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.
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.
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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.
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.
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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.
This review is based on a recent
market research report published by Transparency Market research,
titled “Aseptic Packaging Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016
- 2024.”
For this study, the market has been
segmented as follows:
Aseptic Packaging Market -
Product Analysis
-
Bottles (Glass, Plastic)
-
Cartons
-
Vials, Prefilled Syringes & Ampoules
-
Bags & Pouches
-
Others (Cups)
Aseptic Packaging Market -
End-user Analysis
-
Food
-
Dairy
-
Beverages
-
Pharmaceutical
-
Others (Personal Care, etc.)
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