Liquid Packaging Cartons Market Expected to Deliver Dynamic Progression until 2024
Time：2019-07-17 From：
The global market for liquid packaging cartons is expected to reach US$ 12.0 Bn in revenues, by 2016 end. During the forecast period 2016-2024, global liquid packaging carton market is projected to expand at a CAGR of 5.5%. Growing consumer preference toward packaged food and beverages will continue to drive market by 2024 end.
Coupled with increasing adoption of packaged foods and beverages among consumers worldwide, recyclability of uncoated paperboard materials are estimated to remain the key drivers to the market growth over the forecast period. Moreover, several governments across the globe are supporting beverage cartons, owing to their eco-friendly properties and lower carbon footprint.
Facilitated storage, transportation, minimal wastage will play a key role in pushing usage of cartons among beverage manufacturers. Convenient use and extended shelf life of beverages are the key factors expected to continue fueling the adoption of beverage cartons by consumers. More than 4% growth of global food retail industry is also a key driver catapulting the global liquid packaging cartons market.
Superiority of glass containers and plastic packaging over liquid cartons in maintaining original taste, preventing contamination, affordability, durability, and reusability will remain longstanding challenges to the growth of liquid packaging cartons globally. Based on product type, liquid packaging carton market is expected to witness the highest growth in gable top containers segment, attributed to growing consumption of milk and other dairy products. Demand for shaped cartons is also anticipated to increase.
On the basis of opening type, twist opening segment will thrive significantly, owing to rising need for re-closable feature. Straw-hole segment will create the most lucrative market for beverage cartons over the forecast period. Global liquid packaging cartons market is projected to witness a CAGR of 5.5% during the forecast period 2016-2024. Asia Pacific will remain a prominent market, gaining 170 BPS and registering a CAGR of 6.4% by 2024 end.
Based on material type, demand for aluminum in liquid packaging cartons is anticipated to propel, attributed to burgeoning consumption of processed milk. On the basis of application, wine and spirits segment will register the highest CAGR by 2024 end, compared to dairy products, and juices and drinks. According to region, Europe will remain the dominant market over the forecast period, followed by Asia Pacific – majorly China and India.
Europe will witness a decline of 220 BPS, whereas APAC is expected to grow by 170 BPS, at a healthy CAGR of 6.4% by 2024 end. Market growth in APAC is attributed to growing consumption of carton milk and packaged beverages – 1.6X over the forecast period. Asia Pacific will continue to represent the leading manufacturer, exporter, and consumer.
APAC’s annual growth is slated to remain impressive over 6% during the forecast period. Prominent importers of beverage cartons include Australia, ASEAN countries, and Europe – led by France.