Market Overview:
The global Next Generation Packaging Market is estimated to be valued at US$51.2 billion in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Next generation packaging refers to advanced packaging solutions that offer various benefits such as increased product shelf life, improved safety measures, sustainability, and convenience. The need for such packaging solutions is driven by the growing demand for packaged consumer goods, rising concerns regarding product safety and security, and increasing environmental regulations.
Market Key Trends:
One key trend observed in the next generation packaging market is the increasing adoption of active packaging technology. Active packaging involves incorporating active components or systems into packaging materials to provide additional functionalities such as antimicrobial properties, moisture control, aroma release, and oxygen scavenging. This technology helps in extending the shelf life of products, reducing food waste, and ensuring product quality and safety. The demand for active packaging is driven by the growing focus on food safety and preservation, rising consumer expectations for fresh and high-quality products, and advancements in packaging materials and technologies.
Please note that the key players in the 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, but they should not be mentioned in the report.
Segment Analysis:
The next generation packaging market can be segmented based on packaging type, material type, technology, and end-use industry. In terms of packaging type, flexible packaging is expected to dominate the market. The flexible packaging segment is projected to witness high growth due to its lightweight, cost-effective, and sustainable properties. Moreover, flexible packaging offers convenience in terms of storage and transportation, which further contributes to its dominance in the market.
When it comes to material type, the plastic segment is anticipated to hold a significant market share. Plastic packaging provides excellent barrier properties, durability, and flexibility, making it suitable for various applications. Additionally, the increasing demand for convenience food and beverage packaging, which requires enhanced protection and extended shelf life, is driving the growth of the plastic segment.
In terms of technology, the active packaging segment is expected to witness substantial growth. Active packaging involves incorporating materials or additives into the packaging that can enhance product quality and extend shelf life. The growing need to reduce food waste, increase product safety, and improve consumer experience is driving the demand for active packaging solutions.
Key Takeaways:
The global Next Generation Packaging Market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period from 2023 to 2030. This growth can be attributed to several factors, including increasing consumer awareness regarding sustainable packaging solutions, the rising demand for convenience food and beverages, and the need for extended product shelf life.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the next generation packaging market. The region's growth can be attributed to the presence of major players in the packaging industry, increasing consumer demand for sustainable packaging, and favorable government initiatives promoting environmentally friendly packaging solutions.
Key players operating in the 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. These key players are actively engaged in research and development activities to introduce innovative and sustainable packaging solutions to meet the evolving consumer demands and regulatory requirements. They also emphasize strategic partnerships, mergers and acquisitions, and geographical expansion to strengthen their market presence and gain a competitive edge.
Global NEXT GENERATION PACKAGING MARKET Growth 2021-2027 was just released by Trends Market Research.
The report offers an in-depth examination of the main elements that can assist well-known firms in the sector in developing effective future action plans.
Market revenue and market size are the two primary parameters analysed in this study.
In the projected period 2021-2027, the market research offers key information such as market share, market size, and growth rate.
The research offers insights into market developments, trends, and supply and demand changes in a variety of global regions.The research offers insights into market developments, trends, and supply and demand changes in a variety of global regions like:Request for Sample with Complete TOC and Figures & Graphs @ https://www.trendsmarketresearch.com/report/sample/13111North America (United States, Canada and Mexico)Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)South America (Brazil, Argentina, Colombia, and Rest of South America)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)The study examines the worldwide NEXT GENERATION PACKAGING MARKET -supported product type, application, and end-use across a variety of nations.Key Segments:By Packaging Typeo Active Packaging?
Others (Moisture & Corrosion Control)o Intelligent Packaging?
