Global nano-enabled packaging market valuation is projected to reach US $89.0 billion at a CAGR of 12.7% during the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The report delivers a detailed analysis of current market dynamics and potential future trends. In 2017, the highest market share was procured by the food and beverage end-user segment. The Asia-Pacific market reportedly held the largest revenue share of the global market in 2017.
Following are some key insights pertaining to the nano-enabled packaging market:
- High demand for packaged foods, advancement in e-commerce, and the rising number of technologically inclined customers would favor market growth.
- Increasing demand for fresh produces and strict government mandates to encourage the use of nano-enabled packaging for enhanced food safety will support the industry outlook.
- The increasing use of nano-enabled packaging in the pharmaceutical sector, the growth of smart packaging, and burgeoning food-based export activities will fast-track the product adoption over the foreseeable years.
- Growing adoption of nano-enabled smart packaging solutions by numerous brands operating in the packaging market to enhance shelf appeal and brand exposure will also support market expansion.
- Increasing the use of innovative marketing techniques integrating smartphone apps and codes in a bid to attract consumers will also upsurge the industry size.
As per the report, the use of Nano-enabled packaging is likely to increase substantially during the estimated period. Using nanotechnology in food packaging offers numerous benefits including improved shelf life, food safety, minimum spoilage, and fixes the tears in the packaging. Moreover, nano-enabled packaging solutions can also alert consumers about the safety of the product, and occasionally releases preservatives to prolong the shelf life of the packaged food item. Food packaging industry uses an extensive range of nanosensors, which comprise of array biosensors, electronic noses, nanocantilevers, nano-test strips, and nanoparticle in solution among others. Using nano-sensors helps trace the external or internal state of food products, containers and pellets across the food supply chain.
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Speaking of the regional proliferation, the Asia-Pacific is projected to dominate the worldwide nano-enabled packaging market over the forecast period. Based on the findings of the report, the market growth in the region is mainly driven by the rising population, high purchasing power, and a shift from conventional markets to buying packaged goods, particularly in the food and beverage segment. The rapid growth in region’s food and beverage and food delivery industry is positively impacting market trends. Furthermore, the rising demand for meat products and fresh fruits and vegetables is presenting numerous growth prospects for the nano-enabled packaging industry in the region, cites the report.
The report also delivers a comprehensive analysis of the nano-enabled packaging market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, end-user spectrum, and regional landscape is also contained within the report. In addition, company profiles of market majors have been highlighted in the report under the heads of business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the global nano-enabled packaging market comprises of eminent market players such as Amcor Limited, Bemis Company, Inc., BASF SE, Sonoco Products Company, Honeywell International Inc., Danaflex Nano LLC, Tetra Pak International S.A., Chevron Phillips Chemical Company LLC, Klöckner Pentaplast, and DuPont Teijin Films. Upgradations in sync with the changing customer needs and new product launches are anticipated to characterize the competitive landscape of nano-enabled packaging market in the projected period.