The dairy industry is presently the second-largest revenue contributor to the global aseptic packaging market and is expected to exhibit steady rise in the consumption of a variety of aseptic packaging products in the next few years as well.
Albany, NY -- (SBWIRE) -- 03/09/2017 -- The vast rise in consumer demand for packaging techniques capable of preserving the longevity and quality of food, beverages, dairy products, and medicines without the need for adding preservatives in the past few years has fueled the global market for aseptic packaging. The market is also benefitting from the fact that aseptic packaging products such as cartons are environmentally safer when compared to conventional packaging products made from glass and PET.
The flourishing food, diary, beverage, and pharmaceutical industries and the rising preference of these industries to aseptic packaging is expected to result in excellent growth prospects for the global aseptic packaging market in the next few years. Transparency Market Research estimates that the market, which held an opportunity of US$34.42 bn in 2015, is expected to rise at a CAGR of 9.9% over the period between 2016 and 2024, rising to a valuation of US$80.49 bn by 2024.
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Applications across Pharmaceutical Industry Gain Prominence
Revenue-wise, applications across the pharmaceutical industry emerged as the most lucrative for the global aseptic packaging market, accounting for a share of nearly 36% in 2015. Demand for a variety of aseptic packaging products is expected to rise at a steady pace in the next few years as well, driven chiefly by the rising consumption of medical consumables across the globe. The demand for aseptic packaging is expected to remain the largest in the Asia Pacific pharmaceutical industry over the forecasting horizon.
The dairy industry is presently the second-largest revenue contributor to the global aseptic packaging market and is expected to exhibit steady rise in the consumption of a variety of aseptic packaging products in the next few years as well. However, the beverages industry is expected to emerge as the most promising end-use segment of the global aseptic packaging market from 2016 through 2024. Over the said period the demand for aseptic packaging in the beverages segment is expected to rise at a 10.6% CAGR. The high attractiveness of this end-use segment will be as a result of the rising product portfolio of beverages as well as vast rise in demand for a vast variety of packaged beverages in the global market.
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Developing Regions Represent Opportunities Ready to be Tapped Into
Asia Pacific is presently the largest regional market, accounting for a share of over 32% of the global aseptic packaging market in 2015. The region is also expected to expand at the fastest pace over the period between 2016 and 2024, led chiefly by the rising demand across flourishing industries such as pharmaceutical, food, and beverages. China will be a key contributor to the region's commanding position in the global market, retaining its position as the largest country-wise market for aseptic packaging.
Apart from a vast rise in the demand for aseptic packaging across key application areas, China also holds a prominent position in the global market owing to the presence of domestic producers and capability of producing low-cost product varieties.
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The market for aseptic packaging is also expected to gain high returns in countries such as Brazil, Chile, Argentina, Thailand, Vietnam, India, and Pakistan in the next few years. The vast rise in key end-use industries in the countries will be lead to the lucrative market for aseptic packaging in these countries. On a whole, the global market will witness the most prominent growth across developing nations, with stagnant growth across developed regions such as North America and Europe.
The competitive landscape of the global aseptic packaging market features high consolidation. Tetra Pak, the dominant company with supply chains spread across the globe, accounted for a share of over 65% in the market in 2015. Other key vendors in the market are Greatview Aseptic Packaging Co., Ltd., ELOPAK Group, Sealed Air Corporation, Ecolean AB, SIG Combibloc Group AG, Schott AG, and Molopak.
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