The global bag-in-box barrier market is expected to secure USD 333.48 million in 2023, surging to USD 548.40 million by 2033. From 2023 to 2033, the market is likely to display a CAGR of 5.1%, against 4.3% from 2018 to 2022. The growth of the market can be attributed to the increasing demand in industry segments such as household cleaners, beverages, and milk and dairy products.
Manufacturers are adopting innovative new ideas to meet the rising consumer needs. For instance, Elite Packaging, a United Kingdom-based company, has developed a gusseted bag that is sealed in every corner. This design provides the product with more stability and efficiency. Further, it reduces the space required for the bag-in-box container, making it more compact for application.
Attributes | Details |
---|---|
Market CAGR (2023 to 2033) | 5.1% |
Market Valuation (2023) | USD 333.48 million |
Market Valuation (2033) | USD 548.40 million |
Development of the Food and Beverage Sector to Benefit the Market
The rising demand for bag-in-box barrier films for household products is expected to strengthen the market over the forecast period. The rising consumption of household cleaners like surface deodorizers and surface cleaners is anticipated to boost the demand for bag-in-box barrier films during the forecast period. The rising urban population in developing countries has increased the demand for hygiene-promoting products such as household cleaners.
Further, bag-in-box barrier films have been experiencing a soaring demand from the beverages industry. The rising beverage production is expected to increase steadily with the manufacturers adopting advanced packaging solutions such as bag-in-box containers as alternative packaging. The market for the bag-in-box container of alcoholic beverages is projected to rise due to the rising alcoholic beverage consumption. Growth in the consumption of alcoholic beverages in developed economies is expected to drive growth in the market in the forthcoming time.
Increasing collaborations and partnerships among players are projected to strengthen the market in the coming time. For instance, in March 2019, Liquid-Box Corp inked an acquisition agreement with DS Smith Plc. The deal is expected to boost the company’s distribution and manufacturing capabilities.
The demand for bag-in-box barrier films is expected to be hindered by the expansion of the substitute products such as plastic and glass bottles. The availability of plastic bottles at lower prices is anticipated to limit growth. The soft drink industry's growing demand for plastic bottles is expected to hamper the market's growth over the forecast period.
Bag-in-box barrier films witness a high threat of substitution from other packaging products and packaging materials. The most popular among them are pouches. Pouches are among the most widely used products for the packaging of beverages. They are preferred for their convenience of use and portability. In addition, pouches are available in various formats, from as small as 50 ml to larger or multi-serving formats and sizes. Such factors have made pouches popular for on-the-go usage. From a marketing standpoint, pouches encourage sampling in the form of trial or on-the-go sizes.
However, increasing demand for innovative packaging designs for food and beverage products to catch consumer attention is anticipated to counter hampering factors and act as a lucrative opportunity in the forecast period.
Increasing Demand for the Product from the Food and Beverage Sector to Impact the Market Positively
According to the analysis, the market in Europe is projected to be the largest one. 2023 the region is expected to secure 19% of the global market revenue.
The market's growth can be attributed to the increasing demand for products in the food and beverage industry. Changing consumption patterns of consumers and increasing urbanization, along with the rising popularity of such packaging, are expected to increase market growth over the forecast period.
Increasing investments in Research and Development by the packaging manufacturers to smoothen the integration of novel features such as size, shape, and attributes are projected to boost the demand for the bag-in-box barrier in this region over the forecast period.
Expansion of the Alcoholic Beverage Sector to Augment the Market
The analysis shows North America is anticipated to be the second-larger market during the forecast period. In 2023, the region is likely to garner 16% of the global revenue.
The expansion of the regional market can be attributed to the rapidly growing alcoholic beverage sector. The United States is anticipated to dominate the regional market during the forecast period. The United States is experiencing a high wine demand, with over 10,000 wineries nationwide.
California held the highest share, more than 85%, followed by Washington, Oregon, New York, Texas, and Virginia. As per the National Epidemiologic Survey on Alcohol and Related Conditions, around 24 million American adults consume an average of more than 74 drinks per week.
Players in the market are taking various initiatives to strengthen their position, which is expected to benefit the industry directly or indirectly. For instance, in 2021, Anheuser-Busch InBev announced the acquisition Of USA-based company Craft Brew Alliance. The initiative aims to strengthen its distribution network nationwide, which is expected to boost the demand for the product in the forecast period.
Expansion of the Food and Beverage Sector in the Asia Pacific to Benefit the Market
Asia Pacific is projected to be the fastest-growing market during the forecast period. It can be attributed to the increasing disposable income and expanding the food and beverage sector.
The presence of various developing countries like India, China, and Japan is anticipated to play an important role in strengthening the market in the Asia Pacific. Also, the region is home to various startups, which is estimated to augment the market in the forecast period. For instance, Packman, an Indian startup, is an internationally renowned packaging company with various commercial packaging solutions. Such factors are expected to benefit the market in Asia Pacific.
