Next Generation Packaging Market: Increased Industrial Applications to Aid Market Expansion
Category: Packaging Published Date : August 2022 ID: CVC-00175 Format: PDF Pages: 265
Next Generation Packaging Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Next Generation Packaging Market was worth US$ 27.4 Bn and is expected to grow at a CAGR of 6.0% over the forecast period. The market is expected to hit US$ 43.7 Bn by 2030 end.
The worldwide packaging market is expanding rapidly due to increased population, technological improvements, and rising consumer expectations for product packaging.
Next-generation packaging is a type of sophisticated packaging technology. Next-generation packaging delivers advanced features such as traceability, product shelf life extension, product quality information, etc.
THE GROWING NEED FOR SUSTAINABLE PACKAGING DRIVES THE MARKET GROWTH
Consumer need for effective product packaging has fueled the expansion of the next-generation packaging industry worldwide. Packaging material advancements and the growing demand for sustainable packaging strategies have fueled the market’s growth. Extensive packaging technology research and development, the introduction of improved sensors, and the expanding acceptance of QR codes are some of the most recent products in the next-generation packaging industry worldwide.
Next-generation packaging is used in various end-use applications, including health care and pharmaceuticals, food and drinks, logistics and supply chain, personal care, and others, such as automotive and industry.
RESEARCH & DEVELOPMENTS ACTIVITIES CREATE OPPORTUNITIES FOR THE MARKET
Growing R&D spending by large firms, aided by favorable government policies, is likely to offer considerable growth prospects. The need for next-generation packaging is growing throughout emerging countries as customers’ lifestyles change, producing a demand for higher-quality products with a longer shelf life, likely fueling market expansion for next-generation packaging.
STRINGENT GOVERNMENTAL REGULATIONS HAMPER THE MARKET GROWTH
The worldwide next-generation packaging industry is predicted to expand slowly due to a lack of awareness and the high cost of next-generation packaging materials. The cost of packing materials is critical in the logistics and supply chain industries. As a result, this sector’s need for innovative packaging materials is modest. The market will be restrained by the limited commercial uses of some types of next-generation packaging.
The Covid-19 outbreak did put a halt to the next-generation packaging industry in the automotive industry. However, the healthcare and food industries continued to thrive and are anticipated to maintain their winning streaks throughout the projection period. It might be attributed to increased public awareness of the significance of hygiene, particularly in the post-Covid period.
With smart devices incorporated, the next-generation packaging industry will likely have a positive upscaling throughout the forecast period.
Market Segments Covered in Report
By Packaging Type:
By Region and Country:
Which packaging type, Next Generation Packaging, is projected to dominate the market share?
Active packaging now accounts for more than 36.5% of the worldwide next-generation packaging market and is likely to maintain its dominance during the forecast period.
Which application segment is expected to dominate the market during the forecast period?
The food and beverage applications category dominates the next-generation packaging market and is predicted to maintain its market dominance until 2030. Next-generation packaging is in high demand in the food and beverage sector to extend the shelf life of perishable food goods.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To increase their market share, several corporations are adopting strategic moves such as creating alliances with research centers to offer new goods.
Some of the key developments that have taken place in the Next Generation Packaging Market include:
A list of some of the key suppliers present in the market are:
Global Next Generation Packaging Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Packaging Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|