Bulk Container Packaging Market to exceed USD 6bn by 2024
For instance, in 2007, Indonesia exported palm oil estimated almost around 14 million tons, which in 2013, rose to near about 20 million tons. Another factor which is favoring increasing penetration of the market is technological interventions in terms of packing innovation. As per a report by Global Market Insights, Inc., “bulk container packaging market is poised to chart a double-digit growth rate of 10% CAGR over 2016-2024, with a target revenue of more than USD 6 billion by 2024.”
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Global economy has always been one single common ground influencing the overall packaging market trends. The various products encompassing the bulk container packaging market including flexitanks, bulk container liners, and FIBC are mostly manufactured from petrochemical derivatives, which leads to the industry witnessing a relevant cost structure. Flexitanks have emerged as one of the prominent products that are widely being adopted for the export of wines, fruit juices, and edible oils. Some of the value-added characteristics of the product that allows its massive consumption include low weight, cost effectiveness, high payloads, eco-friendliness, and low contamination risks. With the growing regulatory norms subject to the environmental concerns, flexitanks bulk container packaging market is expected to witness the highest growth in the years ahead.
Flexible intermediate bulk container (FIBC) is another major product segment substantially contributing to the overall bulk container packaging industry share. These products are widely incorporated in industrial applications such as transporting building materials, detergents, polymers, non-hazardous chemicals etc. Holding the maximum bulk container packaging industry share in 2015, FIBC market is likely to witness substantial growth in the coming years.
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Food and beverage sector contributed a major chunk toward bulk container packaging market share, covering almost 30% of the overall application landscape in 2015. The demand for food has witnessed a massive increase from the ever-increasing population base which has already crossed the seven billion mark. In addition, increasing consumer spending over beverages such as tea, coffee, wine, juice, have also considerably fueled the application growth
Bulk container packaging industry size from chemical applications will also chalk a profitable growth curve in the years ahead at a projected CAGR of 10% over 2016-2024. Easy availability of raw materials, supportive government policies, and increasing investments by the chemical manufacturers are some of the factors that have significantly augmented chemical trade across APAC belt. This, in turn, is expected to provide a significant push to bulk container packaging market growth over the coming seven years. Overall, with China at the growth front, Asia Pacific market will witness maximum gains with an annual growth rate of 11% over 2016-2024.
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North America bulk container packaging market will also witness commendable gains over the coming years, driven by the growing demand for export of agricultural products including oilseeds, corn, grain, and soya bean. Estimates depict that North America dominated the overall bulk container packaging industry share in 2015, with major contributions from the U.S.
Worldwide, bulk container packaging market is undergoing a transformation, with the spreading consumer awareness about the importance of sustainable and biodegradable packaging. The industry is highly consolidated with the major players sharing almost 50% of the global business space. Some of the prominent bulk container packaging industry participants include Braid Logistics, SIA Flexitanks, BLT Flexitank Industrial, and MY Flexitank (MYF).
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