- Home
- Packaging Products
- Non-Corrugated Boxes Market Size, Future Growth and Forecast 2033
Non-Corrugated Boxes Market Size, Future Growth and Forecast 2033
Non-Corrugated Boxes Market Segments - by Material (Plastic, Metal, Glass, Wood), Application (Food & Beverage, Healthcare, Personal Care, Electronics, Others), End-User (Retail, Industrial, Institutional, Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Market Dynamics, Growth Opportunities, Strategic Drivers, and PESTLE Outlook (2025β2033)
Non-Corrugated Boxes Market Outlook
The non-corrugated boxes market was valued at $45 billion in 2024 and is projected to reach $65 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025-2033. This market is driven by the increasing demand for durable and aesthetically appealing packaging solutions across various industries. Non-corrugated boxes, known for their rigidity and ability to protect contents, are gaining traction in sectors such as food and beverage, healthcare, and electronics. The rise in e-commerce and the need for efficient packaging solutions that ensure product safety during transit are further propelling market growth. Additionally, advancements in manufacturing technologies and the introduction of eco-friendly materials are expected to enhance the market's appeal.
However, the market faces challenges such as the high cost of raw materials and the environmental concerns associated with non-biodegradable packaging solutions. Regulatory pressures to reduce plastic usage and promote sustainable packaging are influencing market dynamics. Despite these challenges, the market holds significant growth potential due to the increasing adoption of innovative packaging designs and the expansion of retail and e-commerce sectors globally. Companies are focusing on developing recyclable and reusable packaging solutions to align with environmental regulations and consumer preferences, which is expected to create new opportunities in the market.
Report Scope
Attributes | Details |
Report Title | Non-Corrugated Boxes Market Size, Future Growth and Forecast 2033 |
Base Year | 2024 |
Historic Data | 2017-2023 |
Forecast Period | 2025-2033 |
Number of Pages | 249 |
Material | Plastic, Metal, Glass, Wood |
Application | Food & Beverage, Healthcare, Personal Care, Electronics, Others |
End-User | Retail, Industrial, Institutional, Others |
Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
Customization Available | Yes* |
Opportunities & Threats
The non-corrugated boxes market presents numerous opportunities, particularly in the realm of sustainable packaging. As consumers become more environmentally conscious, there is a growing demand for packaging solutions that minimize environmental impact. This trend is encouraging manufacturers to innovate and develop boxes made from biodegradable and recyclable materials. Additionally, the rise of e-commerce has created a need for packaging that not only protects products but also enhances the unboxing experience. Companies that can offer customizable and visually appealing packaging solutions are likely to gain a competitive edge. Furthermore, the expansion of the food and beverage industry, especially in emerging markets, is expected to drive demand for non-corrugated boxes, as these industries require reliable packaging to ensure product safety and quality.
