Press release
Next Generation Packaging Market is set to Boom Worldwide at a CAGR of 6.5% by 2029
Global next generation packaging market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyzes that the market is growing with a CAGR of 6.5% in the forecast period of 2022 to 2029 and is expected to reach USD 11,209.94 million by 2029.
Growing demand for intelligent packaging to avoid food wastage is accelerating the use of next generation packaging products, which is expected to drive the market growth. However, high costs associated with research and development activities are expected to restrain the growth of the market. The recent trend indicates increasing demand for next generation packaging as investments in public and private food industries continue to increase. The factors driving the growth of the market are increasing health awareness among the general population and continuous technological advancements in packaging. With the rapid growth of globalization and increase in mandates for food and beverages by various countries and regions, the global next generation packaging market will witness an increased trajectory in the coming years. However, the high cost of packaging in the global next generation packaging will restrict the market growth.
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Global Next Generation Packaging Market Scope and Market Size
Global next generation packaging market is segmented into five segments based on type, function, technology, material, and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
On the basis of type, the global next generation packaging market is segmented into active packaging, intelligent packaging, and modified atmosphere packaging. In 2022, the active packaging segment is expected to dominate the market due to high production quantity and ease to use nature of active packaging.
On the basis of function, the global next generation packaging market is segmented into moisture control, temperature indicators, shelf life sensing, product tracking, and others. In 2022, moisture control segment is expected to dominate the market as it is the most demanded packaging function to extend the shelf life of the product.
On the basis of technology, the global next generation packaging market is segmented into scavengers and susceptors, RFID tags, QR codes, NFC tags, coding & markings, sensors & output devices, and others. In 2022, the scavengers and susceptors segment is expected to dominate the market as it gives an easy access to the product to consumers.
On the basis of material, the global next generation packaging market is segmented into plastic, paper, corrugated board, and others. In 2022, the plastic segment is expected to dominate the market due to consumers showcasing keen interest in the size of the product's packaging due to its affordability.
On the basis of application, the global next generation packaging market is segmented into food, beverages, personal care, healthcare, logistics & supply chain, consumer electronics, and others. In 2022, the food segment is expected to dominate the market as the demand for packed food is increasing all over the world owing to busy lifestyles.
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