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Next generation packaging is fastest growing segment fueling the growth of Next Generation Packaging Market

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naufan003
Next generation packaging is fastest growing segment fueling the growth of Next Generation Packaging Market

Market Overview:

Next generation packaging refers to packaging solutions that enhance product quality and shelf life while reducing environmental footprint. Products associated with this market include bio based materials, active packaging, intelligent packaging and multifunctional packaging that provides added benefits like product freshness, safety, anti-counterfeiting and convenient usage.

The global Next Generation Packaging Market is estimated to be valued at US$ 54.84 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the next generation packaging market is increasing adoption of bio based and biodegradable materials. There is growing consumer inclination towards eco-friendly solutions for packaging due to rising awareness about negative environmental impact of conventional plastic packaging. Manufacturers are increasingly focusing on developing fully biodegradable packaging using plant based polymers and fibers that can degrade in compost or landfill. For instance, Amcor Limited provides packaging made from bio plastic PLA (poly lactic acid) derived from corn. Intelligent and smart packaging is another key trend where packaging communicates with consumers and provides real time information on product quality. This helps ensure product safety and quality right until use.

Segment Analysis

The global next generation packaging market is segmented by material type into paper & paperboard, plastic, metal, and glass. The plastic segment currently dominates the market due to its low costs and versatility. Plastic packaging can be molded into various shapes and sizes and offers excellent barrier properties against moisture, oxygen, and other gases. It is widely used for packaging foods & beverages, pharmaceuticals, personal care & homecare products, and other industrial goods.

Key Takeaways

The Global Next Generation Packaging Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand for sustainable and smart packaging solutions.

Regional analysis: Asia Pacific region currently dominates the next generation packaging market owing to the high production of packaged foods & beverages and pharmaceutical products in countries such as China, India, Japan, and South Korea. The region is expected to continue its dominance during the forecast period as well.

Key players: Key players operating in the next generation packaging market are 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. Amcor Limited and WestRock Company currently hold the largest market shares due to their diversified product portfolio and wide geographical presence across major markets.


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