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Multi-sensory Packaging Market - Latest Trends and Key Drivers Supporting Growth through 2024
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Global Multi-sensory Packaging Market: Drivers & Restraints
The growth of global multi-sensory packaging market is driven by the demand for innovative packaging technologies from various end-user industries to make their products more appealing to consumers. Multi-sensory packaging is mostly adopted by the food & beverage industry, where multi-sensory packaging is used as a marketing tool by the manufacturers to make their product more appealing to consumers. Furthermore, the demand for FMCG (Fast-moving Consumer Goods) and the changing eating habits of the consumers towards packed snacks and confectioneries are further boosting the demand for the multi-sensory packaging market among the manufacturers globally.
On the plus side, macroeconomic factors such as rise in disposable income of middle-class population leading to increased spending on FMCG products can be attributed to the growth of multi-sensory packaging market globally. Trends prominent in the multi-sensory packaging is the innovations, for instance, DS Smith, a leading European company in packaging has developed talking paper for packaging which reciprocates once it's touched and a recorded information can be heard. However, complexities associated with different types of multi-sensory packaging might hamper the growth of the global multi-sensory packaging market.
Based on the geographies, global multi-sensory packaging market is segmented into five key regions -- North America, Latin America, Europe, APAC, and the Middle East & Africa. Among the regions mentioned above, North America accounts for significant share for multi-sensory packaging market, owing to the demand for packaging technologies that garner consumer attentions among the manufacturers across the country.
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Furthermore, North America packaging industry’s position in the global packaging market is bolstering growth for multi-sensory packaging in the region. Europe market for multi-sensory packaging is followed by the North America market, which is followed by Asia-pacific and Middle-East & Africa market for multi-sensory packaging. Latin America market for multi-sensory packaging is anticipated to register a sluggish growth over the forecast period. Overall, the global multi-sensory packaging market is projected to register a healthy growth rate by the end of forecast period.
Global Multi-sensory Packaging Market: Key Players
Some of the major players identified in the global multi-sensory packaging market include DS Smith, First Flavor, Inc., ScentSational Technologies, KARL KNAUER KG, DOHLER, 3C! Packaging, Inc. and Alpha MOS Smell, Taste & Chemical Profiling among others.
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