The global Next Generation Packaging Market is estimated to be valued at US$ 54.84 Bn or Mn 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 Overview:
Next generation packaging refers to packaging solutions that help extend shelf life, monitor safety and quality, and provide communication of assets. They offer advantages such as freshness, safety, convenience and sustainability. Growing demand for packaged food has augmented the need for next generation packaging formats.
Market key trends:
Active packaging is one of the key trends fueling the growth of the next generation packaging market. Active packaging interacts with the packaged product or its environment to prolong shelf life or enhance safety or sensory properties. Oxygen scavengers and moisture controllers are examples of active packaging that help extend shelf life of products. They maintain the condition of the package content and protect it from external factors like oxygen, moisture, microbes etc. thus increasing demand in food and pharmaceutical industries.
The next generation packaging market is witnessing the trend of sustainable and eco-friendly packaging materials. With increasing focus on reducing plastic waste and carbon footprint of packaging, manufacturers are developing innovative solutions like recyclable, biodegradable, and compostable packaging materials. Bioplastics, paper, and glass are gaining popularity as viable alternatives to plastics. Active and intelligent packaging techniques that help extend shelf-life and track supply chains are also growing rapidly.
SWOT Analysis
Strength: Sustainable and eco-friendly materials boost brand image and customer preference.
Weakness: High initial costs for developing alternative packaging solutions.
Opportunity: Growing regulations against single-use plastics and incentives for green packaging present large market opportunities.
Threats: Fluctuating raw material prices and disruption from new entrants with advanced technologies.
Key Takeaways
Global Next Generation Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing environmental concerns around plastic packaging waste. The market size for 2023 is estimated at US$ 54.84 Bn.
Regional analysis: North America dominates currently due to stringent regulations and customer demand for sustainability. Asia Pacific is expected to grow the fastest owing to a large population, rapid industrialization, and favourable government initiatives for eco-friendly packaging in countries like India and China.
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. These players are focusing on developing innovative solutions made from renewable and recycled materials to target the growing sustainable packaging market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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