ID: MRFR/PNT/7224-HCR | February 2021 | Region: Global | 107 pages
The CAGR for the corrugated handle box market is 4.82% until 2027. The market value was USD 35 billion in 2018. Corrugated handle boxes are popular because they’re rugged and lightweight. Their lighter weight may be deceiving because these boxes can hold items that weigh several times more than they do!
These boxes are economical in comparison to other packaging solutions. Maybe this is why they’re the packing material of choice for many e-commerce stores. These boxes can be printed and will last a long time. They’re used to pack and transport fragile items because they’re strong and can have inner cushioning inserted into them to protect the fragile items. They come in a variety of sizes, shapes, styles, and designs. This is designed to protect the items that they transport from spilling, being damaged, or being broken.
COVID-19 has changed the destiny of the world since it became a concern in March of 2020. It’s a unique virus that’s dangerous at best and can be deadly at worst. Governments realized this early on. That’s why they initiated temporary quarantines and lockdowns. These were temporary since they had limited effect. Many businesses were forced to either shut down or scale back operations dramatically as a result of this. Many other industries were hit hard because of this
The market benefitted because of COVID-19. People were staying inside more often, thus e-commerce sales skyrocketed. So did the demand for corrugated handle boxes.
E-commerce is really taking off now. This was true even before the pandemic but the pandemic accelerated this trend and made it more permanent. E-commerce retailers are looking for packaging that will keep whatever they sell safely. Corrugated handle boxes are capable of doing this and that’s why they’re the packaging of choice for E-commerce store owners.
The pandemic has prompted more people to order in or order takeout. These factors are also driving growth in the market.
Many in the market see that this market is lucrative and has a relatively high CAGR. They are taking advantage of this by investing heavily in research and development. This is leading to a new generation of corrugated handle boxes that are safer, stronger, more durable, and have more innovative uses than the previous generations did.
What’s holding growth back in the market is the fact that these boxes tend to be more expensive since they’re made from recycled materials which are harder to source now.
The greatest challenge that those in the market face lies in keeping the prices of these boxes in the affordable range while trying to expand production and come up with safer boxes that are stronger and have more innovative uses.
The market was worth USD 35 billion in 2018. The CAGR for this market was 4.28%. This is expected to remain constant until 2027.
Reid Packaging is a major American player in the market. It has managed to retain this superior position and even become an industry leader by investing heavily in research and development. This has allowed it to come up with a new generation of boxes. It is also able to offer more variety in these boxes because of intense research and development.
The market can be grouped into the following sub-segments based on material:
The corrugated board sub-segment has a higher market share in comparison to the other sub-segments in the material segment. It’s also expected to have the highest CAGR for a while.
The market can be grouped into the following sub-segments based on application:
It is interesting to note that corrugated boxes tend to be used to transport secondary goods like food and bottled drinks. This is the reason why the corrugated board is becoming more popular and more widely used.
The market can be grouped into the following sub-segments based on capacity:
The 5-25 KG corrugated boxes command the greatest market share. The reason is that they’re used as supportive packaging for many types of food and bottled drinks.
The corrugated handle box market can be grouped into the following sub-segments based on end-user:
The food and drink sub-segment has the highest corrugated handle box market share because they tend to be used as insulation when transporting various types of foodstuffs and bottled drinks.
The corrugated handle box market can be grouped into the following sub-segments based on region:
The Asia-Pacific region had the highest corrugated handle box market share as of 2018. The North American region came in second place and the European Union came in third place. The Asia-Pacific region is expected to hold first place in the corrugated handle box market until 2025. What mainly accounts for this is that the pandemic has accelerated the growth of e-commerce in the Asia-Pacific region. What is occurring in India and China are good examples of this.
The middle classes in the Asia-Pacific region are also growing dramatically. As their purchasing power increases, they demand that the goods that they buy online be packaged in safer and stronger packaging. These nations, and especially India and China, have very large populations.
E-commerce has been taking off in India since Internet penetration has increased dramatically since the beginning of the 21st century.
The North American region consists of the following nations: The United States of America, Canada, and Mexico. The United States of America, especially, has a huge middle class with substantial purchasing power. This, along with high computer ownership and internet penetration, is what is accounting for the fact that the North American region has the highest regional CAGR in the corrugated handle box market.
The corrugated handle box market is very competitive. What accounts for this is the fact that there are few barriers to entry. The market also remains fairly lucrative. This is what is attracting many companies into the industry. Thus, the market is very saturated. Companies find that they have to resort to investing heavily in research and development in order to survive. They also have to merge with and acquire other companies that are doing well in the market. Finally, they have to enter into strategic partnerships with other companies.
Companies expand their horizons when they invest heavily in research and development because they are able to develop newer and more innovative corrugated handle boxes that are safer. All of this allows them to justify charging more for these products. They are also able to sell these products more easily in current and new markets provided that they do digital and traditional marketing correctly.
Companies increase their expertise and financial resource pools when they merge with and acquire other companies. The same is true when they enter into strategic partnerships with other companies that are doing well. They are able to do better research and development because they can invest more in this. They also can market these newer and improved products much better in new and existing markets.
Reid Packaging is a successful American company. It has successfully invested in research and development and good marketing to develop newer products which it can successfully sell to new and established markets.
The CAGR in the corrugated handle box market was 4.82%. The Asia-Pacific region led in terms of market share. The North American region had the highest CAGR. This report will give you insights into how the market is reviving from the impact of Covid-19 and the growth it will see in the near future.
|Market Size||2030 : Significant value|
|CAGR||CAGR 4.82% (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Capacity, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Guangzhou Bosing Paper Printing and packaging Co., Ltd (China), Reid Packaging (US), Unicraft (India), GWP Group (United Kingdom), WH Skinner (UK), Allen Field Company, Inc. (US), CBS Packaging (United Kingdom), Shanghai Forests Packaging Group Co., Ltd (China), Planet Paper Box GROUP Inc. (Canada), and Riverside Paper Co., Inc. (US)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The corrugated box market was valued USD 35 Billion in 2021.
The corrugated box market will record CAGR of around 4.82%.
North America is ready to register substantial growth in the corrugated box market.
Reid Packaging (US), Unicraft (India), Guangzhou Bosing Paper Printing and packaging Co., Ltd (China), GWP Group (United Kingdom) are top key players investing in the Corrugated Handle Box market share.
Material, application, end user are the main segments included in the study of Corrugated Handle Box.