Milk Packaging Market Research, 2031
The global milk packaging market was valued at $40,012.10 million in 2020, and is projected to reach $65,972.41 million by 2031, growing at a CAGR of 4.69% from 2022 to 2031.
Packaging is a method of using components and containers to carry, protect, identify, and enable merchandising of products. It differentiates products of two distinct companies or competitors along with providing product safety and hygiene. Moreover, increase in demand for single-serve milk packs is expected to fuel growth of the global milk packaging market during the forecast period. In addition, several health and nutritional benefits associated with the use of packaging materials have fueled the demand for milk in recent years, which, in turn, is expected to drive the global market during the milk packaging market forecast period.
Dairy products provide essential nutrients that are difficult to acquire in low-dairy or dairy-free diets, and for many people, dairy-free diet does not allow them to meet their daily calcium requirements. There is no evidence that avoiding dairy intake helps patients with arthritis. Dairy products do not increase the risk of cardiovascular disease, particularly if low fat. Intake of up to three servings of dairy products per day is safe and provides favorable benefit with regards to bone health. Thus, increase in demand for milk and milk products and growth in geriatric population, especially in North America and Asia-Pacific, boost the growth of global milk packaging market. Furthermore, increase in demand for packaged milk, owing to rise in awareness about nutritional content of packaged milk fuels the market growth.
Consumers prefer nutritious, tasty, and conveniently packaged flavored milk as an alternative to other beverages. Developing countries are expected to drive the demand for growing variety of new flavors and products focusing on health. The demand for packaged milk in developing regions, including Latin America and Asia-Pacific, is set to outpace the developed regions such as Europe and North America, while demand for flavored milk is expected to rise across the globe. Growth in health-conscious people, desire for healthy & nutritious food, change in consumer preferences & lifestyles, and change in consumer’s taste, especially in developing countries, strengthen growth of the flavored milk industry. Moreover, consumer’s unscheduled eating habits due to busy working schedules increase the demand for flavored milk across the globe, which in turn is expected to propell the milk packaging market size globally.
Furthermore, plastic is an important material for the processing of milk packaging. Increasing price of crude oil plays an important role in plastic prices. Crude oil is used by key players in milk and food packaging industry for production of virgin plastics . As the price of crude oil rises, the demand for virgin plastics is also expected to increase, which in turn will boost the prices of plastics in the future. Although increase in the overall production of crude oil, the demand is set to decrease due to abundance of supply, which in turn will result in a drastic decline in crude oil prices. Hence, fluctuation in raw material prices especially plastic hamper the growth of the global milk packaging market.
The global milk packaging market is segmented on the basis of packaging type, material, and region. Depending on packaging type, it is categorized into cups, cans, bottles, pouches, and others. According to material, it is classified into glass, plastic, metal, paperboard, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of packaging type, pouch segment was highest contributor to the global milk packaging market in 2021, owing to low production cost and easy availability of raw materials to milk packaging manufacturers. Pouch and bottle segment collectively accounted for about ~75% of the global milk packaging market in 2021.
Paperboard segment was highest contributor to the global milk packaging market in 2021, owing to its property of providing shelf life of milk. Paperboard and plastic segment collectively accounted for about 70% of the global milk packaging market in 2021.
Region wise, Asia-Pacific accounted for more than 45% contribution in global milk packaging market share of in 2021, followed by Europe and North America. Developing countries in Asia-Pacific are anticipated to register gradual growth rate, owing to growth in overall economy. Moreover, heavy investments by key manufacturers supplement the milk packaging market growth.
The major market players such as Tetra Pack, Amcor Limited, Indevco, Evergreen Packaging, Elopak, Ball Corporation, Clondalkin Group Holdings, Blue Ridge Paper Products, Crown Holdings, and CKS Packaging are developing their product portfolios to strengthen their foothold in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the milk packaging market analysis from 2020 to 2031 to identify the prevailing milk packaging market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the milk packaging market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global milk packaging market trends, key players, market segments, application areas, and market growth strategies.
Milk Packaging Market Report Highlights
By Packaging Type
Key Market Players
Crown Holdings, Inc., CKS Packaging, Elopak, Amcor Limited, Tetra Pack, Indevco, evergreen packaging, Ball Corporation, Clondalkin Group Holdings, Blue Ridge Paper Products, blue ridge paper products
Milk packaging plays a crucial role for storing, transporting, distributing, and preserving the overall quality of milk. The milk packaging materials widely used are glass, paper, plastic, metal, and paperboard.
The global milk packaging market growth is driven by global economy and improvement in living standards of consumers. In addition, increase in number of health-conscious consumers across the globe is a key factor augmenting overall demand for milk. Furthermore, rise in demand for flavored milk is projected to drive the growth of milk packaging industry.
Asia-Pacific milk packaging market offers numerous opportunities for manufacturers, owing to increase in demand for flavored milk especially in the developing countries such as China, India, and Indonesia. Moreover, surge in the number of milk manufactures and rise in demand for cost-effective & efficient milk packaging materials drive Asia-Pacific milk packaging market. Furthermore, Asia-Pacific is estimated to account for highest market share in future, followed by Europe.