NEXT GENERATION PACKAGING MARKET ANALYSIS

Next Generation Packaging MarketSize and Trends

Global Next generation packaging was valued at US$ 51.2 Billion in 2022 in terms of revenue, exhibiting a CAGR of 7.1 % during the forecast period (2023 to 2030).

Global Next Generation Packaging Market- Market Trend

• Product launching among next-generation packaging provider is a growing trend in the market. For instance, in June 2022, MULTIVAC, launched W 500, a universal flow packaging solution, provides increased flexibility and output for packaging food products in pillow packs, while supporting the use of sustainable film and paper-based materials.
• Plastic remains the most used raw material for packaging, and hence, it occupies the highest market share among all the raw materials deployed by the manufacturers in the packaging industry. Plastic provides the flexibility of being cost-effective to manufacturers. Its inert nature to the contents being stored in it has allowed it to be utilized for packaging products in specific industry verticals.
• Plastic continues to be the most used material for the protective packaging of products across various industries. Advanced packaging materials, such as polypropylene, can provide a high barrier against contamination and temperatures, thereby protecting the packaged product from being damaged. The wide adoption of plastic packaging in the food and beverage industry, which includes bags, pouches, shrink films, sleeves, and tubes, primarily owing to their flexibility, low weight, and durability, are some of the factors that may continue to create demand for the plastic protective packaging solutions.