The global sales of folding boxboard are estimated to be worth USD 10.5 billion in 2024 and anticipated to reach a value of USD 16.6 billion by 2034. Sales are projected to rise at a CAGR of 4.7% over the forecast period between 2024 and 2034. The revenue generated by folding boxboard in 2023 was USD 10.1 billion. The industry is anticipated to exhibit a Y-o-Y growth of 3.8% in 2024.
Pulp-based folding boxboards are leading the market attributed to their excellent quality and performance characteristics. These boxboards are made from virgin fibres which ensure their consistent and uniform properties.
Pulp-based folding boxboards are durable, rigid, and strong which helps them to withstand the rigours of transportation and shipping protecting the condition of the product. The pulp-based boxboard is anticipated to hold almost 55% of the market share in 2024 expanding 1.5 times its current market value during the upcoming period.
Global Folding Boxboard Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 10,166.8 million |
| Estimated Size, 2024 | USD 10,551.6 million |
| Projected Size, 2034 | USD 16,628.8 million |
| Value-based CAGR (2024 to 2034) | 4.7% |
201-300 GSM folding boxboards are estimated to capture a majority of the global market driven by their balance between flexibility, rigidity, and compatibility with various applications. 201-300 GSM segment is projected to offer an incremental opportunity of around USD 2.8 billion during the assessment period. These boxboards provide cost-effectiveness, performance, printing, capability, sturdiness, and protection which makes them suitable for food, beverage, cosmetics, personal care, and different consumer goods.
Folding boxboards are increasingly used in making boxes because of their versatility, cost-effectiveness, and physical properties. Boxes are predominantly used in the packaging industry for primary, secondary and tertiary packaging which makes them the top segment in the folding boxboard industry. Boxes are convenient to use, recyclable, and barrier proof which makes them ideal for packaging. Boxes to offer USD 2.9 billion incremental dollar opportunity for folding boxboard market by 2034 end.
The folding boxboard industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 6.4 billion and is predicted to rise 1.6 times the current market value through 2034.
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The below table presents the expected CAGR for the global folding boxboard market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the year from 2023 to 2033, the business is predicted to record a CAGR of 4.9%, followed by a slightly lower growth rate of 4.4% in the second half (H2) of the same year.
| Particulars | Value CAGR |
|---|---|
| H1 | 4.9% (2023 to 2033) |
| H2 | 4.4% (2023 to 2033) |
| H1 | 4.6% (2024 to 2034) |
| H2 | 4.8% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase slightly to 4.6% in the first half and remain relatively moderate at 4.8% in the second half. In the first half (H1) the market witnessed a decrease of 30 BPS while in the second half (H2), the market witnessed an increase of 40 BPS.
Rising Eco-consciousness and Environmental Benefits of Folding Boxboards Stimulates the Sales
The increasing awareness in people regarding environmental issues generated by plastic use leads consumers to move towards the adoption of eco-friendly and safe packaging solutions. The packaging industry consumes more than one-third of the plastic material produced globally, making its adoption of paper and paperboard materials crucial to pollution amelioration.
Manufacturers across the world are focusing on increasing the application of sustainable resources across various industries. The usage of bio-degradable packaging materials to reduce plastic waste generated by businesses is being emphasized by several entities.
The use of folding boxboards among multinational fast food chains and global retailers such as McDonald’s, Starbucks, Albertsons, Costco, Kroger's, Walmart, etc. is likely to boost the demand for folding boxboards. Fast food companies and retailers have extensively benefitted through paper and paperboard packaging, reporting over 70% of their packaging material requirements are met by paper and paperboard materials.
E-commerce Push the Sales of Folding Boxboards
The booming e-commerce industry in both developed as well as in developing economies of the world is expected to create immense growth opportunities for folding boxboard manufacturers. Every year, millions of products are shipped from retailers’ warehouses to the consumer through the e-commerce platform.
