Milk Packaging Market to Reach Valuation of USD 53.6 Billion by 2028 - The Desire for Nutritious and Healthy Food, Increase in Health-Conscious People, change in the Consumer's Taste, and change in the Consumer's Lifestyle along with Preferences are Driving the Market Growth
In terms of revenue, the Global Milk Packaging Market is probable to reach USD 53.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.5% from 2022 to 2028.
Packaging is the method of utilizing containers to identify, carry, protect and permit merchandising of products. It differentiates products of two or more different companies along with offering product safety and hygiene, and the increasing demand for single-server milk packs is expected to fuel the Milk Packaging market growth during the forecast period. In addition, the technological advancements and the increasing research and development activities by the manufacturers are projected to generate growth opportunities in terms of revenue during the forecast period and will continue to grow in the coming years.
Key Highlights from the Report:
- The pouch sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The pouch segment is projected to acquire the largest share of the Milk Packaging Market during the forecast period. The growth of the pouch segment is attributed to low production cost and the easy accessibility of the raw materials to the manufacturers of the milk packaging.
- The paperboard sub-segment holds a substantial market share in 2021. The paperboard segment is anticipated to be the highest contributor to the growth of the Global Milk Packaging Market during the forecast period. The growth of this segment is anticipated to its property of offering self-life in the milk. Moreover, the paperboard segment is anticipated to hold 70% of the Global Milk Packaging Market during the forecast period.
- Asia Pacific is the fastest regional segment. The developing countries of the Asia Pacific such as China, and India are the biggest milk producers and consumers in the region. Furthermore, the occurrence of a dense population and the rising innovations in the industries are contributing to the growth of the Milk Packaging Market during the forecast period. People in the Asia Pacific are typically accepting products that contain lactose, which produce new lactose-free avenues. Moreover, the rising concerns about child nutrition will balance the dairy consumption and boost the Milk Packaging Market growth in the upcoming years.
Several nutritious and health benefits associated with the utilization of packaging materials have boosted the demand for milk in recent years, which is expected to drive the growth of the Milk Packaging Market during the forecast period. Thus, the rising demand for milk and milk products and the increasing geriatric population are boosting the growth of the Global Milk Packaging Market during the forecast period. Furthermore, the growth in the demand for packaged milk due to the increasing the nutritional content advantages and the benefits of packaged milk fuels the growth of the Milk Packaging Market in the years to coming.
Consumers prefer tasty, nutritious, and suitably packaged flavored milk as an alternative to the other beverages. Moreover, the emerging countries are predicted to drive the demand and growth of the new flavors and products concentrating on health. Furthermore, the consumer's spontaneous eating habits owing to their busy working schedules which is expected to drive the demand for flavored milk globally, which in turn is projected to propel the growth of the Global Milk Packaging Market in the years to come.
Asia Pacific is the largest market. In the Asia Pacific region, the dairy trade is the prime source of income for many farmers with the highest growth predicted in the Milk Packaging sector during the forecast period. There is a substantial difference in supply and demand in countries like India, contempt is responsible for over 15% percent of the global production of milk. Furthermore, under these disapproving conditions, the government of India has decided to endure the banning of the imports of milk and milk products. Moreover, this has supported local farmers on a large scale in increasing their yield. Additionally, the government also inspires foreign companies to advance domestic production. Moreover, it is common in several other nations in the Asia Pacific, like China. Therefore, the focus on increasing milk manufacturing is projected to drive the growth of the Milk Packaging Market in the Asia Pacific region.
The Milk Packaging is segmented as follows:
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Pages and in-depth TOC on "Milk Packaging Market Size, Share & Trends Analysis Report by Packaging Type (Cups, Cans, Bottles, Pouches), by Material (Glass, Plastic, Metal, Paperboard), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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