Liquid Packaging Carton Market to Hit US$ 31,327.76 Million By 2031 | New Insights
Consegic Business Intelligence analyzes that the liquid packaging carton market is growing with a healthy CAGR of 5.1% during the forecast period (2023-2031), boosted by increasing demand from the food and beverage industry, and major participants includes are Elopak AS, Nippon Paper Industries Co., Ltd, Greatview Aseptic Packaging, Refresco Group B.V., Evergreen Packaging LLC, Mondi plc, Adam Pack S.A
New York, Oct. 10, 2023 (GLOBE NEWSWIRE) — The global Liquid Packaging Carton Market is expected to witness significant growth at a CAGR of 5.1% during the forecast period of 2023-2031. Factors such as increasing demand from the food and beverage industry and growing demand for eco-friendly packaging are accelerating the demand for liquid packaging carton, which, in turn, is boosting the market growth. In addition, rapid technological advancements in the manufacturing and design of the products will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the liquid packaging carton market is poised for strong expansion and is expected to reach USD 31,327.76 million by 2031 and USD 21,012.42 million by 2023. The market, which was valued at USD 20,110.00 million in 2022, is predicted to grow at a compound annual growth rate of 5.1% during the period 2023-2031. The report highlights the increasing demand from the food and beverage industry, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the liquid packaging carton market.
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Liquid packaging cartons, also known as beverage cartons, are specialized containers designed for the efficient transportation and storage of liquid food products. They are typically made from a combination of paperboard, aluminum, and plastic, and are coated with a thin layer of polyethylene to prevent leakage. Also, the cartons have recyclability and eco-friendly attributes. The product has wide applications in the food and beverage industry to ensure safe and efficient transportation. Moreover, increasing awareness to extend the shelf life of dairy products and liquid beverages without the use of preservatives is driving the market growth globally.
Global Liquid Packaging Carton Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2031 (USD Million)||USD 31,327.76 Million|
|By Material Type||Uncoated Paperboard, LDPE Coated, Aluminum, and Others|
|By Carton Type||Brick Liquid Cartons, Shaped Liquid Cartons, and Gable Top Cartons|
|By Application||Dairy Products, Non-Carbonated Soft Drinks, Alcoholic Drinks, and Others|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Elopak AS, Nippon Paper Industries Co., Ltd, Greatview Aseptic Packaging, Refresco Group B.V., Evergreen Packaging LLC, Mondi plc, Adam Pack S.A, WestRock Company, Stora Enso, and Atlas Packaging|
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Global Liquid Packaging Carton Market Segmentation Details:
Based on Material Type, the uncoated paperboard cartons are widely popular and demanded in the liquid packaging carton market due to the sustainable and recyclable attributes of the product. The uncoated paperboard material is largely incorporated for packaging in the food and beverage industry.
Based on Carton Type, the brick liquid cartons segment contributed the largest shares to the market growth in 2022. The brick liquid cartons are known for being easy to handle and hassle free transportation. They are largely preferred by retailers for a reduction in logistical costs. Also, the rectangular shape of the cartons allows for optimal usage of storage space, efficient stacking, and others. Hence, owing to the advantages of the brick liquid cartons, the product is being demanded largely for the packaging of milk, juices, and other liquid meals.
Based on Application, the dairy products segment contributed the largest shares of 41.90% to the market growth in 2022. Dairy products have wide demand by consumers due to the health benefits of the product such as prevention of diabetes, enhancement of bone health, and others. The liquid packaging cartons are ideal for preserving milk as they ensure a low risk of contamination and longer shell life.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution of 36.55% to the market growth. This is due to the leading beverage business in the region coupled with the high usage of packaged beverages such as soft drinks, dairy products, juices, and others in Asia Pacific. Also, favorable government initiatives for the reduction of carbon footprints and the development of sustainable packaging have been boosting the demand for liquid carton packaging in the region.
Elopak AS, Nippon Paper Industries Co., Ltd, and Greatview Aseptic Packaging are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of liquid packaging carton. Further, the liquid packaging carton market is expected to grow steadily due to rapid technological advancements in manufacturing and design of the products, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years.
- In August 2022, Greatview Aseptic Packaging announced that it had entered into an agreement to acquire the assets of Alternapak Production srl at San Pietro in Gu, Italy. The newly acquired production facility in Italy will be Greatview’s fifth plant globally and is a milestone for the company’s geographical expansion.
- In October 2022, Refresco Group B.V. agreed to acquire Tru Blu Beverages Pty Ltd. The company started with one factory in Europe and now has 70 manufacturing sites globally. The acquisition of Tru Blu Beverages in Australia creates a new platform for Refresco, in line with the company’s strategic promise to expand into a third continent.
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Key Market Takeaways
- Asia Pacific accounted for the highest market share at 36.55 % valued at USD 7,350.21 million in 2022 and USD 7,688.44 million in 2023 and is expected to reach USD 11,484.76 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 24.15% during the base year of 2022.
- Based on material type, the uncoated paperboard segment accounted for the highest share contribution to the liquid packaging carton market statistics in 2022.
- Based on carton type, the brick liquid cartons segment accounted for the highest share contribution to the liquid packaging carton market statistics in 2022.
- Based on application, the dairy products segment accounted for the highest share contribution of 41.90% to the liquid packaging carton market statistics in 2022.
- North America is expected to boost the market demand for liquid packaging carton due to increasing demand for ready-to-transport and convenient goods and growing healthy lifestyle preferences in the region.
List of Major Global Liquid Packaging Carton Market:
- Elopak AS
- Nippon Paper Industries Co., Ltd
- Greatview Aseptic Packaging
- Refresco Group B.V.
- Evergreen Packaging LLC
- Mondi plc
- Adam Pack S.A
- WestRock Company
- Stora Enso
- Atlas Packaging
Global Liquid Packaging Carton Market Segmentation:
- By Material Type
- Uncoated Paperboard
- LDPE Coated
- By Carton Type
- Brick Liquid Cartons
- Shaped Liquid Cartons
- Gable Top Cartons
- By Application
- Dairy Products
- Non-Carbonated Soft Drinks
- Alcoholic Drinks
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Frequently Asked Questions in the Liquid Packaging Carton Market Report
- What was the market size of the liquid packaging carton industry in 2022?
- In 2022, the market size of liquid packaging carton was USD 20,110.00 million.
- What will be the potential market valuation for the liquid packaging carton industry by 2031?
- In 2031, the market size of liquid packaging carton will be expected to reach USD 31,327.76 million.
- What are the key factors restraining the growth of the liquid packaging carton market?
- Stiff competition from the substitutes is restraining the market growth at the global level.
- What is the dominating segment in the liquid packaging carton market by application?
- In 2022, the dairy products segment accounted for the highest market share of 41.90% in the overall liquid packaging carton market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the liquid packaging carton market?
- North America region is growing at the fastest CAGR over the forecast period in the liquid packaging carton market.
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