Advanced Packaging Technologies Market is projected to expand at a CAGR of 7.5% during forecast period between 2018 to 2026
Albany, NY -- (SBWIRE) -- 01/14/2019 -- In recent years, the packaging industry has witnessed a tremendous increase in demand for different products due to change in consumer habits and the introduction of new & innovative products embedded with advanced packaging technologies. Companies are investing heavily in research and development activities to develop products with distinguishable characteristics. Consumer inclination towards convenience products such as packaged food, has resulted in the development of products with advanced packaging technologies that offer longer shelf life through gas absorption and scavenging systems. Across the globe, active packaging is gaining traction for food packaging applications due to its properties that enhance shelf life and the ability to reflect properties of contained food on the packaging.
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Embedding advanced packaging technologies such as freshness and temperature indicators on food packaging products by a large number of brand owners all over the world, is helping them acquire more customers and gain a competitive advantage in the packaged food industry. Leading packaging companies are collaborating with technology providers to develop advanced packaging technologies for their products. Global food and beverages companies are showing immense interest in adopting packaging solutions with advanced packaging technologies.
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.
Advanced packaging technologies help brand owners differentiate their products at the point of purchase
Innovation and new product launches in the global advanced packaging technologies market are the major factors that are being considered by leading packaging manufacturers. Brand owners are rethinking their strategies and planning to launch new products with advanced packaging technologies. Such initiatives are responsible for embarking new products in the advanced packaging technologies market. Brand owners think that products with advanced packaging technologies will create brand differentiation at the point of sale.
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On the basis of end use, the advanced packaging technologies market is segmented into Food, Beverages, Pharmaceuticals, Industrial & Chemicals, Cosmetics & Personal Care, Agriculture, and Others. Food segment in the advanced packaging technologies market is further sub-segmented into Meat, Poultry, and Seafood, Fruits & Vegetables, Ready-to-Eat Meals, Dairy Foods, Bakery & Confectionary, Frozen Foods, and Cereals.
Fast adoption of advanced packaging technologies is the major factor responsible for high growth in the North American market
The North American region accounts for the largest market share in terms of production of packaging products, with advanced packaging technologies, in both categories i.e. active and smart & intelligent packaging. The U.S. is expected to account for the largest market share in the North American advanced packaging technologies market. However, Canada is expected to witness higher CAGR value of 7.2% during the forecast period. European region occupies the second spot in the global advanced packaging technologies market in terms of both revenue generation and consumption. Germany and Italy are the main production hubs for products embedded with advanced packaging technologies in Europe. Both of these countries export a large proportion of its production to the U.S., China, ASEAN, India, Korea, and Japan.