Another significant opportunity lies in the healthcare sector, where the demand for secure and tamper-proof packaging is paramount. Non-corrugated boxes are increasingly being used to package pharmaceuticals and medical devices, as they offer superior protection against contamination and damage. The growing focus on patient safety and the need for compliance with stringent regulatory standards are driving the adoption of advanced packaging solutions in this sector. Moreover, technological advancements in packaging design and manufacturing processes are enabling companies to produce boxes that are not only functional but also cost-effective, further boosting market growth.
Despite these opportunities, the market faces several threats, including the volatility of raw material prices, which can significantly impact production costs. The reliance on plastic and other non-biodegradable materials poses environmental challenges, as governments and regulatory bodies worldwide are implementing stricter regulations to curb plastic usage. Companies that fail to adapt to these changes may face penalties and lose market share. Additionally, the intense competition among packaging manufacturers can lead to price wars, affecting profit margins. To mitigate these threats, companies must invest in research and development to create innovative, sustainable packaging solutions that meet regulatory requirements and consumer expectations.
The non-corrugated boxes market is characterized by a highly competitive landscape, with numerous players vying for market share. The market is dominated by a mix of large multinational corporations and regional players, each striving to differentiate themselves through product innovation, quality, and customer service. The competitive dynamics are influenced by factors such as pricing strategies, distribution networks, and brand reputation. Companies that can effectively leverage these factors are likely to gain a competitive advantage and capture a larger share of the market.
Leading companies in the market include International Paper Company, WestRock Company, and Smurfit Kappa Group, which have established themselves as key players through strategic acquisitions and expansions. These companies have a strong global presence and offer a wide range of packaging solutions to cater to diverse customer needs. Additionally, they invest heavily in research and development to introduce innovative products that meet the evolving demands of the market. Other notable players include DS Smith Plc, Mondi Group, and Packaging Corporation of America, which focus on sustainability and eco-friendly packaging solutions to attract environmentally conscious consumers.
International Paper Company, for instance, holds a significant market share due to its extensive product portfolio and strong distribution network. The company has been at the forefront of developing sustainable packaging solutions, which has helped it maintain a competitive edge. Similarly, WestRock Company has gained a substantial market share by offering innovative packaging designs and leveraging its expertise in supply chain management. Smurfit Kappa Group, known for its commitment to sustainability, has also captured a significant portion of the market by providing eco-friendly packaging solutions that align with consumer preferences.
In addition to these major players, several regional companies are making their mark in the market by offering customized packaging solutions tailored to local needs. These companies often focus on niche markets and leverage their understanding of regional consumer preferences to gain a competitive advantage. As the market continues to evolve, companies that can adapt to changing consumer demands and regulatory requirements are likely to succeed in capturing a larger share of the market.
Key Highlights Non-Corrugated Boxes Market

