Dublin, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The "Global Liquid Biopsy Market (by Product & Services, Circulating Biomarker, End-User, Application & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global liquid carton market is poised for substantial growth, with an expected valuation of US$15.64 billion by 2023, marking a Compound Annual Growth Rate (CAGR) of 3.17% during the forecasted period. Moreover, the market's volume is projected to reach 246.60 billion units by 2023, growing at a CAGR of 4.02% during the same forecasted period.
Liquid Packaging Cartons
Liquid packaging cartons play a vital role in safely transporting and storing liquid items, primarily used for fast-moving consumer goods (FMCG). These cartons come in various sizes, shapes, and applications, offering flexibility to meet packaging needs.
Market Drivers and Segmentation
By Shelf Life: The market is divided into two segments: Aseptic Liquid Carton and Fresh Liquid Carton. Aseptic cartons hold a major share due to their ability to prolong the shelf life of liquid products. However, the Fresh liquid carton segment is expected to grow significantly, driven by health and fitness trends, convenience, and sustainability.
By Type: The market is segmented into Brick liquid carton, gable top carton, and shaped liquid carton, with the brick liquid carton segment leading in market share, followed by gable top and shaped liquid cartons.
By End Use: Segmentation is based on end use, including Dairy products, juice, and others. Dairy products hold the highest share in both fresh and aseptic liquid carton markets.
Geographic Coverage
The global liquid carton market is categorized into five regions: North America, Europe, Asia Pacific, Middle East & North Africa, and Latin America. Asia Pacific dominates the market due to rising demand for packaged milk and increased consumer awareness of sustainable packaging. Germany leads in Europe, driven by the demand for plant-based beverages, while the US dominates North America, primarily due to rising disposable incomes and lifestyle changes.
Top Impacting Factors
Growth Drivers
- Increased Consumption of Packaged Beverages: Growing consumption of packaged beverages fuels market growth.
- Growing Health & Wellness Spending: Rising health awareness and spending contribute to the market's expansion.
- Convenience and Distribution Efficiency: Liquid cartons offer convenience and efficient distribution, driving their adoption.
- Longer Shelf Life: Aseptic cartons' longer shelf life encourages consumers to buy beverages in bulk, boosting demand.
Challenges
- Surge in Usage of Alternative Packaging Material: Consumer preference for alternative packaging materials poses a challenge.
- Reduced Milk Consumption: Reduced milk consumption impacts dairy product packaging demand.
Trends
- Increased Consumption of Milk Alternatives: Rising consumption of milk alternatives influences packaging needs.
- Surge in Consumption of Ready to Drink Beverages: Growing demand for ready-to-drink beverages drives liquid carton adoption.
- Innovative and Attractive Packaging: Innovative packaging designs attract consumers.
- Expansion of Different Industries: Liquid carton manufacturers are expanding into various industries, including homecare, beauty, and lifestyle.
COVID-19 Impact
The COVID-19 pandemic initially led to increased demand for liquid packaging cartons due to stockpiling. However, later phases of lockdowns, aluminum shortages, and reduced out-of-home consumption had a negative impact.
Analysis of Key Players
Tetra Pak (Tetra Laval Group) dominates the global liquid carton market, holding approximately two-thirds of the market share. Other key players include Mondi plc, Refresco Group B.V., Pactiv Evergreen Inc., SIG Combibloc Group AG, Greatview Aseptic Packaging Company, BillerudKorsnäs, Ferd Group, Liquid Box, Nippon Paper Industries Co., Ltd., Uflex Limited, Adam Pack S.A., and Smurfit Kappa Group plc.
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