Milk Packaging Market - Growth, Trends, and Forecast (2020 - 2025)
The Milk Packaging market was valued at USD 44.10 billion in 2019 and is expected to reach USD 52.78 billion by 2025, at a CAGR of 2.95% over the forecast period 2020 - 2025. Milk packaging contributes to almost one-third of the global dairy packaging demand, followed by packaging for cheese and frozen varieties of milk or milk products.
- More than 70% of the fresh milk packaging is contributed by HDPE bottles, leading to lesser demand for glass bottle packaging. The trend of on-the-go consumption, the convenience of the easy pour, the appealing packaging quality, health awareness showcased by drinkable dairy-like, soy-based and sour milk, have created a significant demand for milk packaging.
- Increasing awareness about eco-friendly materials has created significant traction in global milk packaging. The paperboard segment is projected to be the fastest growing milk packaging material, due to its recyclable property.
Scope of the Report
The packaging of milk is an important aspect to protect, carry, and market in order to sustain its freshness and convenient form of the product. There are various packaging types which are used for packaging milk, such as bottles, cans, and pouches. The trends associated with the packaging types vary with respect to country and region. There are diverse reasons for good packaging of milk like safety, information, ease of storage & handling, and distribution damages.
Key Market Trends
Paperboard to Witness Significant Demand
- The growing awareness associated with the environment is expected to have a positive impact on the paperboard packaging owing to its recyclable features.
- It offers extra protection to the stored product and increases shelf life. Moreover, the information imprinted on the packaging is clear and provide high visibility, which is likely to propel the market growth.
- In addition, it omits the option for plastic or any other packaging which can be harmful to the environment. The aforementioned factors are projected to fuel the utilization of paperboard packaging for milk over the forecast period.
- The production of paperboard for packaging purpose is increasing all over the world due to benefits like its recyclable and decomposable property.
Asia-Pacific to Witness the Highest Growth
- The Asia-Pacific region has a high potential for lactose-free dairy products as a healthy alternative to lactose products which is likely to complement the production of milk, thereby, propelling the market growth.
- In addition, the population in the region is usually tolerant of the lactose-containing products which create new avenues for lacrosse-free products. Furthermore, the rising concerns over child nutrition are projected to complement milk consumption, propelling the market.
- Besides, the region is rich with farmers that have milk trading as their main source of income owing to which the market is expected to witness the highest growth over the forecast period.
- In countries, such as India, despite being responsible for almost 16% of the global milk production, there is a considerable difference in supply and demand. Even in such unfavorable conditions, the Indian government has decided to continue the ban on import of milk and milk products and is largely supporting local producers to develop their yields. The government is also aiding foreign companies in setting up local production. This is the case with many other Asia-Pacific countries, like China, as well.
The global milk packaging market is highly fragmented due to unorganized players have a direct impact on the existence of local and global players in the industry. Local farms are using e-commerce, providing convenience and flexibility to attain consumer delight. Moreover, the rise in milk production is pushing more player to come up with a better packaging solution, hence making the milk packaging market highly competitive.
Some of the key players in the market are Evergreen Packaging LLC, Stanpac Inc., Elopak AS, Tetra Pak International SA, Amcor Limited. These players are constantly innovating and upgrading their product offerings to cater to the increasing market demand.
- March 2019 - Tetra Pak introduces the "factory of the future" with digital technology with human and AI collaboration.
- April 2018 - Crown Holdings has completed its acquisition of Signode Industrial Group Holdings Ltd., a leading global provider of transit packaging systems and solutions, from The Carlyle Group.
- March 2018 - Packaging companies Amcor and SIG partnered for Aluminum sourcing. The collaboration aims to ensure supply chain of aluminium foil meets Aluminium Stewardship Initiative (ASI).
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