Next generation Packaging Market
The global next generation packaging market would witness a leap of growth at a CAGR of 6.1% between 2022 and 2032, reaching US$ 49.3 Bn between2022 and 2032.
The global packaging market is witnessing a rapid growth due to increasing population, technological advancements, and rising consumers’ demands related to product packaging. Next generation packaging is an advanced form of packaging technology. It is an aggregation of three types of packaging, namely active packaging (includes antimicrobials, gas scavengers, emitters and others), intelligent packaging (includes sensors, indicators, and tags) and modified atmosphere packaging. Next generation packaging offers various advanced benefits such as traceability, product shelf life extension, provides product quality information, etc.
How The Market Progressed Till June 2022?
Future Market Insights predict a comparison and review analysis of the dynamics of the next-generation packaging market, which is principally subjected to an array of industry factors along with a few definite influences concerning the high cost of installation of next-generation packaging technology expected to curb market growth.
Some new advances that have taken place in the market include the use of RFID tags, sensors, and indicators. In May 2022, Amcor plc manufactured bottles which are up to 30% lighter and are made up of 100% recycled material using next-generation technology.
The market for next-generation packaging is expected to surge by 100 basis share points (BPS) in H1-2022 (O) against comparison with H1-2021, according to an FMI analysis. However, when comparing the H1-2022 projected and H1-2022 outlook period, a rise in BPS change by 50 BPS has been noticed.
The key reasons for this change in growth rate are due to various benefits in terms of product quality information and traceability, as it helps in monitoring and tracking the product during transportation.
Despite these outlooks, the growing need for products with longer shelf life is expected to drive the growth of the next-generation packaging market.
Next Generation Packaging Demand Analysis
The global next generation packaging market is anticipated to grow significantly during the forecast period, mainly due to growing geriatric population, advancements in packaging material, and rising need for a sustainable packaging technique.
Moreover, the trend that follows with the growth of the next generation packaging market includes increasing research and development spending on packaging technology, growing adoption of QR codes on packaging, and development of advanced sensors.
Category-wise Insights
The next generation packaging market has been segmented on the basis of packaging types into active packaging, intelligent packaging and modified atmosphere packaging. Of these, active packaging accounts for over 36% share of the global next generation packaging market and is expected to remain dominant throughout the forecast period.
Intelligent packaging segment is estimated to account for over 33% share of the global next generation packaging market by the end of 2032. Modified atmosphere packaging segment is expected to account for over 29% share of the global next generation packaging market by the end of 2032.
By application, the global next generation packaging market can be segmented into food & beverages, healthcare & pharmaceuticals, personal care, logistics & supply chain, and others (automotive & industrial). Of these applications, the food & beverages applications segment dominates the global next generation packaging market and is expected to continue with its dominance in the market by 2032 end.
However, the healthcare & pharmaceutical application segment is expected to grow rapidly during the forecast period. The personal care & logistic application segment is expected to witness significant growth till the end of 2032.
Region-wise Insights
The global next generation packaging market has been segmented into seven major regions, which include North America, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America, and the Middle East & Africa. Of these, North America is estimated to dominate the market, accounting for over 35% market share by the end of 2032. Western Europe is estimated to rank second, accounting for over 20% share of the overall market by the end of 2032, followed by APEJ. In addition, Latin America is anticipated to be the fastest growing region in the next generation packaging market going forward.
Competitive Landscape
Major participants such as Amcor Limited and Sonoco Products Company are focusing more on business expansion in emerging regions in order to enhance their global presence. In addition, these key players are emphasizing on expanding their packaging product portfolio through acquisitions and mergers. MeadWestVaco Corporation and Rock-Tenn Co. have their joint venture company – WestRock Company. Stora Enso Oyj has been developing intelligent packaging solutions with NXP Semiconductors. This development was intended to primarily focus on integration of RFID technology into packaging in order to enhance consumer engagement and improve supply chain efficiency. It has been running successfully since the year 2016.
These insights are based on a report Next Generation Packaging Market by Future Market Insights.
