Report : Middle East and Africa Corrugated Boards Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others)
Food and Beverages Segment to dominate Middle East & Africa Corrugated Boards Market during 2020–2028
According to a new market research study on “Middle East & Africa Corrugated Boards Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application,” is expected to reach US$ 20,810.45 million by 2028 from US$ 15,365.03 million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa corrugated boards market along with the drivers and restraints pertaining to the market growth. Enriching advancements in digital printing, elevating demand for sustainable and lightweight packaging materials, and steady expansion of online retail are the major factor driving the growth of the Middle East & Africa corrugated boards market. However, fluctuations in prices of raw materials hinders the growth of Middle East & Africa corrugated boards market.
South Africa has the largest COVID-19 cases in the Middle East & Africa region, followed by Saudi Arabia and UAE, among others. UAE was the first country in Middle East & Africa to report a confirmed case of COVID-19. The impact of lockdown in the Middle Eastern and African countries was that various chemicals & materials companies remained closed leading to the reduction in the sale of various products that negatively impacted the market for corrugated board in the region. According to McKinsey and Company Report., Middle East & Africa region were slow to adopt e-commerce, but the COVID-19 pandemic has prompted a change. Consumers across the Gulf Cooperation Council, South Africa, and Turkey have increased online shopping during the pandemic amid higher demand for groceries, personal care, and household supplies (Exhibit 3). In fact, consumers in Saudi Arabia and the United Arab Emirates have seen among the highest rates of “new or increased” users in online deliveries (restaurant products and groceries) and communications. Thus, due to the pandemic the consumers have increased the usage of e-commerce platform, leading to an increase demand of corrugated board from the e-commerce companies for packaging purpose. The growing e-commerce industry will have a positive impact on the corrugated board market.
The Middle East & Africa corrugated boards market is segmented on the basis of application and country. Based on application, the market is segmented into food and beverages, e-commerce, consumer durables, electricals and electronics, and others. In 2020, food and beverages segment held the largest share in the market, e-commerce is expected to be the fastest growing segment during the forecast period. Further based on food and beverages, the market is segmented into process food industry, fresh fruit and vegetable packaging, and others. In 2020, process food industry segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the Saudi Arabia, South Africa, the UAE, and Rest of MEA. In 2020, South Africa held the largest share in the market, and Saudi Arabia is expected to be the fastest growing country during the forecast period.
Klabin S.A.; International Paper; Arcor; Mondi; NIPPON PAPER INDUSTRIES CO., LTD.; Klingele Papierwerke GmbH & Co. KG; and Smurfit Kappa are among the leading companies in the Middle East & Africa corrugated boards market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Klingele expands in West Africa in 2021.
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