Study: Dairy products packaging market to register 4.5% CAGR by 2027
The main trends impacting the growth of the packaging industry is the increasing focus on wellness of consumers.
The global packaging industry was valued at about $880 billion in 2016, and is expected to register 4.5% CAGR by 2027, according to new research by Future Market Insights (FMI), Valley Cottage, N.Y.
The study, “Dairy Products Packaging Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027),” includes analysis on various market segments of the dairy products packaging market.
The main trends impacting the growth of the packaging industry is the increasing focus on wellness of consumers. Among various types of packaging, flexible and rigid packaging are gaining high steam. The application of packaging in various end-use industries has been on the rise since past years. Among the end-use industries and respective applications, the food and dairy products sector has shown high inclination toward use of packaging solutions, and accounts for a higher market share in the overall packaging sector. The growth in the dairy industry around the globe is expected to create significant demand for packaging of dairy products for the purpose of distribution and storage, thus fueling the growth of the global dairy products packaging market.
Asia Pacific excluding Japan (APEJ) is a lucrative region for the growth of the packaging industry as a whole. The APEJ region is anticipated to reflect maximum growth owing to increasing consumption of dairy products across countries in this region. China and India are the major growth pockets for the dairy products packaging market, with China leading the market. The dairy products packaging market in APEJ is projected to expand at a high value CAGR of 6.4% throughout the period of assessment.
Meanwhile, the increasing adoption of aseptic packaging for dairy products is expected to bode well for dairy products packaging market at a global level.