Prominent next generation packaging technology developers are largely investing in collaborations within the industry to consolidate their market position during the coronavirus crisis.
DUBAI, UAE / ACCESSWIRE / July 15, 2020 / Future Market Insights: The next generation packaging technology market will rise at a healthy 6% CAGR, between 2015 -2025. Packaging applications in multiple end use industries such as personal care, apparel, alcohol, consumer electronics, and cosmetics among others are likely to witness a major drop during the coronavirus crisis. These factors will have a adverse impact on the demand for next generation packaging technologies in the near future.
"Rapidly rising demand for higher efficiency in product packaging processes is supporting the developments of the next generation packaging technology market. Innovations in packaging materials and the rising demand for sustainability for new packaging techniques will also augment market growth, particularly for grocery and household supplies throughout the covid-19 crisis," says the FMI analyst.
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Next Generation Packaging Technology Market - Key Takeaways
- Intelligent packaging solutions are highly sought after, aided by tracking and security capabilities.
- Logistics and supply chain applications of next generation packaging technology are rapidly gaining ground, as ecommerce channels become increasingly mainstream.
- North America is a leading market for next generation packaging technologies owing to the presence of major market players.
Next Generation Packaging Technology Market - Key Driving Factors
- Sustainability initiatives and material innovations in the packaging industry are key growth factors.
- Development of sensor technologies for tracking goods is providing impetus to market growth.
- Investments in the private sector in research and development of technologies such as RFID tags are boosting market opportunities.
Next Generation Packaging Technology Market - Key Constraints
- Limited commercial application of next generation packaging technology hinders market growth.
- High cost and lack of awareness about new packaging technologies hold back market growth.
The Anticipated Impact of Coronavirus
Changing consumer bias towards spending of disposable incomes during the coronavirus pandemic is a key factor influencing the application of next generation packaging technologies. The suspension of industrial activities will hold back the use of bulk transportation packaging solutions in the short term. Similarly, the demand for consumer goods and electronics during the outbreak will also hinder packaging industry operations. However, gradual relaxation of restrictions on commercial activities will enable a firm recovery of the market by the end of 2020.
Explore the global next generation packaging technology market report with 98 illustrative figures, 3 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/customization-available/rep-gb-709
Competition Landscape
Leading players in the next generation packaging technology market include but are not limited to ULMA Packaging, Amcor Ltd., Active Packaging Ltd., Sonoco Products Co., WS Packaging Group, Sealed Air Corp., MULTIVAC, Stora Enso Oyj, and Bemis Co. Manufacturers are seeking mergers and acquisitions, apart from product innovation. For instance, Pulpex Ltd. has unveiled a paper-based, plastic free bottle for the Johnnie Walker Scotch Whisky range.
More About the Report
The FMI's market research report offers detailed insights on next generation packaging technology market. The market is scrutinized on the basis of packaging type (active packaging and intelligent packaging), and application (food & beverages, healthcare & pharmaceuticals, personal care, logistics & supply chains, and others) across six key regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, and Middle East & Africa).
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SOURCE: Future Market Insights