The global next-generation packaging market is on the brink of reaching a substantial valuation, projected to reach US$ 12,847.9 million by 2023. The market is poised to rise at a CAGR of 6.43% from 2023 to 2033, reaching US$ 23,952.9 million.
The retail sector in North America is experiencing robust growth, driven by consumer preferences for convenient and packaged food products. This trend is set to significantly boost the demand for advanced packaging solutions in the region. North America benefits from a competitive advantage, with numerous packaging manufacturers operating within its borders, further supporting the industry’s expansion.
In Europe, despite reaching a high level of market saturation, there is continued growth potential in the next-generation packaging sector. The region’s single market policy, promoting free trade among European countries, is a key driver of this optimistic outlook. The seamless flow of goods within the European Union encourages exports, creating a conducive environment for industry expansion, encompassing both Western and Eastern Europe.
The Asia Pacific food packaging industry is on the brink of significant expansion, driven by several factors. Rising per capita income, a steadily increasing population, and a surging demand for packaged food are particularly fueling this growth trajectory. Emerging economies like India, Japan, and China are leading the charge in the region, experiencing a growing appetite for packaged food products.
The relentless pace of technological advancement has propelled the production of small electronic devices across diverse industry verticals, ranging from consumer electronics and healthcare to automotive and semiconductor IC manufacturing. The trend is fuelled by the growing demand for precise patterning on wafers and chips, leading to the relentless miniaturization of integrated circuits.
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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.
The intricacies of integrated circuits contribute to higher wafer production costs. As chips and integrated circuits become more complex, incorporating intricate designs and densely packed components, the cost of advanced packaging escalates even further. These complexities and associated costs pose challenges for widespread adoption, especially for smaller enterprises operating with limited budgets.
Key Takeaways from the Market Study
- The market valuation in 2022 was US$ 12,800.3
- 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.
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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%.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global next-generation packaging market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the next-generation packaging market is segmented based on major By Application- Packaging Type: [Active Packaging {Antimicrobials, Gas Scavengers, Gas Emitters, Others (Moisture & Corrosion Control)}, Intelligent Packaging {Sensors, Indicators, Tags}, Modified Atmosphere Packaging], Next Generation Packaging Market by Application: [Food & Beverages, Healthcare & Pharmaceuticals, Personal Care, Logistics & Supply Chain, Others (Automotive & Industrial)] and by region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
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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
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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