Next Generation Packaging Market - Forecasts from 2024 to 2029

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.

Introduction:

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.

Drivers:

• New-age customers demanding for traceability of products are boosting market growth:The increasing importance of traceability and product quality data is one significant factor. Modern customers are becoming more and more concerned with the provenance and calibre of products, which has prompted the introduction of cutting-edge packaging technologies that allow for thorough tracking and supervision throughout the supply chain.
• Next-generation packaging aids in improving shelf life:One major factor propelling this industry is the demand for goods with longer shelf lives. Next-generation packaging solutions provide creative methods to extend the lifespan of perishable items, which resonates with both consumers and producers as businesses work to decrease food waste and assure product freshness.
• Rising trend of sustainability and awareness is boosting growth:The use of environmentally friendly packaging materials and methods is being driven by sustainability and environmental concerns. Brands are becoming more aware of the value of reducing their environmental impact, which is driving a move to packaging materials that are more environmentally friendly.
• Technological advancements are the primary market driver:The functionality and value proposition of next-generation packaging are being improved by the growing integration of technology in packaging, such as smart labels and sensors. In this technologically advanced era, technologies fuel market expansion by supplying real-time data, enhancing convenience, and improving the entire user experience.

Products offered by key companies:

• Produce packaging, Packaging Corporation of America:The maximum level of freshness and aesthetic appeal must be maintained for fresh fruits and vegetables. One-piece containers that are simple to put up, unique vented designs, and bulk bins for unrivalled package strength are just a few of the alternatives provided by PCA. They also provide barrier coatings for improved moisture protection and increased package longevity.

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 region is expected to hold a significant share of the next-generation packaging market:

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.

Key developments:

• In January 2023, Amcor stated that it had reached a deal to buy Phoenix Flexibles, increasing Amcor's capacity in the rapidly developing Indian market and the acquisition was completed in August 2023. Amcor's capacity to meet the ongoing high demand and generate significant returns for shareholders would be instantly increased with the inclusion of Phoenix Flexibles' well-capitalized and well-placed production plant. The purchase also delivers skills enabling Amcor to increase its product portfolio in desirable high-value areas and adds sophisticated film technology, enabling local manufacturing of a wider range of more sustainable packaging solutions.
• Sonoco, a pioneer in varied packaging across the world, intends to boost Sonopost® corner post-production in Europe. One year, after Sonoco launched the first Sonopost® operation in Sochaczew, Poland, a new protective packaging manufacturing plant, was scheduled to open in Bursa, Turkey in November 2022.

SEGMENTS:

PACKAGING TYPE

• Active Packaging
• Gas Scavengers
• Gas Emitters
• Antimicrobials
• Others
• Intelligent Packaging
• Sensors
• Indicators
• Tags

BY APPLICATION

• Food and Beverages
• Healthcare and Pharmaceutical
• Logistics and Supply Chain
• Others

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others