Global Next Generation Packaging Market, is estimated to be valued at US$ 51.2 Billion in 2022, according to the Global Next Generation Packaging Market Report, By Packaging Type (Active Packaging, Intelligent Packaging), By Application (Food & Beverages, Healthcare & Pharmaceuticals, Personal Care, Logistics & Supply Chain, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global next generation packaging market was valued at US$ 51.2 Billion in 2022. Next generation packaging market is expected to register a CAGR of 7.1% over the forecast period (2022–2030), to reach US$ 88.6 Billion by 2030.
Next-generation packaging is a result of advancements in the packaging solution that offer several advanced features such as product information, traceability, and preventing product damages. They can be classified into active packaging, intelligent packaging, and modified atmosphere packaging. Intelligent packaging includes advanced systems such as RFID tags, sensors, and indicators. Active packaging involves technology such as gas emitters, gas scavengers, and antimicrobials, whereas modified atmosphere packaging helps in replacing the air inside the packaged product with different gases such as nitrogen and carbon dioxide.
Packaging manufacturers are encouraging the recycling of packaging on during the pandemic so that these materials can be converted into new products. This scenario is expected to foster the market growth during 2020-2021.
Drivers:
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.
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https://www.coherentmarketinsights.com/market-insight/next-generation-packaging-market-3999
Restraints:
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.
Key Trends and Analysis of the Global Next Generation Packaging Market:
- Adoption of the QR code among various end user industries is a major trend in the market. Moreover, various companies are also adopting natural antioxidants in active food packaging applications for extending the shelf-life of the product is expected to augment the market growth of the next-generation packaging. Moreover, the growing consumption of convenience, frozen, and ready-to-eat food products around the globe is further anticipated to fuel the market growth of the next-generation packaging.
- The growing adoption of RFID technology across the personal care and cosmetic industry is expected to be a major trend in the market. RFID technology maintains the quality of the product and also helps in minimizing waste of the product. Intelligent packaging solution is also gaining popularity across the logistic sector as it helps in enabling anti-counterfeiting measures and provide accurate traceability of the products. Moreover, the data can be retrieved by using any smart devices such as smartphones.
Key Takeaways of the Global Next Generation Packaging Market:
- On the basis of application, food & beverages dominated the global next-generation packaging market in 2022 with around 44% of market share in terms of revenue, followed by healthcare & pharmaceuticals and personal care, respectively.
- Asia Pacific marked the third highest market share in the next generation packaging market in 2022, in terms of revenue and is anticipated to maintain its dominance throughout the forecast period. This is attributed to various factors, which includes changing lifestyle, increasing demand for packaging solutions with longer sustainability, and growing demand for fresh & quality food are the factors driving the growth of this Asian Pacific segment.
