With an upward trajectory, the global next-generation packaging market is poised to reach a significant valuation of US$ 12,847.9 million by 2023, showcasing robust demand. Anticipating sustained growth, the market is projected to witness a commendable CAGR of 6.43% from 2023 to 2033, reflecting a dynamic landscape. As the industry evolves, it is expected to surge further, hitting an impressive milestone of US$ 23,952.9 million by 2033. This trajectory underscores the increasing significance and adoption of innovative packaging solutions, signifying a pivotal shift in the industry towards more advanced and sustainable packaging practices.
The significant growth anticipated in the global next-generation packaging market can be attributed to various key factors. One of the primary drivers is the increasing demand for packaging solutions tailored to the unique requirements of the aging global population, including features like easy-open mechanisms and clear labeling.
Riding the wave of consumer preferences for convenient and packaged food items, the retail sector in North America is undergoing robust growth, acting as a catalyst for the increased demand in advanced packaging solutions. The region’s competitive edge is amplified by a plethora of packaging manufacturers operating locally, reinforcing the expansive trajectory of the industry. The amalgamation of a flourishing retail landscape and a well-established manufacturing foundation positions North America as a pivotal force in the global packaging market. With consumers persistently seeking convenience and dependable packaging, the region is set for continual growth, providing inventive solutions to adapt to the ever-evolving market needs.
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In the midst of a significant expansion phase, the Asia Pacific food packaging industry is propelled by diverse factors. Increasing per capita income, a steadily growing population, and a rising demand for packaged food products are key drivers fueling this growth trajectory. Emerging economies like India, Japan, and China are at the forefront, steering the region’s increasing appetite for packaged food products.
The relentless pace of technological advancement is driving the production of small electronic devices across diverse industry verticals, ranging from consumer electronics and healthcare to automotive and semiconductor IC manufacturing. This trend is fueled by the growing demand for precise patterning on wafers and chips, leading to the relentless miniaturization of integrated circuits.
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.
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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%.
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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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