The global Micro Packaging Market is estimated to be valued at US$ 1.46 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Micro packaging refers to miniaturized packaging solutions used for tiny products where size is a critical factor. It involves packaging of pharmaceutical drugs, medical devices, electronic components, food products, and cosmetic products. Micro packaging helps protect items from damage, prevent contamination, and increase product shelf life. It ensures easy transportation and storage of small-sized products. The growing pharmaceutical and electronics industries rely heavily on micro packaging for various applications.
Market key trends:
Pharmaceutical companies are increasingly adopting micro packaging for drugs and medical devices owing to benefits such as preventing product damage, improved safety, and ease of use for patients. Growing demand for miniaturized drugs and medical equipment is driving innovations in micro packaging materials and designs. Major players are investing in R&D to develop biodegradable and recyclable micro packaging solutions using paper, wood, and plant-based materials to cater to sustainability needs of end-use industries.
Threat of new entrants: The threat of new entrants is low as establishing a new packaging manufacturing business requires significant capital investment and intense R&D efforts. Strict government regulations around food safety further increases entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as several established packaging brands exist in the market. However, customization requirements give buyers some influence on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials. However,meeting compliance standards limits supplier substitution.
Threat of new substitutes: The threat of new substitutes is low as micro packaging offers optimal protection,portion control and extended product lifetime. Alternative formats do not provide the same level of product protection and convenience.
Competitive rivalry: Intense competition exists among existing players to gain market share.
The global Micro Packaging Market Size is expected to witness high, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for packaged convenience foods.
Regional analysis: North America dominates the micro packaging market accounting for over 30% share due to demand from food and beverage industry in the region. Asia Pacific exhibits highest growth led by expanding middle-class population in China and India demanding packaged food products.
Key players operating in the micro packaging market include Amcor plc, Bemis Company Inc. (acquired by Amcor), Sonoco Products Company, Sealed Air Corporation, DS Smith Plc. Key players focus on new product development, mergers, and capacity expansions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it