Development In Packaging Material To Boost Growth In Global Next Generation Packaging Market

Next Generation Packaging Market

Escalating demand regarding sustainable packaging methods along with the technological advancement in packaging materials has resulted in the demand for the global next generation packaging market. This is one of the trending and most advanced types of packaging techniques that provides several additional benefits too like traceability, access to information regarding product quality, and improved shelf-life. There are three types of next generation packaging, namely, modified atmosphere packaging, active packaging, and intelligent packaging.

The intelligent food packaging type is expected to have built-in sensors developed on the basis of biotechnology, silicon photonics, printed electronics, and carbon nanotechnology. Moreover, non-destructive and remote monitoring is also to be enabled through sensor-based RFID tags.

Development in the packaging material, increased geriatric population, and rising demand for eco-friendly packaging solutions are some of the bolstering factors behind the growth of the global next generation packaging market. Some of the other supporting aspects behind the market growth are rising adoption of QR code scanning on the packages, increasing spending ability on the research & development activities, and innovation of advanced sensors for tracking the packages at the time of shipment. Nevertheless, owing to very limited packaging applications of these packets at present are foreseen to hamper the demand in the global market.

The global next generation packaging market is widely categorized into type, application, and region. Based on the packaging type, the global market is segmented into active packaging, intelligent packaging, modified atmosphere packaging, etc. Among these, the active packaging type is sub-segmented into gas scavengers, gas emitters, moisture & antimicrobials, corrosion control, and others. Moreover, the intelligent packaging segment is sub-divided into sensors, indicators, and tags. In terms of application, the global market is classified into pharmaceuticals & healthcare, supply chain & logistics, food & beverages, personal care, and so on.

Geographically, the global next generation packaging market is likely to be dominated by North America. Canada and the US are foreseen to be among the major contributors in regional growth within the forecast period. The region is followed by Europe, registering a significant growth rate in the global market with substantial market share, supported by the nations like the UK, Germany, Spain, Italy, Luxembourg, and Belgium. The market is further led by the Asia Pacific and Latin America owing to the rising industrialization and advancement in technology that is estimated to contribute to the regional growth.

Some of the major players operating in the global next generation packaging market include WS Packaging Group Inc., Amcor Limited, WestRock Company, Stora Enso Oyj, Bemis Company Inc., Ulma Packaging, Multivac, Sealed Air Corporation, Sonoco Products Company, Active Packaging Ltd., and others.

To cite, Sonoco a leading packaging firm, in 2019 launched a new sustainable packaging solution named, EnviroSense. The products under EnviroSense are developed to include several factors related to eco-friendly packaging such as optimized package & product ratio, lesser impact on the environment, shipping optimization, recyclability, increased usage of recycled items, usage of bio-based products, compostability, and fiber sourcing.