Bulk Container Packaging Market Trends

Growth Drivers

• Growing Export of Alcohol to Boost the Market Growth- As per the data provided by the World Bank, in 2019, the alcohol export volume by country (in liters) was stated to be from China (24,063,200), Singapore (2,119,260), EU (87,137,400), USA (17,728,200), Germany (21,724,500), and others. Alcohol is produced differently in various countries highly influenced by the culture and atmosphere of that particular place. But by exporting and importing the specific alcohol of different places, the economy gets robust and the taste gets distributed to be consumed by people living in distant countries. For instance, in 2022, India exported alcoholic beverages worth approximately USD 250 million.

• Rising Shipment of Industrial Chemical Globally.  - As of 2022, the total revenue generated by the global chemical industry was valued at approximately USD 4500 billion, additionally, the share obtained by the China and United States was estimated to be nearly 45% and 12% respectively.

• Increasing Export and Import of Food- According to the statistics by the World Bank, food exports (as a share of merchandise exports) reached 9% in the year 2021 while food import was stated to be 8% in similar year.

• Spiking Demand for Spices Across the Globe- As new companies emerge to use spices in ways other than to flavour food, the demand for spices does not appear to be slowing down. For instance, in 2021-22, the total export volume of spices products was estimated to be about USD 4000 million from India alone.

Challenges

• Supply-Chain Delay due to COVID-19 - By resulting in price inflation, industrial closures, unloaded shipping containers, and shortages of necessities, supply chain disruptions have a negative effect on the economy of a nation. They also affect a variety of products, including expensive ones like cars and technology as well as necessities like food, medicine, oil, and gas.
• Requirement for Higher Initial Investment
• Possibility of Product Damage Owing to Longer Duration of Shipment