The South & Central America corrugated bulk bins market was valued at US$ 952.55 million in 2023 and is anticipated to reach US$ 1,258.99 million by 2031; it is estimated to record a CAGR of 3.5% from 2023 to 2031.
Key manufacturers operating in the corrugated bulk bins market are investing significantly in strategic development initiatives such as product innovation, R&D, mergers and acquisitions, and business expansions to enhance their market position by attracting a broad customer base. Expanding into new geographic locations allows market players to reach untapped customer bases, further increasing their market share and revenue streams. The expansion strategy also allows them to achieve economies of scale by increasing production volumes.
Investments in advanced manufacturing technologies such as automation and robotics also allow enterprises to enhance their production efficiency and product quality. The subsequent product diversification through innovations, such as triple-wall or hybrid corrugated bins, further provides them a competitive edge. In February 2024, Atlantic Packaging Products Ltd launched second-generation beverage carrier packaging. It is manufactured from paper by eliminating single-use plastics from the packaging supply chain. Thus, such strategic initiatives are expected to create lucrative opportunities for the South & Central America corrugated bulk bins market players during the forecast period.
Brazil has a booming food & beverages industry due to increased production of meat and poultry products. According to the US Department of Agriculture, Brazil is the world's second-largest producer of chicken meat, with a forecasted domestic production of 15.1 million metric tons (MMT) by the end of 2024, i.e., 1% higher than the production levels of 2023. Being the largest producer of meat products, the country is expected to export 4.97 MMT of chicken meat by the end of 2024 globally. Thus, the elevated production and international trade of meat products from Brazil bolsters the demand for corrugated bulk bins.
The South & Central America corrugated bulk bins market is categorized into type, form, application, and country.
Based on type, the South & Central America corrugated bulk bins market is segmented into single-wall, double-wall, and triple-wall. The triple-wall segment held the largest market share in 2023.
In terms of form, the South & Central America corrugated bulk bins market is categorized into hinged, totes, pallet, and others. The pallet segment held the largest market share in 2023.
By application, the South & Central America corrugated bulk bins market is segmented into food & beverages, industrial equipment & parts, construction, electrical & electronics, chemicals, pharmaceuticals, and others. The food & beverages segment held the largest market share in 2023. Furthermore, the food & beverages segment are sub segmented into fresh produce, poultry meat & seafood, packaged foods, tobacco, and others.
By country, the South & Central America corrugated bulk bins market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America corrugated bulk bins market share in 2023.
Cartocor SA, DS Smith Plc, Georgia-Pacific LLC, Greif Inc, Indevco Paper Containers, International Paper Co, Mondi Plc, Smurfit Kappa Group Plc, Tri-Wall Limited, WestRock Co, and VISY Industries Australia Pty Ltd are some of the leading companies operating in the South & Central America corrugated bulk bins market.