Aseptic Packaging Market Estimated to Reach US$ 80.49 Bn by 2024: Transparency Market Research

ALBANY, N.Y. - Aug. 24, 2016 - PRLog -- Transparency Market Research has released a new market report titled "Aseptic Packaging (Bottles, Cartons, Vial, Prefilled Syringes & Ampoules, Bags & Pouches and Others) Market for Food, Dairy, Beverage, Pharmaceutical, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024." According to the report, the global aseptic packaging market was valued at US$ 34.42 Bn in 2015 and is anticipated to reach US$ 80.49 Bn by 2024, expanding at a CAGR of 9.9% from 2016 to 2024.

Food, diary and beverage industry commercially uses glass, aluminum and plastics as key packaging materials. Most of these packaging materials require addition of preservatives for maintaining the longevity of packaged product. Aseptic packaging primarily acts as a substitute to the traditional products used for food, diary and beverages packaging. Aseptic packaging helps increase the shelf life of a product while maintaining its original composition without the use of any preservatives.

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Vials, ampoules, and prefilled syringes segment dominated the market with more than 30% share in 2015 of aseptic packaging market considering its wide application in the pharmaceutical industry. Carton is projected to be the fastest growing application segment during the forecast period. Increase in environmental awareness and low prices of raw materials are estimated to be the key factors driving the segment across the globe. Plastic bottles for aseptic packaging involve considerably high seed capital investments, however considering the wide arena of its applications, the segment would be one of the key lucrative product segments after cartons.

In terms of end-user industry, pharmaceutical was the largest segment of the global aseptic packaging market, constituting more than 35% share in 2015. Dairy is projected to be another major end-user industry between 2016 and 2024. It is anticipated to be one of the fastest growing end-user industry, due to the rising demand for dairy products in developing regions such as Asia Pacific and Latin America. Demand for packaged food is rising significantly in developing regions. This is expected to drive the demand for aseptic packaging in the near future.

Currently, Asia Pacific is leading the global aseptic packaging market in terms of revenue. It is followed by North America and Europe. The aseptic packaging market in developing regions is estimated to expand at the fastest rate during the forecast period. Developed regions have reached a saturated market scenario; hence, growth rate in these regions is moderate. End-user industries in Middle East & Africa are yet to adopt aseptic packaging techniques. As a result, the market in the region is estimated to expand at sluggish growth rate.

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The global aseptic packaging market is consolidated and highly polarized in terms of company market share. Tetra Pak accounts for the major share of the market. Other key players in the aseptic packaging market include Sealed Air Corporation, Greatview Aseptic Packaging Co., Ltd., ELOPAK Group, Ecolean AB, Molopak, Schott AG, IPI, SIG Combibloc Group AG, and Dizaynpak Baski Ve Ambalaj Teknolojileri A.S.