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Written by amelia jems » Updated on: November 15th, 2024
The global bag-in-box market size was valued at USD 4.35 billion in 2023 and is projected to grow from USD 4.58 billion in 2024 to USD 7.38 billion by 2032, exhibiting a CAGR of 6.22% during the forecast period. Asia Pacific dominated the bag-in-box market with a market share of 38.16% in 2023.
The growing adoption of bag-in-box in the food and beverages industry is expected to accelerate the growth of the bag-in-box market, states Fortune Business insights, in a report, titled “Bag-in-box Container Market Size, Share & Industry Analysis, By Material Type (Polyethylene, Nylon & Nylon/EVOH, Metallized polyester, PET, Others), By Application (Food & Beverages, Industrial Fluids (including pharmaceutical & agrochemicals), Household & Personal Care) Others and Regional Forecast, 2024-2032.” The surging food and beverage industry is expected to create lucrative business opportunities for the market.
The Report Lists the Key Companies in the Global Bag-In-Box Container Market:
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The report on bag-in-box container market incorporates:
Market Driver:
Acquisition of DS Smith Plc by Liqui-Box Corp to Aid Business
The increasing partnerships and collaborations among major companies can have a tremendous impact on the global market. For instance, in March, 2019, Liqui-Box Corp signed an agreement to acquire DS Smith plc. This deal is expected to strengthen the company’s distribution and manufacturing capabilities in the forthcoming years. Furthermore, the growing adoption of bag-in-box in the food & beverage industry can greatly impact the market. Other sectors also accept these containers due to shelf life, negligible or zero contamination, inertness, and superior mechanical strength. Restaurants, hotels, and catering services prefer it due to its handling and storage benefits and preserving the original flavor. Besides, the materials used in these containers are approved by various regulatory agencies for food contact that ensures consumers' safety.
Nevertheless, complications and strict norms regarding quality control can hamper the growth of the market. Also, the adverse environmental impact of such containers is expected to dampen the development of the market. As per the World Economic Forum, only 9% of the plastic has been recycled to date of the total plastic generated until the 1950s.
Inforamation Source: https://www.fortunebusinessinsights.com/bag-in-box-container-market-102313
Regional Analysis:
Improving Socio-political Conditions to Augment Growth in Europe
The market in Asia Pacific is expected to hold the largest share during the forecast period. The growing demand for bag-in-box in the food & beverage industry is expected to augment growth in the region. The lucrative market for FMCG goods is expected to contribute positively to the market growth in Asia Pacific. North America is the largest producer of bag-in-box . The wine industry accounts for a significant share in the consumption of bag-in-box in the region. The market in North America is expected to rise rapidly during the forecast period due to the region's existing companies. Europe is expected to increase exponentially due to the increasing food consumption in the region. Latin America is expected to hold the largest share due to rising disposable income and improving socio-political conditions in the region. The rising consumption of FMCG products is expected to bolster the bag-in-box market in the region.
Key Development:
October, 2019: Liqui-Box Corp, a manufacturer of liquid packaging products headquartered in the USA, agreed to sell its bag-in-box business to Peak Packaging in the UK.
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