The global next generation packaging market is expected to witness strong growth during the forecast period between 2021 and 2031.
Next generation packaging refers to an advanced packaging solution that has proven beneficial in monitoring products during a supply chain process, starting from shipments to product delivery to the required location.
Next generation packaging has witnessed increased demand as they are lightweight and have shown the ability to deliver products to locations with minimal damage.
Some of the end-use industries that have deployed next generation packaging include food and beverages, healthcare, pharmaceuticals, and logistics.
COVID-19 pandemic positively impacted growth in global next generation packaging market. Rising cases globally led to consumer becoming increasingly health-conscious and as result, the demand for packaged food products witnessed an increase.
Surge in demand for packaged food products led to increase in demand for next generation packaging solutions and fueled the growth in overall market.
Rising demand for sustainable packaging solutions is the key growth driver for global next generation packaging market.
Also, increasing demand for new printing technologies in leading economies globally is expected to help create revenue-generating opportunities for players in next generation packaging market, in future.
In addition to this, increasing demand for flexible packaging solutions is projected to help augment the growth in global next generation packaging market in the coming years.
Government initiatives and measures, such as offering funding to leading players for research and development activities is also expected to help in growth of next generation packaging market, in years to come.
Other factors such as rapid urbanization, especially in developing economies and growing e-commerce industry is anticipated to contribute to market growth, in future.
Active packaging type segment is expected to make largest contribution, in terms of revenue, to overall market because of factors such as ease of use and increased product deployment to store products in increased quantities.
Presence of numerous prominent players has led to intense competition in global next generation packaging market. Many of these players are expected to hold a large share in overall market, in future.
Research and development activities could be key, revenue-generating growth strategy for well-established next generation packaging market, in years to come.
Growth strategies such as new packaging methods is expected to create revenue-generating opportunities for prominent next generation packaging market players and help gain a competitive edge over other players.
Collaboration with smaller players could assist leading next generation packaging market players expand their market presence and increase their revenue shares.
Some of the leading players in next generation packaging market include Sealed Air Corporation, Bemis Company Inc., Sonoco Products Company, WestRock Company, and Amcor Limited.
The global next generation packaging market is divided into four regions, namely, North America, Europe, Asia Pacific, and rest of the world.
Asia Pacific is expected to be leader in global next generation packaging market because of growing food and beverages industry in countries such as India and China.
Rising demand for active packaging to store food products in countries such as the U.S and Canada is projected to help North America witness significant growth in global next generation packaging market, in the coming years.
Europe is expected to witness strong growth in next generation packaging market in the years ahead because of growing awareness about food security and quality in countries such as UK and Germany.
The rest of the world is expected to witness moderate growth in overall next generation packaging market, in years to come.
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Next Generation Packaging Market
*86 figures and 60 tables includes