by Next generation packaging is developed using sustainable and eco-friendly packaging materials like bioplastics, recyclable plastics, edible films and coatings to reduce environmental impact. These innovative packaging materials offer barrier protection for perishable products while being compostable and reusable at the end-of-life. The Global Next Generation Packaging Market Size is estimated to be valued at US$ 135 billion in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable and Eco-friendly Packaging Materials
One of the major trends propelling the growth of the next generation packaging market is sustainable and eco-friendly packaging materials. Manufacturers are increasingly focusing on developing packaging solutions made from bioplastics, recyclable plastics and edible films and coatings due to rising environmental concerns and stringent regulations regarding single-use plastics. These innovative materials offer equivalent or better protective qualities as traditional plastics while ensuring sustainability. They allow reusability and recyclability of packages at the end of product lifespan, minimizing environmental footprint of packaging waste. Rapid advancement in materials science is expanding application of biodegradable polymers in food and consumer goods packaging, driving the next generation packaging market.
SWOT Analysis
Strength: Next Generation Packaging provides better product protection, longer shelf life for products, and can improve branding opportunities through innovative packaging designs.
Weakness: High initial costs associated with investment in new packaging technologies, lack of packaging material recycling infrastructure in some regions.
Opportunity: Growth in industries like pharmaceuticals, electronics, food and beverages driving demand, increasing focus on sustainability creating scope for bio-based and recyclable packaging materials.
Threats: Stringent regulations around packaging waste management in some markets, economic slowdowns affecting discretionary spending.
Key Takeaways
The global Next Generation Packaging market is expected to witness high growth over the forecast period.
Asia Pacific is expected to lead the market supported by rising incomes, growing middle class and increasing demand from key industries located in China, India, Japan and other Asian countries. Sustainable packaging solutions are seeing increased adoption in European countries due to stringent environmental regulations.
Key players operating in the Next Generation Packaging are Amcor PLC, Westrock Company, Sonoco Products Company, Tetra Pak, Bemis Company Inc., Sealed Air Corporation. These companies are investing in developing advanced packaging solutions like active and intelligent packaging incorporating smart indicators, leak detectors, sensors etc. to enhance product safety, usability and branding opportunities for brand owners.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
