Consumer preference for purchasing products that feature smart packaging solutions along with high barrier properties of these new age packaging solutions are two of the key factors motivating growth in the global advanced packaging technology market. Research authors at Transparency Market Research predict that the global advanced packaging technology market will witness a stellar CAGR of 7.5 % over the forecast period of 2018 to 2026. They have also noted an important trend that dictates that more than 30 % consumers might be open to paying a higher cost for products that feature advanced packaging solutions.
Other notable motivators for the development of the global advanced packaging technology market in coming years include rising consumer inclination towards consuming convenience food products such as packaged foods and beverages, longer shelf life offered by the smart and advanced packaging solutions, and integration of new technologies such as temperature and freshness indicators.
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Segments in the global advanced packaging technology market by type of technology include active packaging (including active packaging systems such as oxygen scavengers, ethylene scavengers, and moisture absorbers or scavengers, active releasing systems such as carbon dioxide and antioxidant releasers, modified atmosphere packaging technologies, anti-corrosion films, and temperature control packaging technologies), and smart and intelligent packaging (including TTI tags and labels, oxygen and CO2 indicators, RFID, and freshness indicators, among others).
Key end use industries utilizing the solutions from the global advanced packaging technology market include food, beverages (including non-alcoholic and alcoholic beverages), pharmaceuticals, cosmetics and personal care, industrial and chemicals, and agriculture, among others). Food end use segment in the global advanced packaging technology market can be further categorized into sub-segments such as meat, poultry, and seafood, ready to eat meals, bakery and confectionery, cereals, fruits and vegetables, dairy foods, and frozen foods. Many established players from food and beverages industry are displaying huge interest towards adopting modern packaging solutions from the players in the global advanced packaging technology market.
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North America Holds the Largest Share in Advanced Packaging Technology Market
Major regions assessed in the research report on the global advanced packaging technology market include Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Countries in Middle East and Africa as well as emerging economies in the Latin America and Asia Pacific regions are anticipated to present numerous lucrative opportunities for the players in the global advanced packaging technology market in coming years. North America region holds the largest share in the global advanced packaging technology market in terms of production of advanced packaging products using modern technologies. Canada is anticipated to witness highest CAGR i.e. 7.2 % in the global advanced packaging technology market in coming years. In terms of market share, the United States is anticipated to lead the global advanced packaging technology market in near future. North America region also held the largest share in the global advanced packaging technology market in terms of revenue, accounting for US$ 5,690.9 million over the forecast period of 2018 to 2026.
Consumers in developed countries are willing to pay higher for products with advanced packaging technologies
The global demand for advanced packaging technologies is largely fulfilled by the manufacturers present in major countries of Europe and North America regions. It has been noticed that the consumers in these regions have shown great interest in the adoption of products with advanced packaging technologies. According to TMR, more than 30% of the consumers are willing to pay a higher cost for products with the advanced packaging technologies. Consumer inclination towards products with smart packaging solutions and high-barrier properties is creating a wave in the packaging industry which, in turn, is responsible for the high growth in the advanced packaging technologies market. The advanced packaging technologies market is expected to grow at a CAGR value of 7.5%, during the forecast period.
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Players in Advanced Packaging Technology Market Integrating New Packaging Technologies in Their Products
Top leading players operating within the global advanced packaging technology market are Landec Corporation, Bemis Company, Inc., Tetrapack, Amcor Limited, Timestrip UK Ltd., Vitasab International AB, LCR Hallcrest LLC, CCL Industries Inc., Multisorb Technologies Inc., PakSense, Inc., Sealed Air Corporation, Crown Holdings, Inc., Huhtamaki, 3M Company, Cryolog S.A., Varcode, Ltd., Thin Film Electronics ASA, Temptime Corporation, and Coveris Holdings S.A. Leading players and manufacturers in the global advanced packaging technology market are focused on developing new products that integrate enhanced and advanced packaging technologies for various end use industries. Several leading players in the global advanced packaging technology market are also focused on collaborating with technology providers to develop latest and cutting edge packaging technologies for their product offerings.
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