The 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 advanced packaging solutions and technologies that offer improved product protection, sustainability, and supply chain efficiency. These include active, intelligent, and biodegradable packaging materials that help extend shelf life, monitor quality, and reduce environmental footprint of packaged products. They are increasingly being adopted across food, pharmaceuticals, cosmetics and other industries.
Market Dynamics:
The next generation packaging market is driven by growing demand for sustainable packaging from end-use industries amid rising environmental concerns. Bioplastics, biodegradable polymers and renewable materials are witnessing higher preference from manufacturers and consumers alike to replace petroleum-based plastics and paper. Another factor fueling market growth is increasing focus on development of active and intelligent packaging incorporated with advanced technologies like sensors, time-temperature indicators and radio-frequency identification (RFID). These smart packaging techniques offer superior product protection, real-time quality monitoring and enhanced supply chain transparency.
SWOT Analysis
Strength: Next Generation Packaging market is anticipated to grow significantly over the forecast period owing to introduction of eco-friendly and sustainable materials. Rising demand for protective and efficient packaging is expected to boost market growth. Growing consumes preferences towards smart and intelligent packaging will further augment the market position.
Weakness: High initial costs associated with development and manufacturing of next generation packaging solutions can hamper the adoption rate. Stringent government regulations regarding use of environment hazardous materials may restrict the market growth.
Opportunity: Increasing focus towards minimized weight and size along with extended shelf-life offers lucrative opportunities. Rising demand form industries like food and beverages, healthcare and personal care presents new avenues. Growing e-commerce industry necessitates innovative packaging solutions.
Threats: Availability of substitutes like reusable and returnable packaging poses threat. Economic slowdown and recession can negatively impact the market. Volatility in raw material prices can affect the production cost.
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 focus on sustainable and intelligent packaging solutions.
Regional analysis
North America dominated the market in 2023, accounting for over 30% of global revenue. Growing demand for ready-to-eat food products drives the need for advanced packaging in the region. Asia Pacific is projected to be the fastest growing market, exhibiting a CAGR of around 8.5% during the forecast period. Improving standards of living along with rising consumption of consumer goods will propel the regional market.
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 holds the major market share in the global packaging industry. WestRock Company offers sustainable and technically advanced packaging solutions.
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