The changing dynamics Bulk Container Packaging Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Bulk Container Packaging Market.
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Bulk Container Packaging Market.
It was estimated prior to this unanticipated outbreak Bulk Container Packaging Market will reach CAGR of 9.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Bulk Container Packaging Market Insights
Bulk container packaging market is likely to witness an impressive CAGR of 9.4% during the forecast period. The prime factor that is contributing to the demand for bulk container packaging is its growing adoption by the chemicals and food & beverages industries.
Market Share Analysis
Bulk Container Packaging Market Share: By Product Type
Based on the product type, the market is segmented as flexitanks, flexible intermediate bulk container, and bulk container liner. The flexitanks segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period owing to efficiency and effectiveness associated with such tanks. Utility of such tanks in shipping wine, oil, food grade liquids and nonhazardous chemicals will augment the segmental growth over the forecast period.
Bulk Container Packaging Market Share: By Application Type
Based on the application type, the market is segmented as food & beverage, chemicals, and others. The food & beverage segment accounted for the largest share by application in 2019, and is expected to maintain its dominance over the forecast period owing to rising population across the globe and changing spending pattern in emerging economies.
Bulk Container Packaging Market Share: By Region
In terms of regions, North America is estimated to contribute for the largest market share during the forecast period. The North American market is expected to grow with a lucrative CAGR due to high agricultural and alcohol exports. Asia-Pacific is expected to grow with the highest CAGR owing to improving customer lifestyle and increasing disposable income in the region.