The global aseptic packaging market is expected to see a healthy growth in the forthcoming years, according to a recent report by Transparency Market Research (TMR). The global market consists of competitive vendors that are focusing on multiplying their production capacities, due to surge in consumer demand. Players are investing heavily towards research and development in this sector, in order gain an edge over their competitors. They are seen adapting their product in order to meet consumer’s changing inclinations, and upgrading their product portfolio ion terms of quality, performance and appearance, in order to fortify their market position.
The vendors may have to a moderate capital in order to keep up with the technological aspects demanded by the industry, which is constantly evolving. Additionally, some regulations adopted by government that require the use of ‘biodegradable’ raw materials in order to ensure that the packaging is ecologically sustainable, may hamper the entry of new players to some extent.
However, the rising health awareness among consumers are encouraging players in introducing innovative products in the arena of aseptic packaging. The market’s competitive landscape is currently consolidated, with the presence handful number of global players. Some of the prominent vendors operating in the global aseptic packaging market are Greatview Aseptic Packaging Company, Schott AG, Elopak, Tetra Pak, and SIG Combibloc.
TMR projects the global aseptic market to expand at a 10.0% CAGR over the forecast period 2017 to 2024. Based on the revenue, the market is envisaged to reach US$80.49 bn by 2024, from an estimated US$41.31 in 2017. The report predicts that among the end-use industries, the segment of pharmaceutical is prognosticated to emerge as the prominent segment.
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Geography-wise, the region of Asia Pacific is forecasted to be the most promising regional market over the forecast period, projected to hold nearly 40% of the global market revenue.
Burgeoning Demand from Food and Beverage Industries to Fuel Market
There is an augmented need for aseptic packaging solutions in the food and beverage industry on account of the growing demand for packaged foods, which are rich in nutrients and promote health and wellness among consumers. Moreover, curtailed distribution costs has ensnared the preference for aseptic packaging in the F&B sector, which is likely to boost the overall growth prospects for the global aseptic packaging market in the following years. Additionally, the need to improve the product’ shelf-life and preserve product’s quality without using preservatives are key factors fuelling the growth of the global aseptic packaging market.