- The market is projected to grow at a CAGR of 4.2% from 2025 to 2033.
- Increasing demand for sustainable and eco-friendly packaging solutions.
- Rising adoption of non-corrugated boxes in the healthcare and food & beverage sectors.
- Technological advancements in packaging design and manufacturing processes.
- Expansion of e-commerce driving demand for protective and visually appealing packaging.
- Regulatory pressures to reduce plastic usage influencing market dynamics.
- Intense competition among key players leading to price wars and innovation.
- Growing focus on customizable packaging solutions to enhance the consumer experience.
- Significant growth potential in emerging markets due to expanding retail sectors.
- Increased investment in research and development for innovative packaging solutions.
Competitive Intelligence
The non-corrugated boxes market is highly competitive, with key players focusing on innovation, sustainability, and customer satisfaction to maintain their market positions. International Paper Company, a leader in the market, emphasizes sustainable packaging solutions and has a strong global presence. The company invests heavily in research and development to introduce innovative products that meet the evolving demands of the market. WestRock Company, another major player, focuses on supply chain management and offers a wide range of packaging solutions to cater to diverse customer needs. The company's expertise in packaging design and manufacturing processes has helped it gain a competitive edge.
Smurfit Kappa Group is known for its commitment to sustainability and eco-friendly packaging solutions. The company has captured a significant portion of the market by providing packaging solutions that align with consumer preferences. DS Smith Plc and Mondi Group are also key players in the market, focusing on sustainability and innovation to attract environmentally conscious consumers. These companies have a strong global presence and offer a wide range of packaging solutions to cater to diverse customer needs.
Packaging Corporation of America, a leading player in the market, emphasizes customer satisfaction and offers customized packaging solutions tailored to local needs. The company's focus on niche markets and understanding of regional consumer preferences have helped it gain a competitive advantage. Other notable players in the market include Georgia-Pacific LLC, Amcor Limited, and Sealed Air Corporation, which focus on innovation and sustainability to maintain their market positions.
As the market continues to evolve, companies that can adapt to changing consumer demands and regulatory requirements are likely to succeed in capturing a larger share of the market. The competitive landscape is expected to remain dynamic, with companies investing in research and development to create innovative, sustainable packaging solutions that meet regulatory requirements and consumer expectations.
Regional Market Intelligence of Non-Corrugated Boxes
The global non-corrugated boxes market is segmented into major regions, including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In North America, the market is driven by the increasing demand for sustainable packaging solutions and the expansion of the e-commerce sector. The region is characterized by a high level of consumer awareness regarding environmental issues, which is driving the adoption of eco-friendly packaging solutions. The presence of major packaging manufacturers and the availability of advanced manufacturing technologies are also contributing to market growth.
In Europe, the market is influenced by stringent regulations aimed at reducing plastic usage and promoting sustainable packaging. The region is home to several leading packaging manufacturers that focus on innovation and sustainability to meet regulatory requirements and consumer preferences. The growing demand for non-corrugated boxes in the food and beverage and healthcare sectors is also driving market growth in Europe.
The Asia-Pacific region is expected to witness significant growth during the forecast period, driven by the expansion of the retail and e-commerce sectors. The increasing disposable income and changing consumer preferences in emerging markets such as China and India are contributing to the demand for non-corrugated boxes. The region is also characterized by a growing focus on sustainable packaging solutions, which is expected to drive market growth.
In Latin America, the market is driven by the expansion of the food and beverage industry and the increasing demand for packaging solutions that ensure product safety and quality. The region is characterized by a growing focus on sustainable packaging solutions, which is expected to drive market growth. The presence of several regional packaging manufacturers that offer customized solutions tailored to local needs is also contributing to market growth.
The Middle East & Africa region is expected to witness moderate growth during the forecast period, driven by the expansion of the retail and e-commerce sectors. The region is characterized by a growing focus on sustainable packaging solutions, which is expected to drive market growth. The presence of several regional packaging manufacturers that offer customized solutions tailored to local needs is also contributing to market growth.
Top Countries Insights in Non-Corrugated Boxes
In the United States, the non-corrugated boxes market is valued at approximately $12 billion with a CAGR of 3%. The market is driven by the expansion of the e-commerce sector and the increasing demand for sustainable packaging solutions. The presence of major packaging manufacturers and the availability of advanced manufacturing technologies are also contributing to market growth.
In Germany, the market is valued at approximately $8 billion with a CAGR of 4%. The market is influenced by stringent regulations aimed at reducing plastic usage and promoting sustainable packaging. The growing demand for non-corrugated boxes in the food and beverage and healthcare sectors is also driving market growth in Germany.
In China, the market is valued at approximately $10 billion with a CAGR of 6%. The market is driven by the expansion of the retail and e-commerce sectors and the increasing disposable income and changing consumer preferences. The growing focus on sustainable packaging solutions is also contributing to market growth in China.
In Brazil, the market is valued at approximately $5 billion with a CAGR of 5%. The market is driven by the expansion of the food and beverage industry and the increasing demand for packaging solutions that ensure product safety and quality. The presence of several regional packaging manufacturers that offer customized solutions tailored to local needs is also contributing to market growth.
In India, the market is valued at approximately $7 billion with a CAGR of 7%. The market is driven by the expansion of the retail and e-commerce sectors and the increasing disposable income and changing consumer preferences. The growing focus on sustainable packaging solutions is also contributing to market growth in India.
Non-Corrugated Boxes Market Segments Insights

