Packaging giant Tetra Pak is set to benefit from rising global milk consumption and will invest invest $268m in emerging markets as dairy consumption in the developing world rockets.

Tetra Pak plans to open new facilities in Pakistan and India, according to the Financial Times, having just completed a new plant in China.

Milk consumption in India – the world’s largest consumer – grew by 2.6% last year to 51.5bn litres. Milk-cartons account for around two-thirds of Tetra Pak’s business, with the company also set to benefit from the growing popularity of UHT milk over fresh.

In 2004 UHT had an 18.7% share of the liquid milk market. This has since risen to 23%.