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Europe's Corrugated Board and Packaging Market Thrives with a CAGR of 11% from 2018-2022
Europe's corrugated board and packaging market has experienced significant growth, with a compound annual growth rate (CAGR) of 11% from 2018-2022.
By: Makreo Research and Consulting
Rising Demand for Packaged Food Boosts Market Growth
The European Union's food and beverage exports have doubled in the past decade, reaching over EUR 90 billion (USD 101.71 billion). This increase in exports has led to a surge in demand for corrugated packaging, which is used extensively for food goods. According to the European Federation of Corrugated Board Manufacturers (FEFCO), more than 40% of corrugated packaging in Europe is used for food packaging.
Innovative Product Segments Drive Market Expansion
Corrugated packaging offers numerous growth opportunities due to its adaptability to various shapes and sizes. Designers are creating innovative packaging solutions for diverse segments, such as ski packaging, soap packaging, and bottle protectors. These creative designs not only provide better protection but also help establish a strong brand identity.
Government Initiatives Support Sustainable Packaging
The European Commission's proposal for the European Green Deal aims to make sustainable products the norm in the EU. By amending the Packaging and Packaging Waste Directive, the commission intends to ensure that all packaging is sustainable, reusable, and recyclable by 2030. This initiative is expected to boost the demand for corrugated packaging.
In conclusion, Europe's corrugated board and packaging market is thriving due to the increasing demand for packaged food, diversification in product segments, and government initiatives promoting sustainable packaging. This growth is expected to continue, offering numerous opportunities for businesses in the industry.
To know more:-
Europe Corrugated Board and Packaging Market Analysis and Forecast (2018-2028) (https://www.makreo.com/
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North America Corrugated Packaging Market Analysis and Forecast (2018-2028) (https://www.makreo.com/