Global next generation packaging market, is estimated to be valued at US$ 48.00 Billion in 2021, 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$ 48.00 Billion in 2021. Next generation packaging market is expected to register a CAGR of 6.2% over the forecast period (2022–2030), to reach US$ 82.06 Billion by 2030.
Next-generation packaging is a result of advancement in the packaging solution that offer several advanced features such as product information, traceability, and prevent 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 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.
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Browse 50 market data tables* and 40 figures* on "Global Next Generation Packaging Market” - Forecast to 2030.
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 2021 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 2021, 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.
- According to data published by Economic Times in October 2022, growing food and beverages sector and rapid technological advancements in packaging are expected to drive the next generation packaging market. For instance, in March 2021, Pizza Hut launched augmented reality pizza boxes. The boxes feature QR codes which, when scanned on a smartphone will allow customers to play Pac-Man game.