Next-generation packaging is an advanced packaging solution that offers various benefits in terms of product quality information and traceability. It helps in tracking and monitoring the product during the entire supply chain process from shipments to delivery of the product to the location. This ensures the safe delivery of the product to the consumer while preventing damages of the packaged materials. Food & beverages, personal care, healthcare & pharmaceuticals, and logistics are some of the major end users of next-generation packaging.
Global Next generation packaging was valued at US$ 48.00 Billion in 2021 in terms of revenue, exhibiting a CAGR of 6.2 % during the forecast period (2022 to 2030).
Increasing demand for a product with longer shelf-life especially food products which are gaining huge demand across retailers as well as consumers are projected to augment market growth. Active packaging is mainly done to enhance the shelf-life of the product as it remove leftover oxygen from closed packets which extend the shelf-life of the product. Thus, growing need for a product with longer shelf-life is expected to augment the market growth of next-generation packaging.
Rapid urbanization and industrialization across emerging regions along with the increasing trade worldwide is expected to propel the market growth of next-generation packaging. Moreover, growth in the packaging industry due to overall economic development coupled with the increasing disposable income of the consumer is driving demand for consumers goods is further expected to foster the market growth of next-generation packaging.
Key players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. Rising demand for packaged food & beverage products among consumers across the globe has fuelled the growth of the market during the pandemic situation. This scenario is expected to continue with the extension of lockdowns in various countries across the globe in response to the Covid-19 pandemic.
Figure 1. Global Next Generation Packaging Market Value Share (%), By Region, 2021
The high cost of installation of next-generation packaging technology is expected to restrict the adoption of this technology. This is expected to hinder the market growth of next-generation packaging.
Privacy issues associated with the RFID next-generation packaging solution is expected to curb market growth. Moreover, limited commercial applications of certain next-generation packaging solution are also expected to hinder the market growth.
|Base Year:||2021||Market Size in 2021:||US$ 48.00 Bn|
|Historical Data for:||2017-2020||Forecast Period:||2022|
|Forecast Period 2022 to 2030 CAGR:||6.2 %||Forecast Period:||2022-2030|
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
|Restraints & Challenges:||
Advancement in technology by major players supported by favorable government policies is the current major trend in the market. For instance, in March 2020, Aptar Food + Beverage, part of AptarGroup, has launched InvisiShield platform technology. The new product is a anti-pathogenic packaging solution which can be integrated into sealed packages to protect fresh-cut produce from harmful pathogens like bacteria, fungi, and viruses.
Product launching among next-generation packaging provider is a growing trend in the market. For instance, in June 2022, MULTIVAC launched W 500, a universal flowpackaging solution provides increased flexibility and output for packaging food products in pillow packs, while supporting the use of sustainable film and paper-based materials.
Figure 2. Global Next Generation Packaging Market Value Share (%), By Application, 2021
On the basis of application, food & beverages dominated the global next-generation packaging market in 2021 with around 44% of market share in terms of revenue, followed by healthcare & pharmaceuticals and personal care, respectively.
Major players operating in the global 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.
Next-generation packaging are the effective technologies which maintains the quality of food products or any other easily perishable products by modifying the atmosphere which surrounds the product within the packaging. Due to this, the shelf-stability of the product is enhanced to longer periods of time, freshness of the product remains intact and product worth is increases due to convenient packaging.
The global next-generation packaging market has witnessed significant growth in recent past years, owing to the rising growth of food & beverages and pharmaceutical industry in emerging economies, which in turn has resulted the rise in demand for innovative packaging solutions. This is expected to foster the demand for next-generation packaging in the next few years.
Major players in the global next-generation packaging market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as chemical, food & beverages, electrical & electronics, pharmaceuticals, and others. This scenario is expected to fuel the market during the forecast period.
Next generation packaging is employed across end-use applications in various sectors such as health care and pharmaceuticals, food and beverages, logistics and supply chain, personal care, and others including automotive and industry. In order to increase the shelf life of perishable food products, next generation packaging is in high demand across the food and beverages industry. The global next generation packaging market is witnessing significant demand from the health care and pharmaceuticals sector. The market also holds considerable potential for growth with the rapid expansion of the e-commerce sector, where next generation packaging is widely deployed in logistics.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective.