Corrugated Bulk Bins Market is expected to reach US$ 22.59 Billion by 2031

PRESS RELEASE BY The Insight Partners 02 Jul 2024

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Asia Pacific Dominated Corrugated Bulk Bins Market in 2023

According to our latest market study on “Corrugated Bulk Bins Market Forecast to 2031 – Global Analysis – by Type, Form, and Application,” the market was valued at US$ 15.09 in 2023 and is projected to reach US$ 22.59 billion by 2031; it is anticipated to record a CAGR of 5.2% from 2023 to 2031. The report highlights key factors driving the corrugated bulk bins market growth and prominent players along with their developments in the market.

In 2023, Asia Pacific accounted for the largest corrugated bulk bins market share. The food & beverages industry generates a huge demand for corrugated bulk bins in this region. Asia Pacific is the largest producer and exporter of rice and grain crops. According to the US Department of Agriculture, major US rice imports are from Asian countries. Further, the pharmaceutical industry is witnessing rapid growth in the region, especially in China, India, and Japan. Various key players operating in the global pharmaceutical industry are making efforts to expand their footprint in Asia Pacific. For instance, in March 2024, Novo Nordisk A/S, one of the leading pharmaceutical companies, announced an investment of US$ 556 million to expand its sterile preparations project in Tianjin, China. Such expansions in the production facilities in the region help meet the elevating demand for pharmaceutical products. With the growing pharmaceutical industry in Asia Pacific, the demand for corrugated bulk bins is also on the rise, as these bins are used for packaging medical and pharmaceutical products.

Corrugated Bulk Bins Market Breakdown – by Region

Corrugated Bulk Bins Market Breakdown – by Region

Corrugated Bulk Bins Market Dynamics and Analysis by 2031

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Corrugated Bulk Bins Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Single-Wall, Double-Wall, and Triple-Wall), Form (Hinged, Totes, Pallet, and Others), Application [Food and Beverages, (Fresh Produce, Poultry Meat and Seafood, Packaged Foods, Tobacco, and Others), Industrial Equipment and Parts, Construction, Electrical and Electronics, Chemicals, Pharmaceuticals, and Others], and Geography

China accounts for the largest corrugated bulk bins market share in Asia Pacific. The country is witnessing significant growth in the food & beverages industry, which can be mainly ascribed to increased disposable income and a growing population in the country. According to the US Department of Agriculture, in 2023, food production in China grew by 2.9%, i.e., 1.9% higher than the average industrial production growth rate. The country is also witnessing an upsurge in demand for processed food and packaged food products owing to the greater focus on convenience among consumers. Thus, the food & beverages industry is a key enabler of the corrugated bulk bins market growth in China.

The food & beverage industry in India is witnessing significant growth owing to the increased demand for processed vegetables and fruits, beverages, and dairy products. According to Invest India, the country’s food processing industry is anticipated to account for a revenue of US$ 535 billion by 2026. The flourishing food & beverages industry boosts the demand for corrugated bulk bins in India. In addition, the electrical and electronics industry is witnessing rapid growth in the country owing to the increasing per capita disposable income of consumers. According to Invest India, the domestic production of electronic products such as smartphones, wearables, and industrial electronics was valued at US$ 101 billion as of 2023. As per the India Cellular and Electronics Association (ICEA), domestic electronics production is expected to mark a revenue of US$ 300 billion by 2026. Thus, the proliferating electrical and electronics industry bolster the corrugated bulk bins market size in India.

Corrugated Bulk Bins Market: Trends

The integration of radio-frequency identification (RFID) technology into corrugated bulk bins brings significant advancements in packaging and supply chain management. RFID integration aids in enhanced inventory management, improved logistics, better security, and greater overall operational efficiency. The technology enables real-time tracking of corrugated bulk bins throughout a supply chain. The scanning of RFID tags attached to the bins in transit offers instant updates on their location and status. The real-time visibility helps in maintaining accurate inventory levels and reducing discrepancies. It also eliminates the need for manual inventory management, which can be time-consuming and prone to errors. Thus, RFID technology helps streamline logistic operations by automating the tracking and management of corrugated bulk bins.

RFID technology also speeds up the processing of corrugated bulk bins at various checkpoints, such as receiving docks, warehouses, and distribution centers. The enhanced traceability benefit allows businesses to build confidence among their customers. Food manufacturers are making significant investments to enable visibility into the supply chain and get real-time insights. In June 2023, the US Food and Drug Administration updated tools for the Food Traceability Rule, designed to facilitate faster identification and rapid food recalls. Thus, the integration of RFID in the corrugated bulk bins is expected to emerge as one of the significant corrugated bulk bins market trends in the coming years. Moreover, collaborations between government bodies and different companies are expected to boost the demand for biodegradable corrugated bulk bins, favoring market growth in the coming years.

DS Smith Plc, WestRock Co, Smurfit Kappa Group Plc, Mondi plc, Packaging Corp of America, Monte Package Company LLC, Atlantic Packaging Products Ltd., Greif Inc, Georgia-Pacific LLC, Elsons International, Cartocor SA, Hobbs Container Co, Indevco Paper Containers, International Paper Co, Napco National, Reusable Transport Packaging, The Cary Company, and Tri-Wall Limited are among the key players profiled in the corrugated bulk bins market report.

Corrugated Bulk Bins Market Segmentation:

The corrugated bulk bins market analysis is based on type, form, application, and geography. By type, the market is segmented into single-wall, double-wall, and triple-wall. Based on form, the market is segregated into hinged, totes, pallet, and others. In terms of application, the market is segmented into food and beverages (fresh produce, poultry meat, and seafood, packaged foods, tobacco, and others), industrial equipment and parts, construction, electrical and electronics, chemicals, pharmaceuticals, and others. The geographic scope of the corrugated bulk bins market report encompasses North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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