Valley Cottage, NY -- (SBWire) -- 11/28/2018 --The global packaging market is witnessing a rapid growth due to increasing population, technological advancements and rising consumer demands related to product packaging. Next generation packaging is an advanced form of packaging technology. It is an aggregation of three types of packaging, namely active packaging (includes antimicrobials, gas scavengers, emitters and others), intelligent packaging (includes sensors, indicators and tags) and modified atmosphere packaging. Next generation packaging offers various advanced benefits such as traceability, product shelf life extension, provides product quality information, etc.
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Market Value and Forecast
The global next generation packaging market is anticipated to grow significantly during the forecast period owing mainly to increasing ageing population, advancements in packaging material and rising need for a sustainable packaging technique. Moreover, the trend that follows with the growth of the next generation packaging market includes increasing research and development spending on packaging technology, growing adoption of QR codes on packaging and development of advanced sensors.
Segmentation, by Packaging Type
The next generation packaging market has been segmented on the basis of packaging types into active packaging, intelligent packaging and modified atmosphere packaging. Of these, active packaging is estimated to account for over 36% share of the global next generation packaging market by the end of 2015 and is expected to remain dominant throughout the forecast period. Intelligent packaging segment is estimated to account for over 33% share of the global next generation packaging market by the end of 2015. Modified atmosphere packaging segment is expected to account for over 29% share of the global next generation packaging market by the end of 2015.
Segmentation, by Application
By application, the global next generation packaging market can be segmented into food & beverages, healthcare & pharmaceuticals, personal care, logistics & supply chain and others (automotive & industrial). Of these applications, the food & beverages applications segment dominated the global next generation packaging market in 2014 and is expected to continue its dominance in the market by 2025 end. However, the healthcare & pharmaceutical application segment is expected to grow rapidly during the forecast period. The personal care & logistic application segment is expected to witness significant growth till the end of 2025.
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Key Regions
The global next generation packaging market has been segmented into seven major regions, which include North America, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa. Of these, North America is estimated to dominate the market, accounting for over 35% market share by the end of 2015. Western Europe is estimated to rank second, accounting for over 20% share of the overall market by the end of 2015, followed by APEJ. In addition, Latin America is anticipated to be the fastest growing region in the next generation packaging market in the coming years.
Key Players
Some of the key players identified in the global next generation packaging market are Amcor Limited, WestRock Company (Formerly MeadWestvaco Corporation), 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. Major participants, such as Amcor Limited and Sonoco Products Company are focusing more on business expansion in emerging regions in order to enhance their global presence. In addition, these key players are also focusing on expanding their packaging product portfolio through acquisitions and mergers. For example, in early 2015, MeadWestVaco Corporation and Rock-Tenn Co. entered into a joint venture – WestRock Company. In 2015, Stora Enso Oyj entered into a joint development agreement with NXP Semiconductors N.V? for development of intelligent packaging solutions. This development was intended to primarily focus on integration of RFID technology into packaging in order to enhance consumer engagement and improve supply chain efficiency.
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