Beverage Cartons Market to Reach USD 22.44 Billion by 2028; Increasing Demand for Packaged Dairy Products to Aid Growth, Says Fortune Business Insights™
Pune, India, July 05, 2021 (GLOBE NEWSWIRE) -- The global beverage cartons market size is expected to experience considerable growth by reaching USD 22.44 billion by 2028 while exhibiting a CAGR of 4.2% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Beverage Cartons Market, 2021-2028.” The report further observes that the market stood at USD 16.51 billion in 2020. The increasing demand for packaged dairy products and the growing adoption of smart technologies in the packaging industry will propel the demand for the product across the globe. For instance, Tetra Pak adopts a Connected Package technology used to mark the cartons with special QR codes for product tracking purposes.
Moreover, when the customer scans these products, it provides complete information regarding the product and other manufacturing details. Also, it helps the company to study the traffic it garners on its websites to better understand consumer buying patterns.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028.
Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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List of Top 10 Companies Operating in the Global Beverage Cartons Market:
- Tetra Pak (Switzerland)
- Elopak (Norway)
- Sig Combibloc Group Ltd. (Switzerland)
- Mondi Group (UK)
- Westrock Company (U.S.)
- Visy (Australia)
- Stora Enso (Finland)
- Pactiv Evergreen (U.S.)
- IPI S.r.l. (Italy)
- Greatview Aseptic Packaging Co. Ltd. (China)
- Other Key Players
The partnership between Prominent Companies to Brighten Their Market Positions
The market is experiencing healthy competition between major companies that are striving to maintain a stronghold. These companies are partnering with other companies to develop innovative beverage cartons to cater to the growing consumer demand across the globe. Furthermore, the adoption of inorganic and organic strategies by other key players to maintain their dominance is anticipated to favor market growth in the forthcoming years.
September 2020 - Crediton Dairy announced the launch of Pure-Pak Sense Aseptic cartons in the U.K. The company reports that the new carton-packaged products will soon hit the market and is likely to strengthen its position in the global marketplace.
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Market Exhibited Growth Rate of 5.0% in 2020; Shutdown of Industrial Operations Led to Growth Restraints
In 2020, the government agencies announced a complete lockdown to curb the spread of the novel coronavirus. This led to the shutdown of several industries hampering the production and operational processes worldwide. With industries remaining shut throughout the large part of the year, the market exhibited a considerable decline of 5.0% in its growth rate in 2020. However, a partial start to the industries by complying with the social distancing norms is expected to bode well for the market to return to the pre-pandemic levels. Besides, the high demand for packaged food products is expected to lead to the significant adoption of the product in the forthcoming years.
Based on type, this market is bifurcated into refrigerated cartons and shelf-stable cartons. On the basis of application, the market is segmented into fruit & vegetable juices, dairy products, and others.
Based on application, the dairy products segment held a global beverage cartons market share of about 67.5% in 2020. The segment is anticipated to showcase exponential growth owing to the increasing demand for dairy products such as milkshakes, fresh milk, and others globally.
Finally, on the basis of region, the market is classified into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
High Demand for Packaged Food Products to Promote Growth
According to a report by the Mid-West Farm, after the hit of the pandemic, the demand for milk was recorded at over 45 million gallons in March 2020, which equaled its one-year decline in the preceding year. The increasing demand for packaged food products, especially dairy products, in regions such as Asia-Pacific and Latin America has led companies to adopt modern technologies. The companies aim to increase the shelf life and nutritional content of dairy products to attract consumers. Besides, attractive packaging solutions are anticipated to bode well for the product’s demand. Therefore, such factors are expected to contribute to the global beverage cartons market growth during the forecast period.
Asia-Pacific – The region stood at USD 5.70 billion in 2020 and is expected to hold the highest position in the market during the forecast period. This is due to the increasing disposable income of the working population that propels the demand for packaged food products. Moreover, the companies in the region are focusing on the adoption of advanced technologies to develop innovative beverage cartons between 2021 and 2028.
North America – The market in the region is expected to experience substantial growth during the forecast period. This is attributable to the increasing consumption of packaged beverages in countries such as the U.S. As per a report by Forbes, in 2019, the U.S. spirits industry recorded sales of around USD 29 billion, a significant rise of 5.3%.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments
- Covid-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Opportunities due to COVID-19 outbreak
- Global Beverage Cartons Market Analysis, Insights and Forecast – By Type, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type (Value)
- Refrigerated Cartons
- Shelf-Stable Cartons
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