Global Milk Packaging Market was valued at $36,157 million in 2016, and is expected to reach at $49,809 million by 2023, registering a CAGR of 4.6% from 2017 to 2023.
Packaging is a method of using components and containers to carry, protect, identify, and enable merchandising of products. Apart from providing safety and hygiene of products, it enables differentiation of products of two distinct companies or competitors. Moreover, increase in demand for single serve milk packs is estimated to fuel the growth of the global milk packaging market during the forecast period. In addition, several health & nutritional benefits associated with the use of packaging materials have fueled the demand for milk in the recent years, which is expected to drive the global market during the forecast period.
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The demand for milk packaging has considerably increased in the recent years, owing to rise in demand for safe & non-contaminated pasteurized milk. Moreover, high demand for eco-friendly milk packaging products presents lucrative opportunities for players in the global milk packaging market.
In 2016, Asia-Pacific and LAMEA regions collectively accounted for more than half of the global market share, in terms of volume, and are expected to continue this trend during the forecast period, owing to rapid urbanization especially in China, India, Brazil, and the other developing countries. Moreover, increase in per capita income and growth in overall consumer expenditure have supplemented the growth of the Asia-Pacific market.
The major companies profiled in the report include Tetra Pack, Amcor Limited, Indevco, Evergreen Packaging, Elopak, Ball Corporation, Clondalkin Group Holdings, Blue Ridge Paper Products, Crown Holdings, and CKS Packaging.
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Key Findings of the Milk Packaging Market:
- The paperboard segment is anticipated to grow at the highest CAGR of 5.1% during the forecast period.
- Asia-Pacific is projected to maintain its dominant position in the global market from 2017 to 2023, registering a CAGR of 3.1%, in terms of volume.
- The pouches segment occupied more than half of the total market in 2016.
- China occupied more than one-fourth of the Asia-Pacific market in 2016.
- In terms of value, Italy is expected to grow at a significant CAGR of 4.8% during the forecast period.
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