Next Generation Packaging Market: Overview
Rising need for sustainable packaging techniques and advancements in packaging materials has led to the development of next generation packaging, which is one of the advanced forms of packaging technology. It offers various advanced benefits such as the extension of product shelf life, traceability, and availability of product quality information. It is an aggregation of three types of packaging, which includes intelligent packaging, active packaging, and modified atmosphere packaging.
Next Generation Packaging Market: Facts
The food packaging will have innovations being made that will represent the next generation packaging. Intelligent packaging in the food will have sensors that are created based on the carbon nanotechnology, biotechnology, printed electronics, and silicon photonics. The remote and the nondestructive monitoring will be enabled using the sensor-enabled RFID tags.
Next Generation Packaging Market: Segmentation
The global next generation packaging market is segmented into its packaging type, and application. On the basis of packaging type, the market is divided into intelligent packaging, active packaging, and modified atmosphere packaging. Active packaging further includes gas emitters, gas scavengers, antimicrobials and moisture, and corrosion control. Intelligent packaging further includes tags, indicators, and sensors. Based on application, the market is segregated into logistics and supply chain, personal care, healthcare and pharmaceuticals, food and beverages, and others such as the automotive and industrial segments.
Next Generation Packaging Market: Growth Factors
Advancements in packaging material, increase in the geriatric population, and rising need for a sustainable packaging technique are the driving factors of the next generation packaging market. Other factors influencing the growth include growing adoption of QR codes on packaging, increasing research and development spending on packaging technology, and development of advanced sensors to track the packages during shipment of the products. Demand for next generation packages will be boosted in the food and beverage segment. However, since these packages have limited commercial application it will limit the growth of the market.
Next Generation Packaging Market: Regional Analysis
The largest share in the next generation packaging market is held by North America. The U.S. and Canada are at the forefront of this growth. Following North America in its growth is Europe. Countries such as Germany, the U.K., France, Italy, Spain, Netherlands, Belgium, and Luxembourg are the chief contributors to the growth in the European region. Asia Pacific will also be contributing a significant share to the market growth. The economies in Latin America are undergoing rapid industrialization, which is anticipated to escalate the demand in the next generation packaging market.
Next Generation Packaging Market: Competitive Players
Few of the prominent market players in the global next generation packaging market include WestRock Company, Amcor Limited, Sonoco Products Company, Bemis Company Inc., Stora Enso Oyj, WS Packaging Group Inc., Multivac, Ulma Packaging, Sealed Air Corporation, and Active Packaging Ltd.
Next Generation Packaging Market: Regional Segment Analysis
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