All of these products require protective and functional packaging to protect the packaged product during transportation. The packaging of these products is done in corrugated boxes and folding boxboards to ensure the safe shipment of delicate products.
The growing trend for internet shopping is expected to boost the global folding boxboard market during the forecast period. The growth in the global e-commerce industry is increasing the demand for convenient and lightweight packaging solutions like folding boxboards that are efficient in protecting the packaged contents and are sustainable.
Availability of Alternative Packaging Restrict Market Growth
Flexible plastic packaging and rigid boxes are widely used instead of paper and paper-based packaging products due to their comparatively low cost and high flexibility. Moreover, the packaging of products in rigid boxes is perceived to be of better quality by consumers. The availability of alternative packaging solutions ensures better durability and consequently better protection during the transportation and handling of products.
Other paper-based packaging solutions are also recyclable fulfilling the sustainability goals. Flexible packaging requires less materials and is compatible with any shape and size. These factors are affecting the market share of paper and paper-based packaging manufacturers. This might limit the market demand for folding boxboards.
Principal Consultant
The global folding boxboard industry recorded a CAGR of 1.7% during the historical period between 2019 and 2023. The growth of the folding boxboard industry was positive as it reached a value of USD 10.1 billion in 2023 from USD 8.6 billion in 2019.
Consumer inclination towards paper packaging products is increasing day by day due to the environment-friendly characteristics of paper material. Growing public awareness of the benefits of eco-friendly packaging and increasing usage of folding boxboard in a variety of applications is further expected to drive market growth. Governments and NGOs in most countries are taking initiatives to educate people to eliminate the use of plastic packaging products. This has created a positive impact on the global demand for paper-based packaging products including folding boxboards.
Governments in most of the countries have already banned the use of plastic bags for retail use which is the major source of pollution in metropolitan cities and urban consumers are also supporting this movement by adopting paper-based packaging products like folding boxboards.
Paper packaging products offer optimum protection and are economical which in turn became the first preference of packaging bulk goods in a variety of industries such as electrical and electronics, processed food, etc. The consistently growing popularity of paper packaging products is anticipated to drive the folding boxboard market at a moderate compound annual growth rate during the forecast period.
Tier 1 companies comprise market leaders with market revenue of above USD 200 million capturing a significant market share of 10% to 15% in the global market. These market leaders are characterized by high production capacity and a wide product portfolio.
These market leaders are distinguished by their extensive expertise in manufacturing and reconditioning across multiple packaging formats and a broad geographical reach, underpinned by a robust consumer base. Prominent companies within Tier 1 include Mayr-Melnhof Karton AG, SAPPI Ltd, and Mondi Group PLC.
Tier 2 companies include mid-size players with revenue of USD 80 to 200 million having presence in specific regions and highly influencing the local market. These are characterized by a limited presence overseas and well maintained market knowledge.
These market players have good technology and ensure regulatory compliance but may not have advanced technology and wide global reach. Prominent companies in tier 2 include ITC Limited, Metsä Board Corporation, Nippon Paper Industries Co., Ltd, Stora Enso Oyj, and Shandong Bohui Paper Industrial Co Ltd.
Tier 3 includes the majority of small-scale companies operating at the local presence and serving niche markets having revenue below USD 80 million. These companies are notably oriented towards fulfilling local market demands and are consequently classified within the tier 3 share segment.
They are small-scale players and have limited geographical reach. Tier 3, within this context, is recognized as an unorganized market, denoting a sector characterized by a lack of extensive structure and formalization when compared to organized competitors.
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The section below covers the industry analysis for the folding boxboard market for different countries. Market demand analysis on key countries in several regions of the globe, including North America, Asia Pacific, Europe, and others, is provided.
