Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on next generation packaging market provides an in-depth
analysis of segments and sub-segments in the global as well as regional next
generation packaging market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional next generation
packaging market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecasts and dollar values of the global next
generation packaging market. According to the report, the global next
generation packaging market is projected to grow at a CAGR of over 4% over the
forecast period of 2022-2028.
The next generation packaging market was valued at about USD 38 billion in 2022 and is expected to reach around USD 49 billion in 2028, with a CAGR of over 4% during the forecast period. The packaging industry is growing at a rapid pace. The advent of next generation packaging materials and technologies has revolutionized the packaging industry. The next generation packaging technologies include RFID tags, sensor-enabled boxes, sustainable packaging solutions, and others. These materials and technologies provide several benefits such as extended shelf life of the goods, provides traceability of the goods, help in monitoring the quality of the goods, and providing other valuable insights both to the manufacturer and customer. Next generation packaging is classified into three sections active packaging, modified atmosphere packaging, and intelligent packaging. The packaging solutions are now transformed into interactive information channels through data management, digital printing, and code generation. These next generation packaging solutions provide enhanced value and traceability to the shareholders across the value chain. These next generation solutions are majorly driven by Industry 4.0 technologies.
The demand for next generation
packaging solutions is growing in the pharmaceutical industry. The
pharmaceuticals are of delicate nature, they need to be stored and handled with
extreme caution. Pharmaceutical goods tend to get affected by changes in
temperature. Therefore atmosphere controlled packaging is a suitable solution
for these types of goods. The connected packaging allows us to effectively trace pharmaceutical goods and provides crucial information such as how and where
to dispose of them. Therefore the demand from the pharmaceutical industry is
high. Intelligent packaging is also being actively used in food and beverage
packaging. This increases their shelf life and durability. The rapid growth of
the E-commerce industry is also majorly driving the market. The packaging and
shipping of the goods are done on a large scale in the E-commerce industry. The
employment of next generation packaging solutions leads to better and effective
traceability of goods in the E-commerce industry. This allows better handling
and delivery of goods and also helps in bringing down the costs. Sustainable
packaging is gaining traction around the world. Its awareness is rapidly rising
among manufacturers and consumers. Many countries are adopting laws and
regulations to make sustainable packaging mandatory for various industries.
Many companies are setting up sustainability goals such as going carbon neutral
till 2030. Though the advantages of these next generation packaging solutions
are immense still their cost is high. This high cost discourages manufacturers from adopting next generation packaging solutions. Therefore this
cost factor is restraining the market. The investments in the R&D of
packaging technologies are increasing rapidly. This provides new opportunities
in the market. The Covid-19 pandemic underlined the importance of next
generation packaging solutions. From the packaging of food and beverages and
crucial pharmaceuticals to their delivery, these next generation packaging
solutions played an important role. Specifically for the packaging and delivery
of the pharmaceuticals. Therefore the demand in the market thus increased. The
adoption of these solutions and technologies was boosted due to the Covid-19
pandemic. Amidst these positives, the downfalls experienced in the market were
the supply chain disruptions that caused a shortage of raw materials which
halted the production activities in the market. Also, this led to shortages in
inventories of the manufacturers. The supply chains in the market are being
reorganized to meet such future disruptions. As the Covid-19 vaccines are being
rolled out around the world their packaging and safe delivery provides an
opportunity to the next generation packaging market.
North America is expected to hold
the largest share of the market. While Asia-Pacific is projected to grow at
the fastest rate in the region. The pharmaceutical and e-commerce industries
are highly advanced in the North American region. Therefore the adoption of next
generation packaging solutions is high. The companies such as Sonoco Products
Company and The WestRock Company are focusing on developing new packaging
technologies and solutions. The pharmaceutical and food and beverage industries
are rapidly growing in the Asia-Pacific region. The number of local
manufacturers providing next generation packaging is also growing in the
region.
The report on the global next
generation packaging market covers segments such as product type, and end user.
On the basis of product type, the sub-markets include active packaging,
intelligent packaging, modified atmosphere packaging, and connected packaging.
On the basis of end user, the sub-markets include logistics and supply chain,
food and beverages, healthcare and pharmaceuticals, personal care, and others.
The report provides profiles of
the companies in the market such as Sonoco Products Company, The WestRock
Company, Amcor Limited, Bemis Company Inc., MULTIVAC, Active Packaging Ltd,
Sealed Air Corporation, Stora Enso Oyj, ULMA Packaging, and WS Packaging.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of next generation packaging market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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