Material Analysis
The non-corrugated boxes market is segmented by material into plastic, metal, glass, and wood. Plastic remains the dominant material due to its versatility, durability, and cost-effectiveness. However, environmental concerns and regulatory pressures are driving the shift towards more sustainable materials. Companies are increasingly investing in research and development to create biodegradable and recyclable plastic alternatives. Metal boxes, known for their strength and durability, are gaining popularity in sectors such as electronics and healthcare, where product protection is paramount. Glass and wood, while less common, are preferred for premium packaging solutions due to their aesthetic appeal and eco-friendly nature.
The demand for sustainable materials is expected to drive innovation in the market, with companies exploring new materials and manufacturing processes to reduce environmental impact. The introduction of biodegradable plastics and the use of recycled materials are expected to gain traction, as consumers and regulatory bodies push for more sustainable packaging solutions. Companies that can offer innovative, eco-friendly materials are likely to gain a competitive advantage in the market.
Application Analysis
The non-corrugated boxes market is segmented by application into food & beverage, healthcare, personal care, electronics, and others. The food & beverage sector is the largest application segment, driven by the need for reliable packaging solutions that ensure product safety and quality. The increasing demand for convenience foods and the expansion of the food delivery industry are further propelling market growth. In the healthcare sector, the demand for secure and tamper-proof packaging is driving the adoption of non-corrugated boxes, as they offer superior protection against contamination and damage.
The personal care and electronics sectors are also significant contributors to market growth, as these industries require packaging solutions that protect products during transit and enhance the consumer experience. The growing focus on sustainability and the need for packaging solutions that align with consumer preferences are driving innovation in these sectors. Companies that can offer customizable and visually appealing packaging solutions are likely to gain a competitive edge.
End-User Analysis
The non-corrugated boxes market is segmented by end-user into retail, industrial, institutional, and others. The retail sector is the largest end-user segment, driven by the expansion of the e-commerce industry and the increasing demand for packaging solutions that enhance the consumer experience. The need for protective and visually appealing packaging is driving innovation in this sector, with companies focusing on customizable solutions that meet consumer preferences.
The industrial and institutional sectors are also significant contributors to market growth, as these industries require packaging solutions that ensure product safety and quality. The growing focus on sustainability and the need for packaging solutions that align with regulatory requirements are driving innovation in these sectors. Companies that can offer innovative, eco-friendly packaging solutions are likely to gain a competitive advantage.
Region Analysis
The non-corrugated boxes market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is the largest regional market, driven by the increasing demand for sustainable packaging solutions and the expansion of the e-commerce sector. The presence of major packaging manufacturers and the availability of advanced manufacturing technologies are also contributing to market growth.
Europe is another significant regional market, influenced by stringent regulations aimed at reducing plastic usage and promoting sustainable packaging. The growing demand for non-corrugated boxes in the food and beverage and healthcare sectors is also driving market growth in Europe. The Asia-Pacific region is expected to witness significant growth during the forecast period, driven by the expansion of the retail and e-commerce sectors and the increasing disposable income and changing consumer preferences in emerging markets such as China and India.
Market Share Analysis
The non-corrugated boxes market is characterized by a highly competitive landscape, with numerous players vying for market share. Leading companies such as International Paper Company, WestRock Company, and Smurfit Kappa Group have established themselves as key players through strategic acquisitions and expansions. These companies have a strong global presence and offer a wide range of packaging solutions to cater to diverse customer needs. Additionally, they invest heavily in research and development to introduce innovative products that meet the evolving demands of the market.
Other notable players include DS Smith Plc, Mondi Group, and Packaging Corporation of America, which focus on sustainability and eco-friendly packaging solutions to attract environmentally conscious consumers. The competitive dynamics are influenced by factors such as pricing strategies, distribution networks, and brand reputation. Companies that can effectively leverage these factors are likely to gain a competitive advantage and capture a larger share of the market.
The market share distribution affects pricing, innovation, and partnerships, as companies strive to differentiate themselves through product innovation, quality, and customer service. The intense competition among packaging manufacturers can lead to price wars, affecting profit margins. To mitigate these threats, companies must invest in research and development to create innovative, sustainable packaging solutions that meet regulatory requirements and consumer expectations.
Non-Corrugated Boxes Market Segments
The Non-Corrugated Boxes market has been segmented on the basis of
Material
- Plastic
- Metal
- Glass
- Wood
Application
- Food & Beverage
- Healthcare
- Personal Care
- Electronics
- Others
End-User
- Retail
- Industrial
- Institutional
- Others
Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Primary Interview Insights
What are the key drivers for the non-corrugated boxes market?
What challenges does the non-corrugated boxes market face?
How are companies addressing sustainability in the non-corrugated boxes market?
Which regions are expected to witness significant growth in the non-corrugated boxes market?
What role does innovation play in the non-corrugated boxes market?
Latest Reports