North America and Europe lead the market with a 60% value share through 2034. In North America, the US is projected to capture 82.6% value share by 2034. In Europe, Germany is anticipated to record a growth rate of 1.9% during the assessment period.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| United States | 2.1% |
| Brazil | 2.6% |
| Germany | 1.9% |
| United Kingdom | 2.3% |
| China | 3.8% |
| Japan | 2.7% |
| GCC Countries | 4.0% |
In Europe, Germany is estimated to account for around 22% market share of the folding boxboard market by the end of 2024, which is the largest among other European countries. As per the Federation of German Food and Drink Industries (BVE), the food & beverage industry in Germany was the fourth-largest industry and the total industry revenue accounted for a total of USD 198 billion (~186 billion Euros) in the year 2022.
The extensive applications of the folding boxboard in the food and beverages industry are anticipated to drive the market growth of the folding boxboard market in Germany. The food and beverage industry in Germany is subjected to high standards of quality and packaging requirements. They are sturdy and safe for food and beverage products and maintain the product's integrity. Growing demand for food delivery via online channels has further pushed the sales of folding boxboards in Germany.
India is one of the emerging markets in South Asia for folding boxboard, with an estimated market share of around 40% by the end of 2024. Invest India reported that, the pharmaceutical industry in India is estimated to reach USD 65 billion by 2024 and anticipated to reach USD 130 billion by 2030.
The growth of the pharmaceutical industry will generate the demand for folding boxboard in India as they are significantly used in secondary packaging purposes. India is a prominent exporter of generic medicines to various countries like the USA, Africa, and the UK which can contribute to supplementing the market volume.
India ranks third globally in terms of volume of pharmaceutical production. The pharmaceutical industry is one of the major end-use industries of the folding boxboard market and the industry is anticipated to raise the demand for the target product in India for pharmaceutical packaging application.
United Kingdom leads in Europe anticipated to hold around 13% value share of the global folding boxboard industry. The US is anticipated to generate a valuation of USD 394.5 million by 2024.
Rising production and sales of semiconductors across the UK will create lucrative growth opportunities for folding boxboard manufacturers. According to the European Semiconductor Industry Association (ESIA), total electronics semiconductor sales reached over USD 55.3 billion in 2022.
The electronics and semiconductor industry is set to grow at a rapid pace and the rising application of sustainable protective packaging in the sector is driving the demand for folding boxboard. Since electronics and electrical items are fragile they require additional protection during transportation and shipping which will boost the demand for folding boxboard in the supply chain.
The section contains information about the leading segments in the industry. Pulp based folding boxboards is estimated to grow at a CAGR of 4.3% throughout 2034. Boxes is the most preferred packaging format in folding boxboards is projected to expand at 4.9% growth rate till 2034.
| Material | Recovered Paper |
|---|---|
| Value Share (2034) | 17.8% |
Recovered paper to gain significant traction and record a growth rate of 4.1% during the assessment period. Rising demand for recycled products and the reduction of virgin pulp in manufacturing paper-based products are supplementing the demand for the recovered paper segment. Businesses and consumers are prioritizing reducing environmental impact leading to increased demand for recovered paper.
The use of recovered paper in folding boxboards reduces the manufacturing cost compared to virgin pulp. An increasing amount of waste generated by the packaging industry has generated the need for the recycling of paper. The advancement in the recycling process and infrastructure development boosts the demand for recovered paper folding boxboards.
| End Use | Personal Care & Cosmetics |
|---|---|
| Value Share (2034) | 27.2% |
Personal care and cosmetics applications are forecast to account for 24% of market share and revenue of over USD 4.5 billion in the folding boxboard market by 2034 end. The personal care and cosmetics industry is going through remarkable growth and expansion due to a rising focus on skin and body care. This industry requires high-quality packaging, especially for premium products.
Folding boxboards are smooth and printable which makes them suitable for branding high-end products with graphics, embossing, and sophisticated techniques. This packaging provides appeal and a luxury finish to the products ensuring customer satisfaction. The brands in the cosmetics industry need to differentiate their products by providing unique and sustainable packaging.
Leading folding boxboard manufacturers are launching new and innovative folding boxboard solutions targeted for specific applications in the food & beverage, pharmaceutical and electrical & electronics end uses.
