Canada Nano Enabled Packaging for Food and Beverages market was valued at US$ 623.6 Million in 2022, exhibiting a CAGR of 10.3% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1,370.1 Million by 2030. Canada Nano Enabled Packaging for Food and Beverages Market, By Application (Bakery Products, Meat Products, Dairy Products, Prepared Food, Beverages, Fruits and Vegetables, Others), and By Technology (Active Packaging, Controlled Packaging and Intelligent Packaging) – Size, Share, Outlook and Opportunity Analysis, 2023 – 2030 Published by: Coherent Market Insights.
Market Drivers
Increase in the numbers of anti-counterfeit products
The market for packaging with nano-enabled technology is anticipated to grow as a result of rising of anti-counterfeit products, which will increase the use of packaging with nano-enabled technology. To decrease the amount of anti-counterfeit products on the market, manufacturers are quickly implementing cutting-edge packaging strategies like nano-enabled packaging. More nano-enabled packaging will be adopted due to the prevalence of fake goods. However, with the adoption of nano-enabled packaging, manufacturers can track their products by using RFID-Radio Frequency Indentification technology, thereby lowering the risk of fake goods.
Market Opportunities
Escalating demand for meat products packaged in anti-microbial materials
Growing demand for meat products with anti-microbial packaging is expected to augment the market growth of the Canada nano-enabled packaging. Moreover, the increasing consumption of frozen food products coupled with the rising adoption of intelligent packaging solutions in frozen food is expected to have a positive impact on the market growth of nano-enabled packaging. Furthermore, the growing focus of the government in Canada to expand the food industry is further anticipated to bolster the market growth over the forecast period.
Market Restraints
Complexity in designing and development
Complexity in the design and development of tailor-made packaging is expected to hinder the market growth. Moreover, different food requires different type of packaging for maintaining a longer shelf-life until it is consumed. This increases the complexity of the packaging process which is expected to restrict the growth of the Canada nano-enabled packaging market in the near future.
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Key Takeaways:
On the basis of application, the prepared foods segment dominated the Canada nano-enabled packaging for food and beverage market in 2022 with a 25% of market share in terms of value, followed by beverages and dairy segments respectively.
On the basis of technology, the intelligent packaging segment is the fastest growing in the Canada nano-enabled packaging for food and beverage market in 2022 with 38 % of market share in terms of value.
Market Trends
Increasing research and development
The growing focus of researchers to develop bio-based active packaging in response to the growing demand for biodegradable packaging solutions is expected to augment the market growth of Canada's nano-based packaging. For instance, in March 2022, An SAF production facility with a 1 million ton annual output capacity will be built in Maoming, Guangdong Province, China, according to a joint announcement by Honeywell and Oriental Energy Company Ltd.
Canada Nano Enabled Packaging for Food and Beverages Market - Impact of Coronavirus (COVID-19) Pandemic
The coronavirus outbreak has led to the sharpest decline in demand for certain types of packaging which has affected the food packaging industry. The pandemic has caused food service outlets and restaurants to shut down, and demand for packaged food products is expected to rise. The rising demand for packaged food is expected to increase demand for packaging products.
The pandemic will affect packaging choices, favoring packaging designs that will address hygiene and consumer safety, like those which minimize the possibility of virus survival on the packaging surface. According to Coherent Market Insights, consumers across the globe will be increasingly inclined to buy products through e-commerce channels and other home delivery services. This is expected to drive demand for packaging products from these sectors.
