-- Dairy Packaging Market: Overview
The dairy packaging market had a valuation of USD 28.90 billion in 2021, with a projected 4.8% revenue CAGR during the forecast period. The market's growth is attributed to the increasing consumption of dairy products, which offer various health benefits, and the escalating demand from end-use industries. Consumers have a preference for eco-friendly products, which is driving brand owners to use more sustainable packaging. Companies are investing in R&D to launch innovative and sustainable packaging solutions. Key players are taking initiatives to promote sustainability, like Cadbury's sponsorship of recycling technologies. The move by Cadbury to use recycled plastics for flexible packaging for Cadbury Dairy Milk, Caramilk, and Old Gold family blocks will prevent over 120 tonnes of packaging waste from ending up in landfills.
Dairy Packaging Market Segments:
The report coverage includes the revenue forecast, company ranking, competitive landscape, growth factors, and trends. The segments covered are by type outlook, application outlook, material outlook, product outlook, technology outlook, and regional outlook.
Dairy products are perishable, and there is a rising demand for proper packaging to avoid product contamination and adulteration. This demand has led to increasing investments in Research and Development (R&D) activities, which work on product launches and innovations to promote sustainability goals by using green packaging.
Brand owners are aware of the benefits of utilizing more sustainable packaging, as eco-friendly solutions are in high demand by consumers. This has resulted in the rapid adoption of sustainable packaging by companies, which in turn is driving revenue growth of the dairy packaging market globally.
Various initiatives from key market players are also major factors driving market revenue growth. For instance, on 29 September 2022, Cadbury sponsored cutting-edge recycling technologies to find soft plastic packaging with recycled content. Flexible packaging manufacturer Amcor, which is producing the new packaging for the Cadbury Dairy Milk, Caramilk, and Old Gold family blocks, is in favor of this decision. More than 120 tonnes of packaging waste will be kept out of landfills owing to the transition to recycled plastics.
In conclusion, the global dairy packaging market is expected to witness steady growth due to the increasing consumption of dairy products and the rising demand from various end-use industries. Consumers' preference for eco-friendly products has driven companies to use more sustainable packaging, resulting in rapid adoption of such solutions. Various initiatives from key market players, including Cadbury's sponsorship of recycling technologies, are also driving revenue growth in the market.
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Dairy Packaging Market: Strategic Development
The global dairy packaging market has been witnessing strategic developments in recent years. Brand owners are investing heavily in Research and Development (R&D) activities to launch innovative products that promote sustainability goals by using eco-friendly packaging.
The market's key players are focusing on launching new and innovative products to gain a competitive advantage. For instance, Tetra Pak launched Tetra Classic Aseptic 65ml Cube packaging in 2021, which is a new portion-size package for on-the-go consumption. The package has a low carbon footprint and is 100% recyclable, contributing to the company's sustainability goals.
Furthermore, companies are focusing on mergers and acquisitions to expand their product offerings and increase their market share. For instance, in 2020, Amcor acquired Bemis Company Inc., a leading manufacturer of flexible and rigid plastic packaging products. This acquisition allowed Amcor to expand its product portfolio and strengthen its position in the global packaging market.
The market's key players are also focusing on expanding their geographical presence to cater to a larger consumer base. For instance, in 2020, Mondi opened a new plant in Poland to cater to the growing demand for sustainable packaging solutions in Eastern Europe.
In conclusion, the global dairy packaging market is witnessing strategic developments, including product launches, mergers and acquisitions, and geographic expansions, by the market's key players. These developments are aimed at gaining a competitive advantage, expanding product portfolios, and strengthening their position in the market.
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Dairy Packaging Market: Competitive Landscape
Multiple players are operating on global and regional levels in the fragmented and highly competitive global dairy packaging market. Key players are expanding their portfolio, investing in R&D, and forming strategic alliances to increase their market presence. Leading companies are utilizing partnerships, collaborations, agreements, regional expansions, mergers and acquisitions, and new product launches to grow their market share. Smaller businesses are differentiating themselves by developing unique dairy packaging products. Competitors are focusing on offering distinctive value propositions to gain market presence. Market suppliers are capitalizing on fast-growing categories while protecting their positions in slower-growing segments. Start-ups are also creating a major difference, and they are expected to gain a stable market presence in the future. Major companies in the market report include International Paper, Amcor plc, Berry Global Inc., Tetra Pak, Ball Corporation, WestRock Company, Mondi, Huhtamaki, Nippon paper industries co., ltd., and Bemis Manufacturing Company.
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