PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1425060
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1425060
The next-generation packaging market is evaluated at US$28.176 billion for the year 2022 growing at a CAGR of 6.85% reaching the market size of US$44.803 billion by the year 2029.
In the upcoming years, the global market for next-generation packaging is expected to expand significantly, largely due to several important factors. Increased demand for package options that address the particular requirements of elderly customers, such as easy-open features and clear labelling, is being brought on by the world's ageing population. The market is also growing as a result of advancements in packaging materials, which provide better product preservation and protection while also supporting environmental objectives. The rising spending on R&D in the packaging technology industry is a noticeable trend that goes along with this expansion. Whether it be with the help of innovative packaging ideas or environmentally friendly materials, businesses are eager to improve their package offers. Another important development is the increasing use of QR codes on packaging, which enables businesses to provide consumers with useful content, promotions, and interaction possibilities and is also fueling market expansion.
Next-generation packaging is a cutting-edge kind of packaging that provides several advantages in terms of traceability and product quality data. It aids in product tracking and supervision across the full supply chain process, from shipping to site delivery. This ensures the product is delivered to the consumer safely while protecting the packing materials from damage. The top-end markets for next-generation packaging are logistics, personal care, healthcare & and pharmaceuticals, food & and beverage, and personal care. Since they are lightweight and have demonstrated the capacity to convey goods to destinations with little product damage, next-generation packaging has seen a surge in demand. Among the end-use sectors that have implemented next-generation packaging are the food and beverage, pharmaceutical, healthcare, and logistics sectors. The primary growth engine for the worldwide market for next-generation packaging is an increase in consumer demand for sustainable packaging options. Additionally, rising demand for new printing technologies is anticipated to assist in developing revenue-generating prospects for market participants in the next generation of packaging in the next years in the world's major countries. Furthermore, it is anticipated that rising demand for flexible packaging solutions will support the expansion of the worldwide market for next-generation packaging in the years to come. In the years to come, it is also anticipated that government efforts and policies, such as providing financing to top firms for R&D operations, would aid in the expansion of the market for next-generation packaging. It is projected that other factors, such as the quick urbanization, particularly in developing nations, and the expanding e-commerce sector, would add to market expansion.
A significant growth in the food and beverages sector under the application segment
The food and beverage segment held the major market share. The market for next-generation packaging's food and beverage segment provides several noteworthy benefits. Defending food against infection, prolonging the shelf life of food items, and improving overall operational effectiveness are a few of these. The food packaging sector is expected to experience significant expansion as a result of these causes. The market is anticipated to benefit from shifting demographics, such as decreasing household sizes, rising disposable incomes, and an expanding population.
The North American market expanded at a significant rate and is expected to continue to expand over the forecast period. In North America, the retail industry is expanding quickly due to rising customer demand for packaged and convenient foods. The regional need for sophisticated packaging solutions is anticipated to increase dramatically as a result of the trend. With so many packaging manufacturers operating inside its borders, North America has a competitive edge that contributes to the growth of the sector. North America is a major player in the global packaging business because of a growing retail sector and a strong industrial base. The area is well-positioned for continuous growth in the packaging industry, delivering cutting-edge solutions to satisfy changing market needs as customers continue to seek convenience and dependable packaging for their purchases.