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. 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.
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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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