Aseptic Packaging Market is projected to be worth US$80.49 billion by 2024

With Tetra Pak alone accounting for a share of over 65%, the competitive landscape of the global aseptic packaging market features a markedly high level of consolidation and intense entry barriers for new vendors, reports Transparency Market Research in a recent report. The highly complex manufacturing process and requisition of high initial investments have also refrained many companies from venturing into the market for aseptic packaging so far.

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However, even though intense entry barriers exist on the global level, new vendors could make a mark by introducing cost-effective product varieties as their entry strategy, especially in the highly lucrative emerging markets. In the next few years, the vast growth opportunities in the global aseptic packaging market are likely to attract new companies. Low cost of raw material and relatively cheaper labor in developing regions will naturally be the most promising locations for establishing manufacturing units. Other key vendors operating in the global aseptic packaging market include SIG Combibloc, Schott AG, Greatview Aseptic Packaging Company, and Elopak.

Rising Demand across Food and Beverages, Dairy Industries to Fuel Growth

The rising consumer awareness about the benefits of aseptic packaging and its capability of keeping food products in their original form for a long duration, without the need for added preservatives to ensure longevity and sustained quality is boosting the usage of aseptic packaging across industries such as food and beverages and dairy products. The rising global consumption of ready-to-eat and packaged food products is also fueling the demand for aseptic packaging in these industries. In the next few years, ready-to-eat and packaged foods are expected to be the most preferred category of food products for busy urban dwellers, especially in emerging economies. The trend will substantially enhance the overall growth opportunities of the global aseptic packaging market.

The market is also expected to benefit from the fact that aseptic packaging products such as cartons are environmentally safer when compared to glass bottles and PET products. Studies have demonstrated that manufacturing and disposal of aseptic packaging products results in the release of relatively lower amount of emissions considered harmful for the environment. Their manufacturing also consumes lesser fossil resources as compared to glass bottles and PET products. These factors are expected to have a massive impact on the future development of the global aseptic packaging market as the rising awareness regarding environment preservation among consumers will compel consumers to switch to eco-friendly products.

Complex Manufacturing Process and Preference for Known Brands to Restrain Growth

The highly complex process of manufacturing aseptic packaging and preference of consumers to products from renowned brands are two of the key challenges that the global aseptic packaging market presently faces. Owing to the complex manufacturing process and capital-intensive setup of manufacturing units, not many companies have ventured into the market, leading to a dearth of product varieties.

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Also, the consumer has largely been biased towards the most prominent brands available in the market, leading to a highly polarized market. New vendors wishing to enter the market are required to focus on ways of value addition to their offering for product differentiation. These factors are collectively having a massive negative impact on the overall development of the global aseptic packaging market, limiting its expansion prospects across a larger consumer and application base.

Asia Pacific to Retain Dominant Positions

The global aseptic packaging market is expected expand at an excellent 9.9% CAGR over the period between 2016 and 2024. Expanding at this pace, the market will rise from a valuation of US$34.42 bn in 2015 to US$80.49 bn by 2024. The pharmaceutical industry is presently the key end-use industry, accounting for a share of over 35% in the global market in 2015. Geography-wise, Asia Pacific accounted for a dominant share of 32% in the global market in the same year. Both these segments are expected to retain their dominance in their respective categories in the global aseptic packaging market over the forecast period as well.

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This release was published on openPR.