Global Pulp and Paper Market to Reach $370 Billion by 2028

SEATTLE (Scrap Monster): Fortune Business Insights, in its latest research report, stated that the global paper and pulp market is expected to reach $370.12 billion by 2028, growing at a CAGR of 0.74% from 2021 to 2028. It must be noted that the market was valued at $349.18 billion in 2020.

According to the report, the rapid penetration of internet services and rising smartphone usage has resulted in huge boost to online retail growth, especially across emerging countries such as India, Brazil and China. This has resulted in dramatic growth of e-commerce sector, which in turn has boosted demand for pulp and paper for packaging. The trend is expected to become stronger in upcoming years.

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The demand for pulp and paper packaging is anticipated to be driven by growing environmental concerns and regulations that intend to promote sustainable paper packaging solutions in replacement of harmful plastic alternatives.

Meantime, the market growth is likely to be hampered by rising deforestation and other challenges in managing the supply of raw materials and resources.

Asia-Pacific will be the most dominant in terms of market share, with China leading the world in production and consumption of pulp and paper. On the contrary, Europe and North American markets are expected to register sluggish growth during the forecast period.