Study: Top 4 emerging trends impacting global dairy packaging market
North America dominated this market during 2015, and is envisaged to retain its dominating hold over the market until the end of 2020.
The global market for dairy packaging will grow moderately during the forecast period and will post a steady CAGR of over 4% by 2020, according to a study produced by Technavio, Elmhurst, Ill. A noteworthy factor that will spur the prospects for growth in this market is the increased use of biodegradable plastics, which are readily decomposed by microorganisms and have minimal impact on the environment compared to conventional plastics. As these plastics are made from petrochemicals with biodegradable additives, they will have a minimal toxic effect on the environment. Also, with the introduction of stringent environment compliance regulations in the country, vendors will be compelled to adopt biodegradable plastics as a substitute to avoid hefty penalties.
In terms of geography, North America dominated this market during 2015, and is envisaged to retain its dominating hold over the market until the end of 2020 due to rapid urbanization and the increased inclination of consumers toward packaged food products. Since the United States is said to be the largest producer and exporter of cheese in the world, it will also be the largest market for dairy packaging in this region. Increasing demand for dairy products like butter, milkfat, yogurt, ice cream and other dairy desserts will lead to the steady growth of the market in this region. By 2020, the market for dairy packaging in North America will generate revenues of close to $8 billion.