable to the aforementioned market.
For instance, Singapore fulfilled a requirement of high-quality corrugated boxes for good-quality printing that catches consumer attention. In January 2021, the National Environment Agency of Singapore introduced the increased sustainability packaging regulation, which may affect the corrugated packaging market in this region.
The food and beverage industry segment captures a huge volume of market share in the global corrugated bin boxes market. The prominent categories in the food & beverage industry comprise fresh produce, processed food, and non-perishables.
The food & beverages sector requires packaging for the storage, handling, and transportation of products.
Corrugated boxes are required during the transportation of food products that have varying strengths, which include highly delicate, perishable products and processed food products. Since corrugated boxes are non-reactive, they are an apt medium to package, transport, and store food for a long period.
The packaging of processed food entails safe packaging material which is suitable to the buyer and also checks product safety. Thus, corrugated boxes are used for the packaging of processed foods.
Founded in 2016, Boxnco provides an online platform for personal storage services. Customers can use the online forum to request pickup and retrieval of storage boxes and manage and view stored items.
It provides different packages with boxes and objects of various sizes. Boxnco delivers plastic containers and picks up packed boxes from customers' premises. Customers can request a return service when they need stored boxes back.
Launched in 2005, DCGpac is an online marketplace for packaging products. It offers packaging supplies such as cardboard boxes, bags & pouches, envelopes, tapes, rolls, stickers, and others through its online platform.
Moreover, it offers e-commerce packaging solutions for sellers on platforms such as Amazon and Flipkart. Claims to have Flipkart, DTDC, Naaptol, ShopClues, LensKarrt, Industry Buying, Moglix, VLCC, FabFurnish, Tolexo, SafeExpress, and others as its clients. Users can choose, select, and place orders through the online platform.
Corrugated Tech provides manufacturing and supply chain solutions for packaging manufacturers. The firm serves the paper packing industry, specifically sheet feeders, box plants, sheet plants, and paper mills.
It offers solutions for MES, planning and scheduling, order promising, corrugator management, converting management, process reliability, waste management, and supply chain execution. The company has been acquired by Electronics for Imaging and is based in San Diego, the United States.
In July 2022, a United States-based packaging and merchandising company Menasha Packaging finalized its acquisition of corrugated packaging manufacturer Color-Box. The acquisition took place after Menasha Packaging signed an agreement to purchase Color-Box in February of the same year.
In March 2021, Nigeria’s leading food and agro-allied company, Flour Mills of Nigeria (FMN), is set to tighten its grip on the country’s flour milling market as it prepares to acquire a majority stake in Honeywell Flour Mills PLC (HFM), an affiliate of the Honeywell Group Ltd.
In October 2021, Smurfit Kappa United Kingdom announced the acquisition of Saxon Packaging based in Lowestoft, Norfolk (United Kingdom). Saxon Packaging is an independent board converter into corrugated boxes and fitments.
According to Smurfit Kappa, Saxon has invested over the past three years in recent technology machinery, which allows the company to meet the needs of its broad customer base in Suffolk, East Anglia, and the Home Counties.
In August 2022, B2B Industrial Packaging, a GenNx360 company, announced the acquisition of Springfield Corrugated Box. Inc. in Agawam, Mass. This acquisition may allow the company to provide more resources to its existing East Coast clients while enhancing the services for Springfield Corrugated Box clients.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.3% from 2023 to 2033 |
| Market Value in 2022 | USD 24,191.1 million |
| Market Value in 2033 | USD 38,439.8 million |
| Base Year for Estimates | 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, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Material, Product Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | United States, 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 | Ameripak; MK Packaging; International Plastics Inc.; Deluxe Packaging; Saxon Packaging Limited.; Gabriel Container Co.; Cactus Containers; Packbox LLC; Mondi Plc.; Smurfit Kappa Group; Georgia-Pacific LLC; DS Smith Plc.; VPK Packaging |
The corrugated bin boxes market is projected to achieve a valuation of USD 25,231.2 million in 2023.
The global corrugated bin boxes market is anticipated to attain a value of USD 38,439.8 million by 2033.
The corrugated bin boxes market is estimated to experience a CAGR of 4.3% through 2033.
The corrugated bin boxes market recorded a USD 24,191.1 million valuation in 2022, exhibiting a CAGR of 2.8%.
The food and beverage sector constitutes the predominant consumer of corrugated bin boxes.
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Corrugated Bin Boxes Market
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