Portland, OR, June 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global milk packaging market generated $40.01 billion in 2020, and is projected to reach $65.97 billion by 2031, growing at a CAGR of 4.69% from 2022 to 2031.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the demand for single-serve milk packs among people, growing awareness about the health benefits of dairy products to meet essential calcium and nutrient requirements in the body, and rise in geriatric population across the globe are expected to drive the growth of the global milk packaging market. On the other hand, fluctuation in the prices of raw materials is expected to hinder the growth to some extent. However, increase in the number of health-conscious people around the world is expected to create ample opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global milk packaging market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the temporary closure of various manufacturing industries, including those of milk packaging.
- This was majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic.
- However, the market is expected to grow post pandemic as consumers prefer hygienic and healthy milk.
The report offers a detailed segmentation on the global milk packaging market based on packaging type, material and region.
Based on packaging type, the pouches segment held the largest market share in 2020, garnering half of the global market. The bottles segment, on the other hand, is predicted to cite the fastest CAGR of 5.3% during the forecast period.
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Based on material, the paperboard segment held the majority market share in 2020, holding more than two-fifths of the global market. In addition, the same segment is expected to cite the fastest CAGR of 5.2% during the forecast period. Other segments analyzed in the market include glass, plastic and metal.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering nearly half the global market. In addition, the same region is predicted to cite the fastest CAGR of 5.2% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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The key players analyzed in the global milk packaging market include Tetra Pack, Amcor Limited, Indevco, Evergreen Packaging, Elopak, Ball Corporation, Clondalkin Group Holdings, Blue Ridge Paper Products, Crown Holdings, and CKS Packaging.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
