Next Generation Packaging Market to Witness an Outstanding Growth by 2032
Future Market Insights (FMI) delivers key insights on the global next generation packaging market in its upcoming report titled “Next Generation Packaging Market: Global Industry Analysis and Opportunity Assessment 2022-2032”. The global next generation packaging market is projected to expand at a CAGR of 6.01% during the forecast period due to various factors, regarding which FMI offers vital insights in detail in this report.
On the basis of applications, the market has been segmented into food & beverages, healthcare & pharmaceuticals, personal care, logistics & supply chain and others. The food & beverages applications segment is estimated to account for over 43% share of the global next generation packaging market by the end of 2022.
The healthcare & pharmaceutical applications segment is expected to be the second largest segment, accounting for over 30% share of global next generation packaging market by the end of 2022. The personal care applications segment is expected to expand rapidly at a CAGR of 6.30% during the forecast period. Furthermore, the logistic & supply chain application segment in the market is expected to cross US$ 49.3 Bn mark by the end of 2032.
On the basis of packaging type, the market has been segmented into various types, such as active packaging, intelligent packaging and modified atmosphere packaging (MAP). Among all the types, the active packaging segment is expected to hold the largest market share of over 36% by the end of 2022, followed by intelligent packaging segment, which is expected to account for over 33% share of the overall market by the end of 2022.
The modified atmosphere packaging segment is expected to account for over 29% share of the overall market by the end of 2022, but it is expected to lose its share to other packaging types by the end of 2025.
Growth of the global next generation packaging market is mainly driven by increasing aging population, overall advances in packaging materials and rising need of sustainable packaging. Moreover, trends that are driving the growth of the next generation packaging market are increasing research and development spending on packaging technology, growing adoption of Quick Response (QR) codes on packaging and development of advanced sensors.
This report covers trends that are driving the growth of each segment and respective sub-segments and offers analysis and insights on the potential of the next generation packaging market in specific regions. North America is expected to dominate the next generation packaging market, accounting for over 36% share of the overall market by the end of 2022, and is anticipated to remain dominant till the end of 2025. Western Europe is expected to be the second largest market, accounting for over 20% of market share by the end of 2022.
Key players in the global next generation packaging market include Amcor Limited, WestRock Company (Formerly MeadWestvaco Corporation), 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 .Currently, major participants, such as Amcor Limited and Sonoco Products Company, are focusing more on business expansion in emerging regions in order to enhance their global presence.
In addition, these key players are also focusing on expanding their packaging portfolio through acquisitions and mergers.
For example, in 2015, MeadWestVaco Corporation and Rock-Tenn Co. merged together by creating new WestRpck Company.
These insights are based on a report on Next Generation Packaging Market by Future Market Insights.
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