Summary of Research Findings

In 2024, demand for corrugated fiberboard continued to decline, pressured by lingering high prices that dampened demand for food (particularly supplementary foods) and for stockpiled daily necessities. Sales of fresh produce were also slow, partly because of the heatwave. In addition, sluggishness in mail order, home delivery, and moving sector—segments that had previously driven growth—further worsened conditions.

The downtrend in corrugated fiberboard production continues into 2025. Demand for processed foods (including beverages), the largest application and a category that had seen steady growth in recent years, is now falling in line with declining beverage consumption as households cut back amid rising prices. The outlook remains pessimistic, especially with price hikes planned for more than 2,200 soft drinks and alcoholic beverages in October 2025. While mail order, delivery, and moving sector show signs of recovery, corrugated fiberboard production for FY2025 is still expected to decrease on a full-year basis.

Noteworthy Topics

Leading Integrated Manufacturers Raising Containerboard and Fiberboard Prices Concurrently

Containerboard manufacturers have announced price increases, effective with October 2025 shipments. Unlike the industry’s usual practice —where corrugated fiberboard manufacturers wait six to twelve months before passing higher containerboard costs through—this time both integrated manufacturers (those that produce containerboard and convert it into finished corrugated fiberboards) and leading corrugated fiberboard producers have announced immediate price revisions.

However, with demand for corrugated fiberboard remaining sluggish, medium- and small-sized independent corrugated fiberboard manufacturers may find it difficult to follow the same approach. Ultimately, whether the market accepts the new pricing will depend on the strategies adopted by the major integrated players; the outcome hinges on how well they strike the right balance.

Research Outline