Next-Generation Packaging Market Future Potential Of Industry,Investment Feas...
Next-generation packaging is an advanced packaging solution that offers various benefits in terms of product quality information and traceability. It helps in tracking and monitoring the product during the entire supply chain process from shipments to delivery of the product to the location. This ensures the safe delivery of the product to the consumer while preventing damages of the packaged materials. Food & beverages, personal care, healthcare & pharmaceuticals, and logistics are some of the major end-users of next-generation packaging.
The global next-generation packaging market is projected to surpass US$ 68.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.7% during the forecast period (2020 to 2027).
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Drivers
Increasing demand for a product with longer shelf-life especially food products which are gaining huge demand across retailers as well as consumers are projected to augment market growth. Active packaging is mainly done to enhance the shelf-life of the product as it remove leftover oxygen from closed packets which extend the shelf-life of the product. Thus, growing need for a product with longer shelf-life is expected to augment the market growth of next-generation packaging.
Market Restraints
The high cost of installation of next-generation packaging technology is expected to restrict the adoption of this technology. This is expected to hinder the market growth of next-generation packaging.
Privacy issues associated with the RFID next-generation packaging solution is expected to curb market growth. Moreover, limited commercial applications of certain next-generation packaging solution are also expected to hinder the market growth.
Market Trends
Advancement in technology by major players supported by favorable government policies is the current major trend in the market. For instance, in March 2020, Aptar Food + Beverage, part of AptarGroup, has launched InvisiShield platform technology. The new product is a “first of its kind” anti-pathogenic packaging solution which can be integrated into sealed packages to protect fresh-cut produce from harmful pathogens like bacteria, fungi, and viruses.
Global Next-generation packaging Market – Impact of Coronavirus (Covid-19) Pandemic
Key players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. Rising demand for packaged food & beverage products among consumers across the globe has fuelled the growth of the market during the pandemic situation. This scenario is expected to continue with the extension of lockdowns in various countries across the globe in response to the Covid-19 pandemic.
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Competitive Section
Key players are operating in the global 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.
Few Recent Developments
- In April 2019, Amcor has launched AmLite Ultra Recyclable, its first packaging product made from the company’s more sustainable high-barrier polyolefin film. The new high-barrier laminate can package a range of food, home, and personal care, and pharmaceutical products
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