The Active and Modified Atmospheric Packaging market was valued at $15.2 billion in 2024 and is projected to reach $25.8 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.

The molded fiber packaging market was valued at $7.5 billion in 2024 and is projected to reach $12.3 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.

The micro packaging market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.

The Anti-counterfeit Pharmaceuticals Packaging market was valued at $80 billion in 2024 and is projected to reach $150 billion by 2033, growing at a CAGR of 7.5% during the forecast period 2025β2033.

The MDO-PE Film market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.

The compostable pouch market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.

The Smart Packaging market was valued at $23.5 billion in 2024 and is projected to reach $43.5 billion by 2033, growing at a CAGR of 7.2% during the forecast period 2025β2033.

The pharmaceutical glass packaging market was valued at $14.5 billion in 2024 and is projected to reach $22.3 billion by 2033, growing at a CAGR of 4.9% during the forecast period 2025β2033.

The tray liners market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.

The Fan-Out Wafer Level Packaging (FOWLP) market was valued at $1.5 billion in 2024 and is projected to reach $4.2 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.

The cartoning machines market was valued at $3.5 billion in 2024 and is projected to reach $5.2 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.

The Twin Seal Bags market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 7.1% during the forecast period 2025β2033.

The Polyvinyl Alcohol (PVA) Films market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.

The Ready-To-Eat Product Packaging market was valued at $95 billion in 2024 and is projected to reach $145 billion by 2033, growing at a CAGR of 4.8% during the forecast period 2025β2033.

The Anti-Counterfeit Packaging market was valued at $105 billion in 2024 and is projected to reach $184 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.

The thermoformed skin packaging market was valued at $8.5 billion in 2024 and is projected to reach $13.2 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.

The packaging laminate market was valued at $25 billion in 2024 and is projected to reach $40 billion by 2033, growing at a CAGR of 5.5% during the forecast period 2025β2033.

The recycled cardboard market was valued at $8.5 billion in 2024 and is projected to reach $12.3 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025-2033.

The holographic lamination film market was valued at $2.5 billion in 2024 and is projected to reach $4.8 billion by 2033, growing at a CAGR of 7.2% during the forecast period 2025-2033.

The Horizontal Continuous Band Sealer market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 7.1% during the forecast period 2025-2033.

The Orbital Stretch Wrapper market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025-2033.

The confectionery and bakery packaging market was valued at $25 billion in 2024 and is projected to reach $40 billion by 2033, growing at a CAGR of 5.5% during the forecast period 2025-2033.

The LDPE Film market was valued at $35 billion in 2024 and is projected to reach $50 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025β2033.

The Bottle Case Packer market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 7.1% during the forecast period 2025-2033.

The plastic shopping bag market was valued at $4.5 billion in 2024 and is projected to reach $6.8 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.

The Active and Modified Atmospheric Packaging market was valued at $15.2 billion in 2024 and is projected to reach $25.8 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.

The molded fiber packaging market was valued at $7.5 billion in 2024 and is projected to reach $12.3 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.

The micro packaging market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.

The Anti-counterfeit Pharmaceuticals Packaging market was valued at $80 billion in 2024 and is projected to reach $150 billion by 2033, growing at a CAGR of 7.5% during the forecast period 2025β2033.

The MDO-PE Film market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.

The compostable pouch market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.

The Smart Packaging market was valued at $23.5 billion in 2024 and is projected to reach $43.5 billion by 2033, growing at a CAGR of 7.2% during the forecast period 2025β2033.

The pharmaceutical glass packaging market was valued at $14.5 billion in 2024 and is projected to reach $22.3 billion by 2033, growing at a CAGR of 4.9% during the forecast period 2025β2033.

The tray liners market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.

The Fan-Out Wafer Level Packaging (FOWLP) market was valued at $1.5 billion in 2024 and is projected to reach $4.2 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.

The cartoning machines market was valued at $3.5 billion in 2024 and is projected to reach $5.2 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.

The Twin Seal Bags market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 7.1% during the forecast period 2025β2033.

The Polyvinyl Alcohol (PVA) Films market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.

The Ready-To-Eat Product Packaging market was valued at $95 billion in 2024 and is projected to reach $145 billion by 2033, growing at a CAGR of 4.8% during the forecast period 2025β2033.

The Anti-Counterfeit Packaging market was valued at $105 billion in 2024 and is projected to reach $184 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.

The thermoformed skin packaging market was valued at $8.5 billion in 2024 and is projected to reach $13.2 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.

The packaging laminate market was valued at $25 billion in 2024 and is projected to reach $40 billion by 2033, growing at a CAGR of 5.5% during the forecast period 2025β2033.

The recycled cardboard market was valued at $8.5 billion in 2024 and is projected to reach $12.3 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025-2033.

The holographic lamination film market was valued at $2.5 billion in 2024 and is projected to reach $4.8 billion by 2033, growing at a CAGR of 7.2% during the forecast period 2025-2033.

The Horizontal Continuous Band Sealer market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 7.1% during the forecast period 2025-2033.

The Orbital Stretch Wrapper market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025-2033.

The confectionery and bakery packaging market was valued at $25 billion in 2024 and is projected to reach $40 billion by 2033, growing at a CAGR of 5.5% during the forecast period 2025-2033.

The LDPE Film market was valued at $35 billion in 2024 and is projected to reach $50 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025β2033.

The Bottle Case Packer market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 7.1% during the forecast period 2025-2033.

The plastic shopping bag market was valued at $4.5 billion in 2024 and is projected to reach $6.8 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.