Market Analysis
The corrugated handle box market in 2018 was valued at USD 35 billion and is predicted to develop at a 4.2% CAGR between 2020 2027, reveals the latest Market Research Future (MRFR) report. Corrugated boxes are mostly used for proper handling as well as transportation of goods.
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Various factors are fuelling the global corrugated handle box market growth. As per the recent MRFR market estimates, such factors include the booming e-commerce industry, rise in food franchise, growing inclination of the urban population towards takeaway food consumption, growing retail industry, increasing demand from food industry, increasing trend of food deliveries, demand for sustainable packaging solutions, increasing use during the COVID-19 pandemic, and the growing awareness about the advantages of corrugated handle box.
On the contrary, risk related to the damage of product owing to its contact with water and other liquid and rising production of biodegradable and recyclable solutions may impede the global corrugated handle box market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global corrugated handle box market based on end user, application, and material.
By material, the global corrugated handle box market is segmented into molded fiber pulp, recycled paper, corrugated board, containerboard, kraft paper, and others. Of these, the corrugated board will lead the market over the forecast period and the highest CAGR.
By capacity, the corrugated handle box market is segmented into above 50kg, 25-50kg, 5-25kg, and 0-5kg. Of these, the 5-25kg will dominate the market over the forecast period for its increasing use as secondary packaging in food and beverage and retail industries.
By end user, the corrugated handle box market is segmented into retail industry, personal care, pharmaceuticals, food and beverages, chemical industry, agriculture, and others. Among these, the food and beverage segment will spearhead the market over the forecast period as these are mostly used in secondary packaging to transport food items.
Corrugated Handle Box Market – Geographical Analysis
The Asia Pacific region dominates the global corrugated handle box market. The largest market share attributes to the burgeoning e-commerce industry fueled by the increasing cross-border trade and massive demand for online shopping. Besides, the retail sector in countries such as China and India propel market demand. Moreover, the rapidly growing packaging industry in the region substantiates the growth of the market. The APAC corrugated handle box market is projected to retain its dominance throughout the review period.
North America stands second in the global corrugated handle box market. The market is driven by the presence of tier 1 corrugated handle box manufacturers, such as Allen Field Company, Inc. (the US), Reid Packaging (US), Riverside Paper Co., Inc. (the US), and Planet Paper Box GROUP Inc. (Canada). These manufacturers strengthen their market position through strategic alliances to expand their global presence and develop new packaging solutions for their customers. The US holds the major share in the regional market. The North American corrugated handle box market is expected to register a substantial CAGR during the assessment period.
Global Corrugated Handle Box Market – Competitive Analysis
Highly competitive, the corrugated handle box market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. They strive to develop cost-efficient manufacturing techniques that can reduce production cost & time and wastages.
Also, they take care of ecological norms and reinforce corrugation inside the panels, which reduces cost and increases the strength or durability. To survive and create new market opportunities, manufacturers rely on innovation. Therefore, they keep themselves abreast of the latest technological developments and latest consumer trends by developing human capital.
Major Players
Players leading the in the global corrugated handle box market include Reid Packaging (US), Guangzhou Bosing Paper Printing & Packaging Co., Ltd (China), Unicraft (India), WH Skinner (UK), GWP Group (United Kingdom), Allen Field Company, Inc. (US), Shanghai Forests Packaging Group Co., Ltd (China), CBS Packaging (United Kingdom), Riverside Paper Co., Inc. (US), and Planet Paper Box GROUP Inc. (Canada), among others.
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Industry/ Innovation /Related News:
July 01, 2020 ---- Softbox Systems Ltd. (the UK), a temperature control packaging solutions provider for pharmaceutical, cold chain logistic industries, and life science, launched a recyclable temp-control box Tempcell™ ECO made of 100 percent corrugated cardboard and utilizes Softbox Thermaflute™ patent-pending plastic-free insulation technology. Amidst growing sustainability movements to reduce waste, reuse, recycle, and recover. Hence TCP solution was developed to use less material in design and does not require any specialist recycling.
Raw material can be collected and recycled by your local authority. Simultaneously, the ECO packaging solution is designed for wide-stability temperature-sensitive pharmaceutical products. Easy to assemble and recycle once used, Tempcell™ comes in a flat-packed format to help save space during transport, delivery, and storage.
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