Next generation packaging solutions are being increasingly used in various industries for protective packaging of goods, especially in the e-commerce sector where packaging plays a crucial role. These packaging solutions include products like protective mailers, air pillows, bubble wraps and expandable bags that act as protective barriers and cushions to prevent damage during transportation and delivery. With the growing popularity of online shopping, the demand for tamper-proof and damage-resistant packaging has increased significantly. The Global Next Generation Packaging Market Size is estimated to be valued at US$ 135 billion in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of e-commerce has been a major factor accelerating the demand for next generation packaging solutions. According to a recent report, global e-commerce sales jumped to $4.2 trillion in 2021, an increase of 7.4% from 2020 levels. With more people turning to online shopping for convenience and safety during the ongoing pandemic, the need for advanced packaging solutions that can protect commodities during shipping across long distances has become crucial. Manufacturers are rapidly investing in eco-friendly packaging materials like bioplastics and composites to cater to the sustainability demands of e-commerce companies and customers. The development of intelligent and smart packaging incorporating technologies like QR codes, RFID tags and sensors is also emerging as a key trend in the next generation packaging market.
Segment Analysis
The next generation packaging market is dominated by the active packaging sub-segment which accounts for over 35% of market share. Active packaging helps extend shelf life of products by absorbing moisture, ethylene, oxygen and other gases produced during transit and storage. It plays a vital role in maintaining freshness and preventing spoilage. The ability of active packaging to increase shelf life of perishable goods without refrigeration has made it popular among food producers and retailers.
Key Takeaways
The global next generation packaging market is expected to witness high growth in the coming years due to rising demand from food and beverage industry. Advancements in material science and development of new innovative technologies are expanding applications of next generation packaging beyond food sector into areas like pharmaceuticals and consumer goods.
Regional analysis: Asia Pacific region currently dominates next generation packaging market with a share of over 30% due to strong growth of food processing and fast moving consumer goods industries in countries like China, India and Japan. Rapid urbanization, rising disposable incomes and changing consumption patterns in the region are fueling adoption of innovative packaging solutions to meet consumer needs of quality and convenience. North America is another major market driven by regulatory push for eco-friendly solutions from packaging manufacturers and retailers.
Key players: Key players operating in the next generation packaging market are Amcor plc, WestRock Company, Sonoco Products Company, Printpack Inc., Bemis Company, Inc., Ball Corporation. These companies are introducing new packaging formats incorporated with smart and active features like time-temperature indicators, oxygen absorbers and moisture controllers to deliver differentiated value proposition to customers. They are making heavy investments in research and development of biodegradable materials, recyclable structures as well as digital technologies like IoT and blockchain for enhancing efficacy, sustainability and supply chain transparency of packaging.
Get More Insights Here: https://www.newswirestats.com/next-generation-packaging-market-trends-growth-and-regional-outlook-2023-2030/
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