Global Next Generation Packaging Market:
Technological advancements in packaging techniques have led to the introduction of next generation packaging. Next generation packaging offers features such as traceability and provides product quality information. It is particularly helpful in tracing shipments to distant locations and ensures minimum damage to packaged materials. Next generation packaging can be broadly classified into intelligent packaging, active packaging, and modified atmosphere packaging. Intelligent packaging involves the use of sensors, RFID tags, and indicators. While active packaging includes gas emitters, antimicrobials, and gas scavengers, modified atmosphere packaging replaces the air inside the packaging with a mixture of gases such as carbon monoxide, nitrogen, and carbon dioxide.
Gas scavengers, such as oxygen scavengers in active packaging, remove leftover oxygen from closed packets and increase product life. Active packaging is extensively used for automated packaging lines, bags, sacks, and quad packs in industrial packaging. Intelligent packaging and active packaging are anticipated to be high in demand in the near future.
Next generation packaging is employed across end-use applications in various sectors such as health care and pharmaceuticals, food and beverages, logistics and supply chain, personal care, and others including automotive and industry. In order to increase the shelf life of perishable food products, next generation packaging is in high demand across the food and beverages industry. The global next generation packaging market is witnessing significant demand from the health care and pharmaceuticals sector. The market also holds considerable potential for growth with the rapid expansion of the e-commerce sector, where next generation packaging is widely deployed in logistics.
Global Next Generation Packaging Market: Overview
Growing demand from consumers for efficient product packaging has boosted the growth of the global next generation packaging market. Advancements in packaging materials and the rising need for sustainable packaging techniques have further augmented the market’s growth. Extensive R&D of packaging technology, the introduction of advanced sensors, and growing adoption of QR codes are some of the latest trends in the global next generation packaging market.
However, low awareness and the high cost of next generation packaging materials are expected to hamper the growth of the global next generation packaging market. The cost of packaging materials plays an important role in the logistics and supply chain sector. As a result, the demand for advanced packaging materials is low from this sector. Limited commercial applications of certain types of next generation packaging will also restrain the overall market. For example, antimicrobial packaging has limited applications in the commercial sector and hence, the demand for this type of packaging is low.
Global Next Generation Packaging Market: Region-wise Outlook
The global next generation packaging market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. While North America and Europe have been dominant regions in the market, the demand for next generation packaging is expected to surge across Rest of the World during the forecast period. Emerging economies in Latin America are witnessing rapid industrialization and are anticipated to contribute significantly toward the growth of the next generation packaging market in Rest of the World.
Some of the prominent players in the global next generation packaging market are WestRock Company (formerly MeadWestvaco Corporation), Amcor Limited, Sealed Air Corporation, Sonoco Products Company, Stora Enso Oyj, MULTIVAC, Bemis Company Inc., WS Packaging Group Inc., and Active Packaging Ltd. The key market players are focused on expanding their business through mergers and acquisitions across emerging economies.
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