Packaging has undergone a sea change. The dynamics of change has been influenced by changing consumer preferences. For a large part, the spurt of technological advancements for packaging manufacturers over the recent decades has unlocked new possibilities in the end-use markets. According to a study by Transparency Market Research, the opportunities in the market are expected to clock CAGR value of 7.5% during 2018 – 2026. The evolution of smart packaging for food and semiconductor industries are areas to look for vibrant growth trends for the advanced packaging technologies market.
Food industry is one of the many sectors where companies in the advanced packaging technologies market are ceaselessly exploring new consumer propositions. The active food packaging has enabled businesses in food manufacturing and services industries to remarkably increase the shelf-life of the food products as well as their quality. With the use of intelligent systems, notably embedded packaging technologies, brands keep a close tab on factors that can lead to faster deterioration of the food quality. The role of advanced packaging technologies have outgrown from being just a passive containment and protection system to food preservation from processing to storage.
Multipurpose Food Packaging Systems Presents Vast Avenue
Given the drive for multipurpose food packaging system, it is not hard to understand why bulk of revenues in the advanced packaging technologies market are likely to come from the food industry. The aspects of intelligent and active packaging are integrated into advancing the concept of smart packaging, and is a key force in boosting the growth prospects. Packaging companies have successfully made the active component part of the polymer-based packaging matrix. Of note, strides in the polymer packaging manufacturing has also accelerated the growth of the advanced packaging technologies market.
Asia Pacific Replete With Opportunities
Globally, Europe has witnessing rise in deployment of advanced packaging technologies to meet the worldwide demand for embedded packaging in numerous countries that include the U.S., China, ASEAN, India, and Japan. These countries have been cynosure of attention on the back of a vibrant culture of innovation supported by regulatory agencies. The rise in uptake of advanced packaging technologies in the food and beverage industry in major economies of Asia is a case in point.
Growing integration of active and intelligent materials in the food chain is a key trend bolstering the prospects in the market. In the Asia Pacific market, Japan accounts for the majority of shares. However, the projected rise in opportunities is relatively slow than in other economies in the region. Overall, the regional market is projected to expand at promising pace on the back of rapid pace of commercialization of advanced packaging technologies, increasingly in the food sector. A favorably regulatory aspect is a key factor spurring the adoption of advanced packaging.
Another trend that is fueling prospects in the advanced packaging technologies market, both in Asia and globally, is the adoption of good manufacturing practices to meet the recent national and international guidelines.
Developing economies of Latin America are seeing spate of new opportunities in the global advanced packaging technologies market. The Middle East and Africa is another market filled with untapped avenues. A key trend is the rise of advanced packaging technologies for next-gen electronics products. Nanotechnologies are another emerging set of advanced packaging technologies that has allowed manufacturers to capture new consumer propositions.
However, in all these, there is a caveat that industry players must be careful about. The requirements for active and intelligent packaging varies from industry to industry, so are the regulations. These facts must be taken into account before packaging companies look to capture a unique position among their consumers in the retail and specialty packaging industries. Aside from retail, the opportunities in the retail industry are undoubtedly vast. A wave of customization has raised the ante for players in the advanced packaging technologies market. Adoption of 3D manufacturing will allow players to see next-gen packaging products in new light.
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