Paper Products Market to Grow Rapidly Owing to High Demand for Paper Packaging in Pharmaceutical, FMCG & Other Hospitality Service Sectors Till 2025 | Million Insights
Rising demand for paper packaging in pharmaceutical and FMCG industries and other hospitality services is expected to drive the market growth during the forecasted period, 2019 to 2025.
FELTON, California, June 17, 2020 /PRNewswire/ -- The global Paper Products Market size is anticipated to reach USD 275.1 Billion by the year 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 0.3% over the forecasted period, 2019 to 2025. Rising demand for paper packaging in pharmaceutical and FMCG industries and other hospitality services is expected to drive the market growth during the forecasted period, 2019 to 2025. The rising awareness about the harmful effects of using plastics for packaging has also boosted the market growth. For instance, in 2017, Apple Inc. used 84% fewer plastics for the packaging of iPhone 7 as compared to iPhone 6.
Growing tourism and the rise in hospitality services are also expected to boost the market growth. This growth can be attributed to the increase in usage of tissue papers and other types of papers for packaging and hygiene purposes. In order to meet these rising demands, the manufacturers are setting up new machines to produce paper. As these machines are being set up to curtail the production expenses, the market for such products is expected to grow in the upcoming years. For example, in 2018, Cascades Inc. had launched a product range titled Cascades Pro Signature which had a greater absorbing capacity and could be reused. Also, Georgia Pacific had announced the installation of new tissue production machines. These manufacturers are continuously carrying out product development in order to penetrate the emerging markets thereby increasing their market share.
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The trend of capacity expansion is also being prevalent in this industry. For instance, an Italian manufacturer of tissue papers named SOFIDEL announced the start of construction of second tissue producing mill in the city of Inola/ Oklahoma which would have a production capacity of around 1,20,000 tons/year. The market is very competitive due to the presence of many brands. The key players in this market include Procter & Gamble; Kimberly-Clark Corporation; KP Tissue, Inc.; Cascades, Inc.; Clearwater Paper Corporation; and many others.
Further key findings from the report suggest:
- The application of paper packaging is expected to achieve highest CAGR of 0.6% during the forecasted period, 2019 to 2025.
- The regions of Asia Pacific held the largest share of 36.65% in the global paper products market during the year 2018.
- The region of Asia Pacific is expected to witness fastest CAGR from 2019 to 2025 due to rising disposable income coupled with the increasing population across the countries like China, India and South Korea.
- The key manufacturers such as Procter & Gamble; Kimberly-Clark Corp.; Cascades, Inc.; KP Tissue, Inc. and Georgia-Pacific have started to invest more into R&Ds in order to carry out product launching and developments according to the rising need of the consumers.
Browse 80 page research report with TOC on "Global Paper Products Market" at: https://www.millioninsights.com/industry-reports/global-paper-products-market
Million Insights has segmented the global paper products market on the basis of application, and region:
- Paper Products Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2015 - 2025)
- Graphic Paper
- Sanitary & Household
- Packaging Paper
- Other Paper
- Paper Products Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2015 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K
- France
- Asia Pacific
- India
- China
- Japan
- Thailand
- Australia
- Central and South America
- Brazil
- Middle East and Africa
- Saudi Arabia
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