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World: New dairy product launches to crowd competitive market, says report

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The global dairy packaging market to grow at a compound annual growth rate of 4.06% during the period 2016-2020, according to a Research and Markets report.

The market is highly competitive, with many local and international vendors in the market. Due to the competition in the market, companies are trying to introduce new innovative products packaging and portion ability to save their market position.

New product launches will create demand for advance dairy packaging in several regions such as Asia Pacific, Europe, and North America for specific needs of consumers and will positively influence the global dairy packaging market during the forecast period.

The report states growing urbanization and higher levels of disposable income have increased the consumption of dairy products.

The increase in per capita income has elevated the purchasing power of consumers worldwide, which has a big implication on the global dairy products packaging market.

Transformation of the traditional system of dairy farming into the current technological set-up has also brought the entire dairy market to an advanced stage.

Further, packaging vendors have to comply with the regulations formulated by governments of different countries.

It is difficult for small vendors to adhere to all the rules, which might hinder the market in long terms.