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Steel Emerges as a Dominant Player in Dairy Product Packaging Market Says Future Market Insights Inc.

Rising Competition among Market Players to Boost Investments in Dairy Product Packaging Solutions, Forecasts US$ 43.1 billion Valuation of Dairy Product Packaging Market by 2034.

NEWARK, Del, March 01, 2024 (GLOBE NEWSWIRE) — The global dairy product packaging market value is expected to rise from US$ 33 billion in 2024 to US$ 43.1 billion by 2034. This estimated growth is expected to be driven by a moderate CAGR of 2.70% in the dairy products packaging industry over the next decade.

Within the dairy industry, producers seek to achieve product differentiation via packaging. Increasing use of chick, eye-catching design, and aseptic features are expected to boost the use of present-day dairy product packaging formats. Surging competition among the dairy product packaging market players has led end users to invest in distinct dairy product packaging solutions.

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Key players are further concentrating on changing the dynamics of the dairy industry and introducing innovative packaging products to increase their annual revenues. Further, the rising consumption of dairy products due to increasing awareness about healthy lifestyles is positively impacting the sales of dairy products packaging.

“Key players are experimenting with new materials to differentiate their product offering,” says Ismail Sutaria, Principal consultant at Future Market Insights

Key Takeaways from the Dairy Product Packaging Market Report

  • In 2023, the dairy products packaging industry gathered a market value of US$ 32.3 billion. From 2018 to 2023, the market expanded at a CAGR of 2.1%.
  • By product type, the F-style steel cans segment is projected to acquire a share of 28.7% in 2024.
  • Based on material type, the steel segment is expected to obtain a 45.5% share of the global market.
  • The United States dairy products packaging industry is predicted to expand at a CAGR of 1.6% through 2034.
  • In Europe, the market in Spain is projected to register a CAGR of 2.1% through 2034.
  • Within Asia Pacific, the dairy product packaging market in India is estimated to expand at a CAGR of 6.4% from 2024 to 2034.

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Competitive Landscape

Key players are focusing their efforts on developing new and improved packaging solutions packed with improved functionality, sustainability, and aesthetics. Additionally, players are partnering with universities and research institutions that lead the market with technological advancements in printing techniques, materials, and packaging designs.

Industry participants are targeting new markets with heavy potential as well as obtaining existing players to acquire certain expertise. In tandem with this, players are collaborating with dairy producers and suppliers to secure a significant market share.

Market contenders are offering single-serve options to meet unique preferences and demands for increasing market segments. Furthermore, players are investing in automation and the latest technologies to increase their market share.

Latest Developments in the Diary Products Packaging Market

  • In August 2023, Dow, a global firm for materials science, came into a partnership with Mengniu, which is a leading dairy company in China to introduce an all-polyethylene (PE) yogurt pouch that is developed for recyclability. This innovation invigorated the commitment of both companies to gain a circular economy in China.
  • In November 2023, Mondi, a packaging multinational firm partnered with Skånemejerier, a Swedish dairy co-op to introduce new mono-material packaging that’s easy to segregate and recycle.

Key Players:

  • Mondi Group
  • WestRock Company
  • Bemis Company Inc.
  • CKS Packaging
  • Sealed Air Corporation
  • Barry-Wehmiller Companies
  • Nampak Ltd.
  • Airlite Plastics
  • ELOPAK
  • CLONDALKIN Group Holdings
  • Saint-Gobain S.A.
  • Saudi Basic Industries Corporation
  • Stora Enso Oyj
  • Evergreen Packaging
  • Ahlstrom
  • Rexam
  • Huhtamaki Group
  • International Paper Company
  • Consolidated Container Company LLC
  • Tetra Pak
  • Others

Dairy Product Packaging Market by Category

By Type:

  • Bags and Wraps
  • Bottles
  • Cans
  • Cartons and Boxes
  • Cups
  • Films and Wraps
  • Pouches
  • Tubes
  • Others

By Application:

  • Milk
  • Cheese
  • Frozen Products
  • Yogurt
  • Cream
  • Butter and Ghee
  • Ice-cream
  • Cultured Products
  • Others

By Material:

  • Glass
  • Metal
  • Paperboard and Paper
  • Plastic
  • Others

By Distribution Channel:

  • eCommerce
  • Specialty Retailers
  • Supermarkets and Hypermarkets
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power. 

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics. 

Explore Related Reports of Packaging:

  • The FMCG packaging market is expected to expand its roots at an average CAGR of 5.8% during the forecast period. The market is likely to hold a revenue of US$ 443.1 billion in 2023 while it is anticipated to cross a value of US$ 778.7 billion by 2033.
  • The global beverage packaging market is expected to be worth US$ 164 billion by 2033, exhibiting a CAGR of 4.2%.
  • The flexible packaging paper market is on track to grow at an estimated CAGR of 4% during 2022-2032.
  • According to Future Market Insights research, during the projected period, the global biodegradable packaging market is set to enjoy a valuation of US$ 448.2 Billion in 2022, and further expand at a CAGR of 6.1% during 2022-2032.
  • Global CBD product packaging market with the assistance of his specialized team in the packaging sector. It is been stated that the global market is presumed to witness a flourish growth rate of nearly 6.8% CAGR over the assessment period by 2031
  • The beverage crate market is valued at US$ 404.20 million in 2024 and is projected to reach US$ 668.20 million by 2034, exhibiting a CAGR of 5.20% over the forecast period.
  • The food packaging film market is estimated to be valued at US$ 60.6 billion in 2024. The market valuation is expected to rise to US$ 115.0 billion by 2034. It is expected to grow at a CAGR of 6.6% during the forecast period.
  • The chocolate bar packaging market is estimated to be valued at US$ 815.7 million in 2024 and is expected to reach US$ 1,291.2 million by 2034. The global market is anticipated to grow at a CAGR of 4.70% during the forecast period.
  • The beer packaging market is projected to be worth US$ 28.7 billion in 2024. The market is likely to reach US$ 40.5 billion by 2034. The market is further expected to surge at a CAGR of 3.5% during the forecast period 2024 to 2034.
  • The beverage filter paper market is projected to be worth US$ 747.3 n million in 2024. The Market is likely to reach US$ 1,127.7 million by 2034. The Market is expected to surge at a CAGR of 4.2% from 2024 to 2034.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/692588648/steel-emerges-as-a-dominant-player-in-dairy-product-packaging-market-says-future-market-insights-inc

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