Rising demand for sustainable and recyclable products among consumers is creating growth opportunities for market.
DUBAI, UAE / ACCESSWIRE / April 20, 2021 / ESOMAR-certified Future Market Insights' recent report on bag-in-box market forecasts a moderate growth outlook through 2021 and beyond. According to FMI, bag-in-box sales are expected to grow at a CAGR of 5.7% through 2031. With an increase in focus on sustainability and eco-friendly products, the market is expected to register positive growth in the forthcoming years.
Rise in demand for hygienic, cost-effective and convenient packaging solutions is driving the bag-in-box market. This also has resulted in the increased sales of paper and paperboard bag-in-box products. Furthermore, preference of lightweight boxes over plastic offers more sustainable solutions minimizing product waste. Hence, generating remunerative opportunities for market players.
"Leading market players have shifted their focus on producing biodegradable plastic raw materials to cater to consumers preference for greater sustainability, which has helped them in turn to accelerate sales," remarks the FMI analyst.
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Key Takeaways
- Beverages segment is expected to witness the fastest growth in 2021
- Less than 5 liters capacity bag-in-box is expected to hold 1/4th of total market share
- Paper and paperboard to dominate the market backed by the rising demand for sustainable products
- United States is expected to dominate the bag-in-box market with 20% of market share
- Increasing production and sales of chemical products to drive China bag-in-box market
- Wine producing European countries such as Italy, France, Spain and Argentina to generate impressive revenue of nearly US$ 100 Mn by 2031-end
- Advancement in technologies and production of alcoholic beverage to drive growth in Australia
Prominent Drivers
- Increasing consumption of alcoholic beverages and rise in demand for packaged foods to improve the bag-in-box demand
- Focus on sustainable packaging and eco-friendly product demand are the key factors driving the growth of market
- E-commerce retail packaging and development of innovative products to bolster the growth of bag-in-box through 2021 and beyond
Key Restraints
- Stringent government regulations and availability of cheaper substitutes are likely to limit the growth
- Lack of product awareness in the emerging economies is expected to hamper the demand
- High cost production for the bag-in-box material is posing a challenge for the key players
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Competitive Landscape
Smurfit Kappa Group PLC, DS Smith PLC, Amcor PLC, Liqui-Box, Scholle IPN, CDF Corporation, Vine Valley Ventures LLC., Parish Manufacturing Inc., TPS Rental Systems Ltd., and Optopack Ltd are some of the prominent manufacturers profiled by Future Market Insights. Eco-friendly attributes remains the key focus for bag-in-box manufacturers throughout the forecast period, evaluated the study by FMI.
For instance, on 6th July 2020, Smurfit Kappa launched bag-in-box packaging solution for hand sanitizer in order to meet Covid-19 related demand. The product company launched is easy-to-use, flexible and is recyclable. Also, the film used have higher oxygen barrier to protect the content from light and air which also bring in a number of environmental benefits.
Likewise, in December 2020, Liquibox built ‘super-factory' in Madrid due to the increase in demand for bag-in-box and bulk products across the region. Liquibox also installed 16 bag making machines in the 140,000 sq-ft. flexible packaging factory.
More Insights on FMI's Bag-In-Box Market
Future Market Insights offers a detailed analysis on global bag-in-box market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and challenges, the market is segmented on the basis of capacity (less than 5 liters, 5-10 liters, 10-15 liters, 15-20 liters, more than 20 liters), material (paper & paperboard, plastic, LDPE, nylon and others), end-use (food, beverages, chemicals, petroleum, home care and cosmetics & personal care) across major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights