Paper Products Market 2020 is Estimated to Reach USD310.25 Billion by 2027
Paper products market size is valued at USD310.25 billion by 2028 and is expected to grow at a rate of 1.50% for the forecast period of 2021 to 2028. Data Bridge Market Research report on paper products market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
The paper products market is anticipated to witness tremendous growth in the forecast period which is attributed to the rapidly increasing demand for paper packaging in the FMCG, pharmaceutical, and hospitality industries. Also the rising awareness regarding the adverse effects of using plastic packaging which is boosting scope for paper products application and is acting as a key determinant favoring the growth of the market over the forecast period of 2021 to 2028. The major factors accountable for the growth of paper products market are the increasing hospitality and tourism industry, rapid urbanization, growing preference for ready-to-eat foods and requirement of better-quality packaging, growing usage of tissue paper in restrooms and dining areas associated with increasing hygiene concerns amongst consumers. Beside this, the increasing numbers of installations of new equipment by key manufacturers as well as the better standard of living and health awareness are acting as major growth drivers for the paper products market. The rapidly increasing urban population coupled with an increasing manufacturing sector is also helping the market to grow.
On the other hand, the reason paper products has become such a popular material is that the growing awareness about environmental issues like biodegradability, global warming, and health problems created by plastic packaging materials which is highly supporting the growth of the paper products market. Furthermore, various market players are investing in R&D to manufacture products particular to household products coupled with the rapid rise in the customer awareness in context to the hygiene and spread of infectious diseases which will further offer a variety of growth opportunities for the paper products market.
One of the major obstructions to the growth of the paper products market is the fluctuations in the raw material prices and economic slowdown across various countries due to the COVID-19 outbreak, whereas the changing preference for off-premises consumption of food on account of busy schedules will accelerate the growth of the market over the forecast period of 2021 to 2028.
Asia-Pacific leads the paper products market owing to the growing industrialization, rising disposable income levels in emerging countries such as India and South Korea within this particular region.
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