The Canada Nano Enabled Packaging for Food and Beverages Market is projected to reach around US$ 1,370.1 Million by the end of 2030, in terms of revenue, growing at CAGR of 10.3% during the forecast period (2023-2030).
Canada Nano Enabled Packaging for Food and Beverages Market: Drivers
Increasing demand for longer shelf-life
Growing demand for longer shelf-life of the food product is expected to propel the market growth of nano-enabled packaging. The rising need for eliminating waste and conventional packaging materials is ineffective in increasing the shelf-life of the food product thus leading to wastage of food is also raising demand for nano-based packaging. Moreover, the growing need for proper protection and reducing the risk of contamination during transportation is further expected to augment the market growth of nano-enabled packaging over the forecast period.
Food contamination and non-compliance with regulations
Increasing recall due to food contamination and products that do not obey federal regulations is projected to fuel the market growth of nano-enabled packaging in Canada. For instance, the Canadian Food Inspection Agency (CFIA) closely monitors food products sold in the country and recalls contaminated food products from the market. Such strict rules and regulations are anticipated to propel the growth of the Canada nano-enabled packaging market.
Figure 1. Canada Nano Enabled Packaging for Food and Beverages Market Share (%) in terms of Value, By Application, in 2022
Canada Nano Enabled Packaging for Food and Beverages Market: Restraints
Lack of proper knowledge and higher cost of nano packaging
High costs of nano-packaging are leading to an overall increase in product costs due to which various manufacturers use the conventional packaging process. This factor is projected to hamper the growth of the Canada nano-enabled packaging market over the forecast period.
Lack of proper information on the impact of nano materials which include nanofillers and nanocomposites and their effect on the health of consumer health is expected to hamper the market growth.
Adoption of nano enabled packaging in dairy products
Increasing adoption of active-based packaging in dairy products is expected to provide potential growth opportunities to the market of nano-enable packaging. Active-based packaging has an oxygen barrier and antimicrobial properties that prevent contamination and also maintain the texture of the product. Moreover, active-based packaging also provides cost-effective solutions to manufacturers in order to enhance their product offerings in the competitive market.
Canada Nano Enabled Packaging for Food and Beverages Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 623.6 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||10.3%||2030 Value Projection:||US$ 1,370.1 Mn|
3M Company, Amcor Limited, BASF SE, Crown Holdings Incorporated, E. I. du Pont de Nemours and Company–DuPont, Honeywell International, Inc., Bemis Company, Inc., Sealed Air Corp., Multisorb Technologies, Inc., and AMCOL International Corporation – Nanocor Inc.
|Restraints & Challenges:||
Rising consumer purchases of bakery products
Increasing spending of consumers on packaged food products such as bakery products is estimated to offer lucrative growth opportunities to the market of Canada nano-enabled packaging. According to the Government of Canada, Canada ranked as the twelfth-largest retail market for baked goods in 2021, with US$ 6.6 billion in total sales. With US$ 2.6 billion in sales in 2021, Canada came in third place in the market for health and wellness (HW) baked goods. Thus, the growing demand for packaged food is expected to propel the market growth.
Government focus on agriculture sector
Increasing focus of the government of Canada to improve the agriculture sector in the country is projected to augment the market growth of Canada's nano-enabled packaging. For instance, in Feb 2023, Canadian government declared an investment over US$19.7 million for two agriculture and agro-food projects under the Sectoral Workforce Solutions Program (SWSP). Thus, rising initiatives by the government of Canada will favor market growth over the forecast period.
Figure 2. Canada Nano Enabled Packaging for Food and Beverages Market Share (%) in terms of Value, By Technology, in 2022
Canada Nano Enabled Packaging for Food and Beverages Market: Recent Developments
In May 2023, In order to strengthen its support for biotech manufacturing, a rapidly expanding sector of health care that is bringing ground-breaking treatments to patients, 3M announced it will invest $146 million. The investment will go toward upgrading the facilities and equipment as well as creating 60 new full-time jobs at 3M manufacturing facilities in Europe.
In May 2023, Amcor, a world leader in creating and producing responsible packaging solutions, has announced that it has signed a definitive agreement to acquire Moda Systems, a top manufacturer of cutting-edge, automated protein packaging machines.
In June 2023, Amcor, a leader in developing and manufacturing ethical packaging solutions, announced the addition of heat seal sachets for dry food and beverage applications like instant coffee, drink powders, spices, seasonings, and dried soups to its AmFiber Performance Paper packaging line in Europe.
In April 2023, a non-binding letter of intent was signed by Koenig & Bauer AG, makes printing presses, and Sealed Air to develop their strategic alliance for digital printing devices. The partnership will create cutting-edge digital printing technology, tools, and services to significantly enhance packaging design capabilities.
Canada Nano Enabled Packaging for Food and Beverages Market: Market Segmentation
Canada Nano Enabled Packaging for Food and Beverages Market: By Application
On the basis of application in 2022, prepared foods accounted for the largest market share of 25% in terms of value, followed by beverages and dairy, respectively.
Canada Nano Enabled Packaging for Food and Beverages Market: By Technology
On the basis of Technology in 2022, Active Packaging has accounted for the largest market share of 48% in terms of value, followed by intelligent packaging and controlled packaging, respectively.
Canada Nano Enabled Packaging for Food and Beverages Market: Impact of Coronavirus (COVID-19) Pandemic
During lockdown period consumers are stocking up not just essentials but also packaged or processed foods. Demand for packaged food is increasing as people consider it comfort food and hygienic. The surge in demand for packaged food is expected to drive market growth for packaging products. Food companies are making changes to their operations in response to increasing demands.
Canada Nano Enabled Packaging for Food and Beverages Market: Key Companies
Key Companies operating in Global Silicon anode Battery Market are 3M Company, Amcor Limited, BASF SE, Crown Holdings Incorporated, E. I. du Pont de Nemours and Company–DuPont, Honeywell International, Inc., Bemis Company, Inc., Sealed Air Corp., Multisorb Technologies, Inc., and AMCOL International Corporation – Nanocor Inc.
*Definition: Nano-enabled packaging is an advanced packaging solution in the food and beverage industry that provides a longer shelf-life for the perishable food product. Nano-enabled packaging is also beneficial in enhancing the taste, color, and texture of the packaged food product. Moreover, it also improves the absorption and bioavailability of nutrients in food. They can be classified into controlled-release packaging, active packaging, and intelligent packaging.
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