Albany, NY - Packaging is a procedure of using containers and components to protect, carry, identify and enable merchandising of products, and should be manufactured from materials best suited for the purpose. Besides enabling safe and hygienic packaging of products, it also enables one company to differentiate its products from that of competitors. Increasing demand for single serve packs of milk products is expected to significantly fuel growth of the global milk packaging market over the forecast period. Due to various nutritional and health-related benefits associated with milk, demand for milk has been increasing significantly in the recent past, which is in turn expected to drive growth of the global milk packaging market during the forecast period.
Milk Packaging: Market Dynamics
Growth of the global milk packaging market is driven by factors such as increasing number of small households – due to which consumers prefer single serve packs of consumer goods – particularly for milk and other dairy products. Moreover, increasing number of health conscious consumers in various countries is driving demand for milk as a source of calcium, minerals, vitamin D, and protein. Availability of various flavoured milk products in the market is another factor expected to stimulate growth of the global milk packaging market during the forecast period. In addition, increasing population and per capita disposable income is expected to drive sales of packaged milk products in future. Moreover, various applications of milk for preparing food products is a factor expected to drive growth of the milk packaging market during the forecast period. However, price fluctuation of materials (aluminum, plastic, paper) used in milk packaging is expected to slightly hamper the sales of milk packaging. A significant trend gaining traction in the global milk packaging market is increasing awareness of eco-friendly materials. Among all material types used for milk packaging, paperboard segment is expected to account maximum growth in the near future, owing to its recyclable property.
Milk Packaging: Market Segmentation
The global milk packaging market is segmented on the basis of packaging type, and end-use industry
Based on packaging type, the global milk packaging market is segmented into:
Tubs & cups
Based on material type, the global milk packaging market is segmented into:
Milk Packaging Market: Regional outlook
In terms of regions, the global milk packaging market has been segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific market is expected to witness relatively fast growth in terms of revenue during the forecast period as various developing countries such as India and China account for major production and consumption of milk.
Milk Packaging Market: Key players
Some key players in the global milk packaging market are Amcor Limited, Tetra Pack, Evergreen Packaging, Indevco, Ball, Elopak, Blue Ridge Paper Products, Clondalkin Group Holdings, CKS Packaging, Crown Holdings, Essel Propack, Consolidated Container, Fabri-Kal, Exopack Holdings, Global Closure Systems and Graham Packaging etc. The global milk packaging market is not consolidated in nature owing to presence of various local and international manufacturers, but the unorganized players also have strong presence. In the global milk packaging market, key players are entering into agreements and mergers and acquisitions with local manufacturers of milk packaging in order to increase their product offerings, and penetrate emerging countries.
SOURCE: Transparency Market Research