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The global Next Generation Packaging Market is estimated to be valued at US$ 51.2 billion in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2023 to 2030, according to a new report published by Coherent Market Insights.
Market Overview:
Next generation packaging refers to the use of innovative packaging solutions that are sustainable and eco-friendly. These packaging solutions are designed to reduce waste, improve product safety, and enhance shelf life. The need for next generation packaging is driven by the increasing consumer demand for sustainable products and growing concerns about environmental pollution. Additionally, stringent government regulations regarding packaging waste management are further fueling the adoption of next generation packaging solutions.
Market Key Trends:
One key trend in the next generation packaging market is the adoption of active packaging technologies. Active packaging involves the incorporation of additives or agents into packaging materials to enhance the quality and freshness of packaged products. These additives can include oxygen scavengers, moisture absorbers, and antimicrobial agents, among others. Active packaging helps to extend the shelf life of products, reduce food waste, and maintain product safety. The increasing demand for fresh and minimally processed food products is driving the growth of active packaging in the next generation packaging market.
Porter’s Analysis:
Threat of New Entrants: With technological advancements and increasing demand for sustainable packaging, the threat of new entrants in the next-generation packaging market is moderate. However, established players enjoy a significant competitive advantage due to their R&D capabilities and strong distribution networks.
Bargaining Power of Buyers: Buyers in the next-generation packaging market have moderate bargaining power as they seek innovative and eco-friendly packaging solutions. However, the concentration of key players and the specialized nature of the industry limit their options, giving a slight advantage to suppliers.
Bargaining Power of Suppliers: Suppliers of raw materials and technologies have a moderate bargaining power in the next-generation packaging market. The scarcity of certain materials and the need for sustainable sources create a slight advantage for suppliers, leading to higher prices and limited supplier options for packaging manufacturers.
Threat of New Substitutes: The threat of new substitutes is low in the next-generation packaging market. The industry’s innovative approach, coupled with increasing environmental concerns, creates a barrier for traditional packaging methods and encourages the adoption of sustainable packaging alternatives.
Competitive Rivalry: Intense competition among key players characterizes the next-generation packaging market. Established companies, such as Amcor Limited, WestRock Company, and Sonoco Products Company, constantly innovate to maintain their market share, leading to high competitive rivalry within the industry.
Key Takeaways:
The global Next-Generation Packaging Market is expected to witness significant growth, exhibiting a CAGR of 7.1% from 2023 to 2030. The market’s expansion is primarily driven by the increasing demand for sustainable packaging solutions due to rising environmental concerns. Furthermore, the adoption of advanced packaging technologies, such as active and intelligent packaging, is attracting consumer attention and driving market growth.
Regionally, North America dominates the next-generation packaging market, with the United States leading the way. The region’s advanced infrastructure, coupled with strict regulatory norms regarding sustainable packaging practices, propel the market growth. Additionally, Europe holds a significant market share, driven by the growing preference for eco-friendly packaging materials and advanced recycling facilities.
Key players operating in the next-generation packaging market include industry leaders such as Amcor Limited, WestRock Company, Sonoco Products Company, and Sealed Air Corporation. These companies focus on continuous innovation and strategic collaborations to stay ahead in the market. Other notable players include Stora Enso Oyj, Bemis Company, Inc., MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop.
In conclusion, the next-generation packaging market offers immense growth potential due to increased environmental consciousness and a demand for sustainable packaging solutions. The industry’s competitive landscape is characterized by established players constantly striving to introduce innovative technologies, driving market development. As the market continues to expand, stakeholders must adapt to consumer preferences and invest in research and development to maintain a competitive edge.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
