The global next-generation packaging market is nearing a significant valuation, anticipated to hit US$ 12,847.9 million by 2023. Projections indicate a promising trajectory, with the market poised to increase at a Compound Annual Growth Rate (CAGR) of 6.43% from 2023 to 2033, eventually reaching US$ 23,952.9 million. This growth reflects the increasing demand for innovative packaging solutions that cater to evolving consumer preferences and sustainability concerns. As industries seek to enhance product appeal and reduce environmental impact, next-generation packaging technologies are expected to play a pivotal role in meeting these demands and driving market expansion in the coming years.
A significant factor driving this trend is the increasing focus on providing detailed product quality information and traceability. Modern consumers are becoming more concerned about the origin and quality of products, prompting the adoption of advanced packaging technologies that facilitate thorough tracking and monitoring across the supply chain.
On the brink of significant expansion, the Asia Pacific food packaging industry is being propelled by various factors. Factors such as rising per capita income, a steadily increasing population, and a surging demand for packaged food are particularly fueling this growth trajectory, with emerging economies like India, Japan, and China leading the charge in the region’s growing appetite for packaged food products.
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Notably, the medical devices sector has experienced a surge in the demand for Nano-sized robotic surgery equipment, driven by advancements in wearable technology and personalized healthcare devices. Consequently, designers are increasingly turning to smart packaging solutions as a means to accommodate these miniature electrical devices.
Within the semiconductor industry, the push for miniaturized electrical components is driven by the escalating need for high-performance electronics. Advanced semiconductor packaging techniques have emerged to meet these demands, but they come at a cost. Compared to conventional packaging methods, advanced packaging methods are more expensive. As the semiconductor manufacturing process progresses to each subsequent node, the costs rise significantly, reaching a point where it becomes economically challenging to continue development and production.
Key Takeaways from the Market Study
- The market valuation in 2022 was US$ 12,800.3 million.
- Based on packaging type, active packaging is expected to dominate at a market share of 43.6% by 2033.
- Based on application, food & beverage will register at a market share of 41.5% by 2033.
- The next-generation packaging market size expanded at 2.76% CAGR between 2018 and 2022.
- Asia Pacific is estimated to register at a market share of 8.7% in 2023.
- North America experiences a projected value share of 19.3% in 2023.
“The increasing focus on sustainability and environmental awareness is propelling the adoption of eco-friendly packaging materials and is considered one of the major drivers of the next generation packaging market,” comments a Future Market Insights analyst.
Competitive Landscape
The next generation packaging industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on the introduction of eco-friendly product lines as a core aspect of their manufacturing endeavors.
These players employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
The Major key players Are:
- Amcor Limited
- WestRock Company
- Sonoco Products Company
- Sealed Air Corporation
- Stora Enso Oyj
- Bemis Company, Inc.
- MULTIVAC
- WS Packaging Group, Inc.
- Active Packaging Limited
- ULMA Packaging
- S. Coop
Some of the key developments are-
- DuPont, offers the Tyvek 40L medical packaging, a new class of Tyvek for medical packaging applications that offers a practical solution for safeguarding portable, low-risk equipment, we thank DuPont Protection Solutions.
- Microchip Technology Inc. has unveiled the GridTime 3000 GNSS time server, a software-configurable system that protects power plants and substations from surges, bad weather, and cyber-attacks targeting critical infrastructure.
- Analog Devices, Inc., has unveiled a three-axis MEMS accelerometer that may be used in a variety of healthcare and industrial applications, such as vital sign monitoring, hearing aids, and motion-enabled metering devices. The ADXL367 accelerometer reduces power consumption by two times compared to the previous generation (ADXL362) while boosting noise performance by up to 30%.
Key Segments Covered
Packaging Type:
- Active Packaging
- Antimicrobials
- Gas Scavengers
- Gas Emitters
- Others (Moisture & Corrosion Control)
- Intelligent Packaging
- Sensors
- Indicators
- Tags
- Modified Atmosphere Packaging
By Application:
- Food & Beverages
- Healthcare & Pharmaceuticals
- Personal Care
- Logistics & Supply Chain
- Others (Automotive & Industrial)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa