The Next Generation Packaging Market is estimated to be valued at US$ 51.2 Billion in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Next Generation Packaging Market refers to advanced packaging solutions that offer improved sustainability and enhanced functionality. These packaging solutions are designed to address the evolving needs of industries such as food and beverage, healthcare, and consumer goods. The market encompasses various types of packaging materials such as biodegradable plastics, recycled paper, and bio-based materials. Next Generation Packaging solutions provide benefits such as reduced carbon footprint, extended shelf life, and enhanced product protection. These solutions find applications in industries such as food and beverages, pharmaceuticals, and personal care products.
The Next Generation Packaging Market is driven by the increasing demand for sustainable packaging solutions. With growing environmental concerns and regulations related to plastic waste, industries are shifting towards eco-friendly packaging alternatives. Next Generation Packaging solutions offer reduced environmental impact and are recyclable or biodegradable. Additionally, the expanding e-commerce industry is also contributing to the market growth as it requires efficient packaging solutions to ensure product safety during transportation. The rise in online retailing has led to increased demand for secure and protective packaging that minimizes product damage. Overall, the Next Generation Packaging Market is driven by the need for sustainable packaging and the growth of the e-commerce industry.
Next Generation Packaging Market can be segmented based on type, technology, and end-use industry. In terms of type, the market is dominated by the active packaging segment. Active packaging is gaining prominence due to its ability to actively interact with the packaged product to extend its shelf life and maintain product quality. This is achieved through various means such as oxygen scavenging, moisture control, and antimicrobial properties. The active packaging segment is expected to dominate the market due to the increasing demand for food and beverage products with longer shelf life and the need for sustainable packaging solutions.
Political: The Next Generation Packaging Market is influenced by political factors such as regulations and policies related to packaging waste management. Governments around the world are implementing strict regulations to curb the use of non-recyclable packaging materials and promote sustainable packaging solutions.
Economic: The market’s growth is driven by economic factors such as rising consumer disposable income, urbanization, and changing lifestyle preferences. These factors have led to an increased demand for packaged goods, thereby driving the growth of the packaging industry.
Social: Changing consumer preferences, such as the preference for convenience and eco-friendly packaging, are influencing the Next Generation Packaging Market. Consumers are becoming more conscious of the environmental impact of packaging materials and are opting for sustainable alternatives.
Technological: Technological advancements in packaging materials and processes are driving the growth of the Next Generation Packaging Market. Innovative solutions such as intelligent packaging, active packaging, and advanced printing technologies are gaining traction in the market.
The global Next Generation Packaging Market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period. This growth can be attributed to the increasing demand for sustainable packaging solutions and the need to extend the shelf life of packaged products.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the Next Generation Packaging Market. The region is witnessing rapid urbanization, rising disposable incomes, and changing consumer lifestyles, which are driving the demand for packaged goods. Additionally, the region is also focusing on implementing sustainable packaging practices to reduce environmental impact.
Key players operating in the Next Generation Packaging Market include Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj, Bemis Company, Inc., MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop. These players are investing in research and development activities to introduce innovative packaging solutions and gain a competitive edge in the market.
- Source: Coherent Market Insights, Public sources, Desk research
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