Aseptic Packaging Market to Cross USD 70 billion by 2024
Growing demand for packaged food will propel market growth.
December 3, 2018
According to a new research report by Global Market Insights, Inc., Aseptic Packaging Market size will likely surpass USD 70 billion by 2024.
Growing demand for packaged food due to consumers’ willingness to put in minimum effort on food preparation will propel market growth. Greater participation of women in workforce and growing dual person household incomes are propelling the demand for packaged food products, which in turn boosting the aseptic packaging market. In 2016, Asia Pacific is one of the leading regions favoring ready-to-eat food products, dairy products, frozen meals, cake mixes, and snacks, which will significantly affect the market towards growth in this region. Increasing consumption of packaged food products by consumers in the emerging countries, owing to rapidly changing lifestyles will positively influence the aseptic packaging market over the coming years.
Aseptic packaging products require less packaging materials, light weight, and easy to recycle. These features are making them most favorable packaging materials. Moreover, the sustainable properties such as product sterility, and longer shelf life offered by them would result in a significant growth of this market all over the world.
Few of the other challenges faced by the aseptic packaging market include high R&D costs with high initial investment is setting up a unit.
Among all the products, carton packaging segment is currently growing in dairy applications, as it provides secure packaging, and further helps in extending shelf-life of food products, by protecting it from oxidation.
Food and beverages industry holds more than half the market share owing to increasing application in several liquid foods, ready to eat meals and beverage products. The food and beverage industry segment will grow significantly, as aseptically packaged products have good taste, with higher nutrition value and also lasts longer. This segment will grow at a CAGR of over 7% over the coming years.
Asia Pacific held a significant share in 2016 and is set to surpass USD 25 billion by the end of forecast period. Increasing demand for dairy product packaging is set to fuel the regional aseptic packaging market growth. Europe will exhibit a decent growth rate over the projected period due to increasing demand for packaged food products.
Key players present in the aseptic packaging market are Amcor Limited, DuPont., Tetra Laval International S.A, Krones AG, Scholle IPN, Lamican International Oy, Ecolean AB, Sealed Air, Goglio S.P.A, Agropur Cooperative, IPI, Printpack and others.