Working Class and Young Generation to be the Largest Consumer of Wines
As per a study by the European Association of Wine Economists and the Chaire Vins et Spiritueux de INSEEC U., in May 2020, the frequency of the consumption of wine has surged significantly during the lockdown resulting from the coronavirus outbreak.
The young and working-class people include wine in their diet, house parties, and occasional drinks. These consumer trends are expected to fuel the segment's growth over the forecast period.
NWB Bevel (Finland), Cirqle (Denmark), Green Gen Technologies (France), Eco Six Pack Ring (Mexico), HaTa Bevtech (India), and DRINKinBox, among others.
Players in the market are taking various initiatives that are likely to strengthen the position of startups.
For instance, DRINKinBox’s bag-in-box features a new delivery system that empties all liquid from the bag and positions the valve at the top of the box so that dispensing liquid into a glass or other container is easy. It is said to be the first bag-in-box for carbonated beverages; DRINKinBOX Co2 uses a special box with a new bag for the liquid. Beer, sparkling wine, soft drinks, and other carbonated beverages are filled directly after production into the bag-in-box container.
The global market has various players focusing on technology development regarding design and packaging solutions. Increasing demand for innovative packaging designs for food and beverage products to catch consumer attention is projected to positively impact industry growth over the forecast period.
Key players in the global bag-in-box barrier films market include Mondi Group Plc., Berry Global, Inc., Scholle IPN, DS Smith Plc, Amcor Limited, and Liqui-Box.
Recent Key Developments in the Market Include:
Attributes | Details |
---|---|
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | USD billion for Value |
Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
Key Segments Covered | Material Type, Application, Region |
Key Companies Profiled | Mondi Group Plc.; Berry Global Inc.; Scholle IPN; DS Smith Plc; Amcor Limited; Liqui-Box |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Volume (Units) Forecast by Region, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 4: Global Market Volume (Units) Forecast by Application, 2018 to 2033
Table 5: Global Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 6: Global Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 7: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 8: North America Market Volume (Units) Forecast by Country, 2018 to 2033
Table 9: North America Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 10: North America Market Volume (Units) Forecast by Application, 2018 to 2033
Table 11: North America Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 12: North America Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 13: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: Latin America Market Volume (Units) Forecast by Country, 2018 to 2033
Table 15: Latin America Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 16: Latin America Market Volume (Units) Forecast by Application, 2018 to 2033
Table 17: Latin America Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 18: Latin America Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 19: Western Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 20: Western Europe Market Volume (Units) Forecast by Country, 2018 to 2033
Table 21: Western Europe Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 22: Western Europe Market Volume (Units) Forecast by Application, 2018 to 2033
Table 23: Western Europe Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 24: Western Europe Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 25: Eastern Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 26: Eastern Europe Market Volume (Units) Forecast by Country, 2018 to 2033
Table 27: Eastern Europe Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 28: Eastern Europe Market Volume (Units) Forecast by Application, 2018 to 2033
Table 29: Eastern Europe Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 30: Eastern Europe Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 31: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 32: South Asia and Pacific Market Volume (Units) Forecast by Country, 2018 to 2033
Table 33: South Asia and Pacific Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 34: South Asia and Pacific Market Volume (Units) Forecast by Application, 2018 to 2033
Table 35: South Asia and Pacific Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 36: South Asia and Pacific Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 37: East Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 38: East Asia Market Volume (Units) Forecast by Country, 2018 to 2033
Table 39: East Asia Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 40: East Asia Market Volume (Units) Forecast by Application, 2018 to 2033
Table 41: East Asia Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 42: East Asia Market Volume (Units) Forecast by Material Type, 2018 to 2033
Table 43: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 44: Middle East and Africa Market Volume (Units) Forecast by Country, 2018 to 2033
Table 45: Middle East and Africa Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 46: Middle East and Africa Market Volume (Units) Forecast by Application, 2018 to 2033
Table 47: Middle East and Africa Market Value (US$ Million) Forecast by Material Type, 2018 to 2033
Table 48: Middle East and Africa Market Volume (Units) Forecast by Material Type, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Application, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Global Market Volume (Units) Analysis by Region, 2018 to 2033
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 8: Global Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 9: Global Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 10: Global Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 11: Global Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 12: Global Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 13: Global Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 14: Global Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 15: Global Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 16: Global Market Attractiveness by Application, 2023 to 2033
Figure 17: Global Market Attractiveness by Material Type, 2023 to 2033
Figure 18: Global Market Attractiveness by Region, 2023 to 2033
Figure 19: North America Market Value (US$ Million) by Application, 2023 to 2033
Figure 20: North America Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 21: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 22: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 23: North America Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 24: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 25: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 26: North America Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 27: North America Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 28: North America Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 29: North America Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 30: North America Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 31: North America Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 32: North America Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 33: North America Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 34: North America Market Attractiveness by Application, 2023 to 2033
Figure 35: North America Market Attractiveness by Material Type, 2023 to 2033
Figure 36: North America Market Attractiveness by Country, 2023 to 2033
Figure 37: Latin America Market Value (US$ Million) by Application, 2023 to 2033
