CHICAGO, Jan. 22, 2021 /PRNewswire/ --According to the new market research report "Corrugated Bulk Bins Market by type (Hinged, Totes, Pallets), format (Single Wall, Double Wall, Triple wall), load capacity, Application (Food, Pharmaceutical, Chemical, Consumer Goods, Tobacco) and Region - Global Forecast to 2025", published by MarketsandMarkets, the market size is projected to grow from USD 11.6 billion in 2020 to USD 15.4 billion by 2025, at a CAGR of 4.2% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for corrugated bulk bins for food products across the globe. Furthermore, the corrugated bulk bins market has witnessed significant increase in its demand for the supply of goods in bulk to stores, retailers, pharmacies, and hospitals, during the ongoing COVID-19 pandemic.
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111 - Market Data Tables
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In terms of value & volume, Pallets are estimated to lead the corrugated bulk bins market in 2019.
Pallets, by type, accounted for the largest market share in the corrugated bulk bins market. The increase in the demand for pallets can be attributed to the rise in the demand for durable and convenient packaging solutions across end-use industries. Despite the imposition of lockdowns in COVID-19, by various governments globally, due to the pandemic, the packaging materials have witnessed an increase in its demand, as they were widely used in the supply chain, especially in Germany, the US, China, and India, among other countries, in 2019. The increasing opportunities in the e-commerce and offline retail sectors have resulted in the accelerated demand for pallets for their packaging applications.
Food is estimated to be the largest segment in the corrugated bulk bins market in 2019.
Food, by application, accounted for the largest demand for corrugated bulk bins in 2019, in terms of value and volume. This dominant market position is attributed to the boost in the demand for corrugated bulk bins across the food industry. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns, in COVID-19 pandemic. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for corrugated bulk bins for packaging applications.
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The APAC region is projected to account for the largest share in the corrugated bulk bins market during the forecast period.
The APAC region region is projected to lead the corrugated bulk bins market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for corrugated bulk bins producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for corrugated bulk bins.
WestRock Company (US), International Paper Company (US), Mondi (Austria), Sonoco (US), and Greif Inc. (US) are the key players operating in the corrugated bulk bins market. Expansions & investments, acquisitions, agreements, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the corrugated bulk bins market.
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