Recently, Transparency Market Research has published a report that offers in-depth insights on the intricate working dynamic of the global aseptic packaging market.
According to the research report, the global market is projected to exhibit a promising CAGR of 10% for the given course of forecast period ranging from 2017 to 2024. With this rate of growth, the market is expected to reach a new valuation worth US$80.49 billion. Previously, in 2017, the market was valued at US$41.31 billion.
The global aseptic packaging market is expected to witness a transformative growth in the near future owing to the massive urbanization witnessed in India and China
These countries are experiencing huge demands for packaged drinking as well as eatable products that are aseptically packaged, and hence driving the growth of the market
“Along with the growing demand for adequately packaged eatable products from the emerging Asian economies, the well-developed nation in the West are also projected to generate sustainable demand for aseptic packaging. This growing demand can be primarily attributed to the growing awareness about the benefit of using aseptic packaging,” finds TMR analysts.
Key Findings in the Research Report:
- Pharmaceutical industry is expected to emerge as a key end-use segment in these coming years of the forecast period. Other important end-use segments are food, dairy, and beverages among others. By the fall of 2024, the pharmaceutical segment is expected to be worth around US$28,110.3 million. On the other hand, the dairy segment is expected to be valued around US$24,616.6 million.
- The growth of the pharmaceutical segment is primarily attributed to the growing demand for medical consumables across the globe. Whereas, the demand for aseptic packaging in dairy segment is high so as to increase the low shelf life of dairy products such as milk, cheese, and yogurt.
- Based on product type, the global aseptic packaging market is further segmented into bottles (plastic and glass), cartons, pouches and bags, prefilled syringes, vials, and ampoules among others. The segment of ampoules, prefilled syringes, and vials was valued at around US$13,972.1 million in 2017 and is expected to show a promising growth in coming years of the forecast period.
Global Aseptic Packaging Market – Key Driving Factors
There are several factors that are helping the overall development of the global market. Some the important growth factors are mentioned below:
- One of the primary growth factor for the market has been the growing demand for aseptic packaging from its prominent end use sectors. Pharmaceutical industry has witnessed a tremendous growth in recent year. Following that, the market has been demanding aseptic packaging for packing medical consumables, equipment, and drugs among others.
- Moreover, with technological advancements helping the dairy industry to improve its production capabilities, there has been a growing demand for aseptic packaging for maintaining the higher shelf life of these products.
- Furthermore, technological advancements in the packaging industry itself has helped in bringing product development and innovation to drive the growth of the global market.
Global Aseptic Packaging Market – Key Restraining Factors
There are however some factors that may impede the growth of the global market and stop it from reaching its full potential. Some of them are given below:
- One of the major restraining factor for the aseptic packaging market has been the high levels of initial capital investment.
- Another notable restraining factor for the market has been complexity of the production processes.
- Players operating in the global market are trying to eliminate these restraints by bringing in newer technologies and operations. However, these are yet to spread wide across the globe putting mild restrains on the market development.
Global Aseptic Packaging Market – Geographical Outlook
- Asia Pacific is expected to be the most dominating regional segment for the global aseptic packaging market. India and China are the two biggest contributors for the development of the regional market. Heavy demand for aseptic and other packaging materials is work in favor of the development of the Asia Pacific region.
- Moreover, the presence of good domestic manufacturers and low cost labor, the region is expected to emerge as the strongest contributor for the overall market growth.
- With the TMR estimates, the Asia Pacific region is expected to generate a revenue worth US$31,488.9 million by the end 2024, contributing to around 39.1% of the global demand.
Global Aseptic Packaging Market – Competitive Landscape
The competition in the global aseptic packaging is expected to remain intense in the near future. Companies in the global market are expected to concentrate more research and development activities to create long lasting and innovative products.
Some of the key companies in the global market are Tetra Pak, SIG Combibloc, Elopak, Greatview Aseptic Packaging Company, and Schott AG among others.
The global aseptic packaging market is segmented on the basis of:
- Bottles (Glass, Plastic)
- Vials, Prefilled Syringes & Ampoules
- Bags & Pouches
- Others (Cups)
- North America
- Asia Pacific
- Rest of the World