LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the rigid bulk packaging market in Europe to grow at a CAGR of around 3% during the period 2018-2022, according to their latest report.
The trend of rising free trade agreements in Europe is expected to influence the market during the forecast period. The increase in free trade agreements provide many opportunities for European manufacturers to enter other developed and developing countries Such agreements stimulate not only the volume of exports and imports goods but also increase the business prospects of rigid bulk packaging vendors in Europe.
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In this report, Technavio analysts highlight the growing wine production and consumption in Europe as a key factor contributing to the growth of the rigid bulk packaging market in Europe:
Growing wine production and consumption in Europe
Europe is the world largest wine manufacturer and exporter. In 2016, Italy, France, and Spain accounted for more than 50% of the global wine manufacturing market. The European wine industry's production is increasing at an average of 5-7 million hectoliters (mhl) annually. The above-mentioned three countries, namely, Italy, France, and Spain are also major countries for wine consumption. Thus, growing wine production, consumption, and export will increase the demand for cost-effective and safe transportation facilities.
According to a senior analyst at Technavio for packaging research, “Wine manufacturers in European countries prefer rigid bulk packaging for wine transportation because bulk rigid packaging allows twice the shipment quantity of that enabled by individual unit shipments. Further, bulk rigid packaging also ensures higher shipment safety than flexible bulk transportation.”
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Rigid bulk packaging market in Europe - market segmentation
This market research report segments the rigid bulk packaging market in Europe by product to include drums, pails, and others. The report also presents a detailed analysis of the market’s growth prospects across Europe including Western Europe and Eastern Europe.
The others product segment accounted for the maximum market share of over 49% in 2017, followed by the drums and pails segment respectively. The drums segment is expected to witness the maximum increase in its market share by 2022, while the other two segments are expected to experience a small decline in their market shares. Western Europe accounted for the larger market share of close to 55% in 2017. However, the market share of this segment is expected to decrease by a little over 1% during the forecast period.
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