LONDON--(BUSINESS WIRE)--The rigid bulk packaging market in Europe is expected to grow by USD 0.73 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Europe is the world’s largest producer and exporter of wine. The wine industry in Europe is increasing at an average of 5 to 7 hectoliters annually. The rise in production, consumption, and export of wine has increased the demand for cost-effective and safe transportation facilities. Wine producers in Europe are increasing their preference for rigid bulk packaging as it allows the transportation of twice the quantity of shipment compared to individual unit packages. Rigid bulk shipping also helps manufacturers and wine shippers in lowering transportation costs, thereby reducing overall carbon emissions. Therefore, the rising production and consumption of wine in Europe is expected to drive the growth of the rigid bulk packaging market during the forecast period.
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As per Technavio, the rising free trade agreements in Europe will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Rigid Bulk Packaging Market in Europe: Rising Free Trade Agreements in Europe
The number of free trade agreements between European countries and many developed and developing countries has increased over recent years. For instance, on May 11, 2016, the EU -MERCOSUR Association Agreement was signed to ease trade activities between the EU and the MERCOSUR states (Argentina, Brazil, Paraguay, and Uruguay). Similarly, in September 2017, the Comprehensive Economic Free Trade Agreement was signed between the EU and Canada. This agreement increased the trade activities between the EU and Canada. Such free trade agreements are increasing the volume of imports and exports in Europe. This is providing significant growth opportunities for market players and is expected to boost the growth of the rigid bulk packaging market during the forecast period.
“Growing adoption of autonomous technologies in electric trucks and the rising focus on the development of electric trucks by prominent truck manufacturers will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Rigid Bulk Packaging Market In Europe: Segmentation Analysis
This market research report segments the rigid bulk packaging market in Europe by product (Drums, Pails, and Others) and geography (Western Europe and Eastern Europe).
The Western Europe region led the rigid bulk packaging market in Europe in 2019, followed by Eastern Europe respectively. During the forecast period, Western Europe is expected to register the highest incremental growth due to the growing demand for customization and innovations in rigid bulk packaging in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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