Next Generation Packaging Market is Estimated To Witness High Growth Owing To Trends towards Sustainable Packaging

Next Generation Packaging Market


The Next Generation Packaging Market is estimated to be valued at US$ 54.84 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Next generation packaging refers to packaging solutions that provide enhanced protection, extend shelf life and reduce environmental impact. It includes packaging made from sustainable and recyclable materials such as paper, bio-based plastics, and aluminum. Next generation packaging plays a vital role in reducing food wastage by protecting perishable food items from damage and contamination during transportation and storage.

Market key trends:
Trends towards sustainable packaging is a key factor driving the growth of the next generation packaging market. Rising awareness about negative environmental impact of conventional plastic packaging is increasing the demand for sustainable and eco-friendly packaging solutions made from recycled, recyclable or biodegradable materials. According to a survey by Smithers Group, around 80% of consumers are willing to pay extra for packages made from sustainable materials. Furthermore, stringent government regulations regarding single-use plastic packaging to curb plastic waste generation is augmenting the demand for sustainable next generation packaging solutions. Introduction of innovative materials, designs and technologies to cater to evolving consumer needs and extend shelf life of products is also fueling the market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the next generation packaging market requires large manufacturing facilities and R&D capabilities to develop innovative packaging solutions. Bargaining power of buyers: The bargaining power of buyers is high as the global players have a wide range of product offerings and the buyers can easily switch between suppliers. Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw material inputs are commoditized and there are several suppliers in the market. Threat of new substitutes: Threat of new substitutes is low as the next generation packaging provides protection and extends shelf life of packaged products compared to traditional packaging materials. Competitive rivalry: is intense among the existing players due to global presence and diversified product portfolio.

SWOT Analysis
Strengths: The next generation packaging materials provide enhanced product protection, shelf life extension and sustainable properties compared to traditional packaging. Additionally, the focus on developing eco-friendly and biodegradable packaging solutions is a key strength.
Weaknesses: High R&D costs and initial capital investments required for manufacturing facilities are key weaknesses. Volatility in raw material prices also affects the profit margins.
Opportunities: Growing e-commerce sector and demand for tamper-proof, child-resistant, and senior-friendly packaging provides opportunities. Increasing regulations regarding use of plastic and single-use plastic further boost the demand.
Threats: Stringent environmental regulations and sustainability targets posed challenges for widespread adoption of bio-based and biodegradable materials. Economic slowdowns also impact the demand.

Key Takeaways
Global Next Generation Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand for sustainable and eco-friendly packaging solutions. The rising concerns regarding environmental impact of plastic waste coupled with stringent regulations are fueling the use of bioplastics, edible films and paper in packaging industry.

Regional analysis Western Europe dominates the next generation packaging market currently due to stringent regulations driving replacement of plastics with eco-friendly materials. Asia Pacific is expected to grow at a highest CAGR during the forecast period backed by increasing consumption of packaged foods and expanding e-commerce sector in China and India.

Key players operating in the next generation packaging market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj, Bemis Company, Inc., MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop.Key players are focusing on developing innovative and sustainable packaging by utilizing materials such as paper, bioplastics to gain competitive advantage in the market. 

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