Key players in the folding boxboard market are also taking steps like increasing investments to expand their manufacturing capabilities and geographical footprint to enhance their market share and global presence.
Recent Industry Developments in Folding Boxboard Market
In terms of material, the industry is divided into pulp based, bleached chemical, recovered paper, and others.
In terms of grammage weight, the industry is segregated into 160gsm to 200gsm, 201gsm to 300gsm, and 301gsm & above.
In terms of packaging type, the industry is segregated into boxes, cartons, trays, and others.
The industry is classified by end use industries as food & beverages, personal care & cosmetics, healthcare, food service, tobacco / cigarette, and other higher-end / general packaging.
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
The global folding boxboard industry is projected to witness CAGR of 4.7% between 2024 and 2034.
The global folding boxboard industry stood at USD 10.1 billion in 2023.
The global folding boxboard industry is anticipated to reach USD 16.6 billion by 2034 end.
South Asia is set to record the highest CAGR of 5.4% in the assessment period.
The key players operating in the global folding boxboard industry include Mayr-Melnhof Karton AG, SAPPI Ltd, and Mondi Group PLC.
1. Executive Summary
2. Industry Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Market Trends and Success Factors
4. Market Background
4.1. Macro-economic and Industry Outlook
4.2. Market Dynamics
4.3. Value Chain Analysis
4.4. List of Key Market Participants (Manufacturers/Channel Partners)
4.5. Analysis of Key Industry Matrices
4.6. Industry Development Roadmap
5. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034
5.1. Historical Market Volume Analysis
5.2. Future Market Volume Projections
6. Pricing Analysis
7. Global Market Value (USD) Analysis 2019 to 2023 and Forecast 2024 to 2034
7.1. Historical Sales Analysis
7.2. Future Market Size and Growth Projections
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Material Type
8.1. Pulp-Based
8.2. Bleached Chemical
8.3. Recovered Paper
8.4. Others (molded pulp, virgin fiber)
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Grammage Weight
9.1. 160gsm to 200gsm
9.2. 201gsm to 300gsm
9.3. 301gsm & Above
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Packaging Type
10.1. Boxes
10.2. Cartons
10.3. Trays
10.4. Other Packaging Type
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End Use
11.1. Food & Beverages
11.2. Personal Care & Cosmetics
11.3. Healthcare
11.4. Food Service
11.5. Tobacco / Cigarette
11.6. Other Higher-end / General Packaging
12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
12.1. North America
12.2. Latin America
12.3. Europe
12.4. East Asia
12.5. South Asia
12.6. Middle East and Africa (MEA)
12.7. Oceania
13. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
14. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
15. Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
17. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
18. Middle East and Africa (MEA) Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
19. Oceania Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Market Segments and Country
20. Sales Analysis 2024 to 2034 by Key Market Segments for 30 Countries
21. Competition Outlook including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
22. Company Profile
22.1. ITC Limited
22.2. Metsä Board Corporation
22.3. MM Board & Paper
22.4. Sappi Ltd
22.5. Stora Enso Oyj
22.6. Shandong Bohui Paper Industry Co Ltd
22.7. Holmen Iggesund
22.8. Nippon Paper Industries Co ltd
22.9. Mondi Group PLC
22.10. PG Paper Company
22.11. The FOLBB Group
22.12. Dominus Impex LLP
22.13. Spento Paper India LLP
22.14. Shanghai DE Printed Box
22.15. Hangzhou Gerson Paper Co., Ltd
22.16. RP Paper Impex
22.17. APP Group
22.18. Pankakoski Mill Oy
22.19. Ningbo Tianying Paper Co., LTD.
22.20. Neenah Paper
22.21. Smurfit Kappa plc
22.22. STI Group
22.23. Maxipos
22.24. Billerud AB
22.25. KOHLSCHEIN GmbH & Co. KG
22.26. Zhejiang Sowineco Co. Ltd
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Folding Boxboard Market
