Next generation packaging refers to advanced packaging solutions that help extend shelf life, monitor quality, locate products and offer brand protection. These intelligent and interactive packaging solutions offer advantages like freshness indication, inventory management and anti-counterfeiting.
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 key trends in the next generation packaging market is the growing adoption of active and intelligent packaging solutions. Active packaging utilizes technologies that alter the environment inside the packaging in order to prolong shelf life or maintain the quality of packaged food products. The incorporation of oxidation- scavenging sachets, moisture absorption packets and antimicrobial films aid in increasing the lifespan of packaged products. Furthermore, intelligent packaging solutions equipped with sensors, RFIDs and QR codes help end-users make informed choices, enable inventory management and provide anti-counterfeiting.
Strength: Next Generation Packaging uses more sustainable materials like recyclable plastic and bioplastics which provide environmental benefits. It allows interactive communication with consumers through technologies like RFID and barcode scanning.
Weakness: Significant research and development investments are required to develop new packaging technologies. Adapting to new packaging may require operational changes and additional costs for manufacturers and retailers.
Opportunity: Growing preference for sustainable and eco-friendly packaging offers an opportunity to increase market share. Rapid e-commerce growth drives demand for smart and interactive packaging solutions.
Threats: Stringent government regulations pertaining to packaging waste disposal and recycling may increase compliance costs. Economic slowdowns can decrease disposable consumer income and curb packaging demand.
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 preference for sustainable packaging materials. Countries like China, US, Germany are major contributors to market growth due to large manufacturing and consumer sectors.
Regional analysis: The Asia Pacific region dominates the Next Generation Packaging market and is expected to grow at fastest rate owing to rapid growth of e-commerce, food processing, and consumer goods industries in China and India. North America is another major market due to stringent regulations around waste reduction and recycling. Growth in Latin America and Middle East & Africa will be driven by rising disposable income levels.
Key players operating in the Next Generation Packaging 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 companies are focusing on developing innovative materials and solutions through investments in R&D and acquisitions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it