Figure 38: Latin America Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 39: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 40: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 41: Latin America Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 42: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 43: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 44: Latin America Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 45: Latin America Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 48: Latin America Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 49: Latin America Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 50: Latin America Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 51: Latin America Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 52: Latin America Market Attractiveness by Application, 2023 to 2033
Figure 53: Latin America Market Attractiveness by Material Type, 2023 to 2033
Figure 54: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 55: Western Europe Market Value (US$ Million) by Application, 2023 to 2033
Figure 56: Western Europe Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 57: Western Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 58: Western Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 59: Western Europe Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 60: Western Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 61: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 62: Western Europe Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 63: Western Europe Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 64: Western Europe Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 65: Western Europe Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 66: Western Europe Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 67: Western Europe Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 68: Western Europe Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 69: Western Europe Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 70: Western Europe Market Attractiveness by Application, 2023 to 2033
Figure 71: Western Europe Market Attractiveness by Material Type, 2023 to 2033
Figure 72: Western Europe Market Attractiveness by Country, 2023 to 2033
Figure 73: Eastern Europe Market Value (US$ Million) by Application, 2023 to 2033
Figure 74: Eastern Europe Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 75: Eastern Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 76: Eastern Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 77: Eastern Europe Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 78: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 79: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 80: Eastern Europe Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 81: Eastern Europe Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 82: Eastern Europe Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 83: Eastern Europe Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 84: Eastern Europe Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 85: Eastern Europe Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 86: Eastern Europe Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 87: Eastern Europe Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 88: Eastern Europe Market Attractiveness by Application, 2023 to 2033
Figure 89: Eastern Europe Market Attractiveness by Material Type, 2023 to 2033
Figure 90: Eastern Europe Market Attractiveness by Country, 2023 to 2033
Figure 91: South Asia and Pacific Market Value (US$ Million) by Application, 2023 to 2033
Figure 92: South Asia and Pacific Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 93: South Asia and Pacific Market Value (US$ Million) by Country, 2023 to 2033
Figure 94: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 95: South Asia and Pacific Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 96: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 97: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 98: South Asia and Pacific Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 99: South Asia and Pacific Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 100: South Asia and Pacific Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 101: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 102: South Asia and Pacific Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 103: South Asia and Pacific Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 104: South Asia and Pacific Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 105: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 106: South Asia and Pacific Market Attractiveness by Application, 2023 to 2033
Figure 107: South Asia and Pacific Market Attractiveness by Material Type, 2023 to 2033
Figure 108: South Asia and Pacific Market Attractiveness by Country, 2023 to 2033
Figure 109: East Asia Market Value (US$ Million) by Application, 2023 to 2033
Figure 110: East Asia Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 111: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 112: East Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 113: East Asia Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 114: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 115: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 116: East Asia Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 117: East Asia Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 118: East Asia Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 119: East Asia Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 120: East Asia Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 121: East Asia Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 122: East Asia Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 123: East Asia Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 124: East Asia Market Attractiveness by Application, 2023 to 2033
Figure 125: East Asia Market Attractiveness by Material Type, 2023 to 2033
Figure 126: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 127: Middle East and Africa Market Value (US$ Million) by Application, 2023 to 2033
Figure 128: Middle East and Africa Market Value (US$ Million) by Material Type, 2023 to 2033
Figure 129: Middle East and Africa Market Value (US$ Million) by Country, 2023 to 2033
Figure 130: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 131: Middle East and Africa Market Volume (Units) Analysis by Country, 2018 to 2033
Figure 132: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 133: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 134: Middle East and Africa Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 135: Middle East and Africa Market Volume (Units) Analysis by Application, 2018 to 2033
Figure 136: Middle East and Africa Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 137: Middle East and Africa Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 138: Middle East and Africa Market Value (US$ Million) Analysis by Material Type, 2018 to 2033
Figure 139: Middle East and Africa Market Volume (Units) Analysis by Material Type, 2018 to 2033
Figure 140: Middle East and Africa Market Value Share (%) and BPS Analysis by Material Type, 2023 to 2033
Figure 141: Middle East and Africa Market Y-o-Y Growth (%) Projections by Material Type, 2023 to 2033
Figure 142: Middle East and Africa Market Attractiveness by Application, 2023 to 2033
Figure 143: Middle East and Africa Market Attractiveness by Material Type, 2023 to 2033
Figure 144: Middle East and Africa Market Attractiveness by Country, 2023 to 2033
The market is estimated to be valued at USD 333.48 million in 2023.
Manufacturers are adopting innovative ideas to meet the high consumer needs.
The market is forecast to register a CAGR of 5.1% through 2033.
The market is estimated to reach USD 548.40 million by 2032.
The market held a CAGR of 4.3% between 2018 and 2022.
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