Next-Generation Packaging Market To Surpass US$ 4.4 Million By 2027
The global next-generation packaging market was estimated to be valued more than US$ 3.3 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 3.7% during the forecast period of 2020 to 2027 as stated in a new market study published by Coherent Market Insights.
Growth in the pharmaceutical packaging industry is primarily fueling the market growth of the next generation of packaging. Growing prevalence of various chronic disease coupled with the increasing geriatric population is escalating healthcare needs. Increasing shipments of pharmaceutical drugs and devices in order to cater to growing need around the globe is projected to propel the market growth of next-generation packaging.
Growth in the retail sector across the developing region is expected to bring new opportunities to the market of next-generation packaging technology. Next-generation packaging such as modified atmosphere packaging and active packaging are mostly employed across the retail sector. According to the India Brand Equity Foundation, the retail industry reached US$ 950 billion in 2018 at CAGR of 13% and expected to reach US$ 1.1 trillion by 2020. Thus, growth in the retail industry is expected to augment the market growth of next-generation packaging.
As per Coherent Market Insights's research, different rules and regulations for this packaging solution across countries which hampers the total commercialization of next-generation packaging. This is expected to hamper the market growth of the next-generation packaging technology over the forecast period.
On the basis of vent type, direct vent dominated the global next-generation packaging market in 2019 with around 78% of market share in terms of revenue, followed by vent free and B vent, respectively.
Adoption of the QR code among various end-user industries is a major trend in the market. Moreover, various companies are also adopting natural antioxidants in active food packaging applications for extending the shelf-life of the product is expected to augment the market growth of the next-generation packaging. Moreover, the growing consumption of convenience, frozen, and ready-to-eat food products around the globe is further anticipated to fuel the market growth of the next-generation packaging.
The growing adoption of RFID technology across the personal care and cosmetic industry is expected to be a major trend in the market. RFID technology maintains the quality of the product and also helps in minimizing waste of the product. Intelligent packaging solution is also gaining popularity across the logistic sector as it helps in enabling anti-counterfeiting measures and provide accurate traceability of the products. Moreover, the data can be retrieved by using any smart devices such as smartphones.
Global Next-Generation Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
Packaging manufacturers are encouraging recycling of packaging on during the pandemic so that these materials can be converted into new products. This scenario is expected to foster the market growth during 2020-2021.
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 September 2019, Sonoco a sustainable, diversified packaging company, announced the creation of its new EnviroSense sustainable packaging initiative. EnviroSense products are designed to incorporate a number of elements associated with more sustainable packaging which include reduced environmental impact, optimized package-to-product ratio, and shipping optimization, increased use of recycled content, recyclability, fiber sourcing, compostability, and the use of bio-based materials.