Milk Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 30, 2021 by manojshinde

The Milk Packaging market registered a CAGR of 2.95% over the forecast period 2021 - 2026. Milk packaging contributes to almost one-third of the global dairy packaging demand.
 
- Milk is the most consumed dairy product in the world. The high content of moisture and minerals in milk makes it very challenging for vendors to store it for a long period of time. This is one of the major reasons for milk being traded as milk powder or processed milk.

- More than 70% of 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, appealing packaging quality, health awareness reflected by the popularity of drinkable dairy-like, soy-based, and sour milk, have created a significant demand for milk packaging.

- According to FAO, global milk production is projected to grow by 177 million metric ton by 2025. Increasing consumer preference to gain proteins from dairy products, rather than cereal sources, due to changing lifestyles and rapid urbanization, is expected to drive the demand for products, like milk, over the forecast period. Such trends are further expected to influence the milk packaging market.

- 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 properties.

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Key Market Trends

Paperboard to Witness Significant Demand

- Growing awareness associated with the environment is expected to have a positive impact on the paperboard packaging segment, 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 has high visibility, which is likely to propel the market growth.

- In addition, it omits the option of 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.

- For instance, in 2018, a2 Milk announced that it is planning to sell its product in 100% recyclable FSC-certified paper-based cartons. The brand is reducing its use of single-use plastics with the paper-based cartons that use 80% less plastic than bottles and carry the Forest Stewardship Council label.
- The production of paperboard for packaging purpose is increasing all over the world, due to its benefits, like its recyclability and decomposable property.

Asia-Pacific to Witness the Highest Growth

- The Asia-Pacific region has a high potential for lactose-free dairy products as healthy alternatives to lactose products, which is likely to complement the production of milk, thereby, propelling market growth.

- In addition, the population in the region is usually tolerant of lactose-containing products, which creates new avenues for lactose-free products. Also, the growing concerns over child nutrition are projected to complement milk consumption, thus propelling the market.

- The region has several farmers for whom milk trading is the main source of income, due to which the market is expected to witness the highest growth, over the forecast period.

- In countries, like 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 improve their yield. The government is also aiding foreign companies in setting up local production. It is a similar scenario in many other Asia-Pacific countries, like China, as well.

Competitive Landscape

The global milk packaging market is highly fragmented as the unorganized players have a direct impact on the existence of local and global players in the industry. Local farms are using e-commerce and are able to attract customers by providing convenience and flexibility. Moreover, the growth in milk production is driving the players to develop better packaging solutions, 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, Ball Corporation. These players are constantly innovating and upgrading their product offerings to cater to the increasing market demand.

- March 2019: Tetra Pak introduced the "factory of the future" with digital technology with human and AI collaboration.

- April 2018: Crown Holdings 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 the supply chain of aluminum foil meets Aluminium Stewardship Initiative (ASI).

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Issued By Statzy Market Research
Country India
Categories Miscellaneous
Tags milk packaging market , milk packaging market forecast , milk packaging market share , milk packaging market size
Last Updated April 30, 2021