Global Next Generation Packaging Market By Type (Active Packaging, Intelligent Packaging), By Application (Food & Beverages, Healthcare & Pharmaceuticals, Personal Care), By Region, And Segment Foreca...

The Global Next Generation Packaging Market was valued at USD 26.24 billion in 2023 and it is poised to grow beyond USD 39.77 billion by the end of 2030; registering a CAGR of 6.12% during the forecast period of 2024-2030.

The growth of the global next generation packaging is primarily driven by increased health consciousness among consumers worldwide. This has contributed to a rise in the demand for packaged food products. In addition, next generation packaging techniques can help reduce power consumption, which is critical for mobile devices, IoT devices, and other battery-powered electronics. Rising demand of food and beverage packaging coupled with shifting towards advanced packaging techniques from traditional methods are the factors shaping the growth of the global next generation packaging market.

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Global Next Generation Packaging Market Dynamics

Market Drivers

Growing population worldwide coupled with booming food and beverage industry;

-          The global population is increasing, leading to a higher demand for food and beverages to meet the needs of a growing population. In addition, with growing awareness in food & beverage industry, consumers are becoming more health-conscious and are seeking healthier food and beverage options.

-          Next generation packaging plays a crucial role in the food and beverage industry by addressing various challenges and meeting the evolving needs of consumers and manufacturers. Next Generation Packaging technologies such as modified atmosphere packaging (MAP), active packaging, and intelligent packaging help extend the shelf life of food and beverages by maintaining freshness, preventing spoilage, and reducing food waste.

E-commerce and digitalization;

-          Growing E-commerce and digitalization play a significant role in driving the adoption and evolution of Next Generation Packaging. The convenience of online shopping has changed the way of shopping worldwide. This simultaneously increases the demand of packaging. E-commerce and digitalization drive the development of smart packaging solutions, which incorporate sensors, indicators, and monitoring devices to provide real-time information on product freshness, safety, and quality.

Market Restraint

High cost associated with Next Generation Packaging;

Adopting Next Generation Packaging technologies often requires significant upfront investment in new equipment, materials, and infrastructure. This can be a barrier for small and medium-sized companies with limited financial resources. Furthermore, next generation packaging materials and technologies may be more expensive to manufacture than traditional packaging solutions. This can increase production costs, reducing profit margins for manufacturers and making Next Generation Packaging less competitive in the market.

Market Opportunities

Initiatives taken for Waste reduction in packaging;

Increasing awareness of environmental issues and regulatory pressure to reduce waste have led to a growing demand for sustainable packaging solutions. Many governments are focusing on reducing waste reduction in packaging through different initiatives. For instance, recently in November 2023, the U.S. Government’s has announced a national strategy for “advanced packaging” under the CHIPS for America Program is a big step toward ensuring the resiliency and security of the U.S. supply chain for advanced electronics.  

Next Generation Packaging Market by Application Insights:

Based on application segment, the Next Generation Packaging market is categorized into food & beverages, healthcare & pharmaceuticals, personal care, logistics & supply chain and others. Food & Beverages segment emerged as the largest revenue contributor in 2023 with more than 40% market share and it is further anticipated to continue its dominance during the forecast period. The growing population worldwide coupled with booming food and beverage industry primarily drives the next generation packaging market for food & beverages market.

Market By region Insights

Based on the regional coverage, the global next generation packaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America currently dominates the next generation packaging market due to the high demand of packaged food in the region. However, Asia Pacific offers substantial market opportunity for the next generation packaging market due to growing economy and booming Food & Beverages and Healthcare & Pharmaceuticals industry in the countries like India and China.

Competitive Scenario:

Major players operating in the global Next Generation Packaging market include WestRock Company, Amcor Limited, Sealed Air Corporation, Sonoco Products Company, Stora Enso Oyj, MULTIVAC, Bemis Company Inc., WS Packaging Group Inc., Ulma Packaging and Active Packaging Ltd.

Scope of Work – Global Next Generation Packaging Market

Market Segmentation

·         Based on Packaging Type

o   Active Packaging

§  Antimicrobials

§  Gas Scavengers

§  Gas Emitters

§  Others (Moisture & Corrosion Control)

o   Intelligent Packaging

§  Sensors

§  Indicators

§  Tags

o   Modified Atmosphere Packaging

·         Based on Application

o   Residential

o   Commercial

·         Based on region

o   North America (U.S., Canada)

o   Europe (Germany, France, Italy, Spain, UK, Rest of Europe)

o   Asia-Pacific (China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia-Pacific)

o   Latin America (Brazil, Argentina, Mexico, and Rest of LAMEA)

o   Middle East & Africa (Saudi Arabia, UAE, Qatar Bahrain, South Africa, Rest of MEA)

Frequently Asked Question

Q. What is the current market size of the Global Next Generation Packaging Market?

Answer. The global Next Generation Packaging market size was estimated at USD 26.24 billion in 2023 and is expected to grow beyond USD 39.77 billion in 2030, registering a CAGR of 6.12% during the forecast period of 2023-2030.

Q. What is the major growth driver of the Global Next Generation Packaging Market?

Answer. The growth of the global next generation packaging market is mainly driven by growing population worldwide coupled with booming food and beverage industry.

Q. Which is the largest region during the forecast period in the Global Next Generation Packaging Market?

Answer.  North America region accounted for largest market share in the global Next Generation Packaging market in 2022.

Q. Which segment accounted for the largest market share in Global Next Generation Packaging Market?

Answer. Based on application, Food & Beverages segment market accounted for around 40% market share in 2022.

Q. Who are the key market players in the Global Next Generation Packaging Market?

Answer. WestRock Company, Amcor Limited, Sealed Air Corporation, Sonoco Products Company, Stora Enso Oyj, MULTIVAC, Bemis Company Inc., WS Packaging Group Inc., Ulma Packaging and Active Packaging Ltd., are the key players in this market that are shaping the growth trajectory of this market.