CHICAGO, Feb. 13, 2020 /PRNewswire/ -- According to the new market research report "Bag-in-Box Market by (Semi-liquid, Liquid), Capacity (<1 liter, 3-5 liters, 5-10 liters, 10-20 liters, >20 liters), Component (Bags, Boxes, Fitments), Tap (With tap, Without tap), End-use Sector ,Region – Global Forecast to 2024", published by MarketsandMarkets™, the global Bag-In-Box market size is projected to grow from USD 1.6 billion in 2019 to USD 1.9 billion by 2024, at a CAGR of 3.8% from 2019 to 2024. The market is projected to grow in accordance with the growth of various end-uses of bag-in-box across the globe. Increasing sustainable packaging trend and the rise in wine production along with growing consumption of packed food and beverages are expected to support market growth during the forecast period.
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In terms of value and volume, the <1 liter capacity segment is estimated to be the fastest-growing in the bag-in-box market in 2019.
The <1 liter segment, by capacity, is projected to be a fastest-growing segment in the bag-in-box market. The market for <1 liter bag-in-box market is growing fastly as these types of small packages are adopted for the storage and transport of liquid food products–juices, concentrates, and pulps that generally require aseptic packages to maintain maximum freshness and long shelf life.
The beverages segment is estimated to be a largest end-use market in the bag-in-box market in 2019.
The beverages segment, by end-use sector, accounted for a larger market size for bag-in-box in 2018, in terms of both value and volume. This dominant market position is attributed to the exponential growth of wine production in developed countries globally. With the boost in wine production, the prefered sustainable packaging for wine consumption has also gone up, which has created an opportunity for the of bag-in-box systems in these market.
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The European region is projected to account for the largest share in the bag-in-box market during the forecast period.
The European region is projected to lead the bag-in-box market, in terms of both value and volume, from 2019 to 2024. The growing demand for box wine is fragmented in Europe, which helps to engage with big players in the global market, providing cost advantages and introduction of innovative products in the market. The market also has a good mix of regional players, which eliminates any risk of supply shortage.Wine packaging is the primary driver for bag-in-box packaging within Europe.
Smurfit Kappa (Ireland), DS Smith PLC (UK), Liqui-box corp (US), Scholle IPN Corp(US), and CDF Corporation Inc. (US) are the key players operating in the bag-in-box market. Acquisitions and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Bag-in-Box Market.
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