NEW YORK, July 19, 2018 (GLOBE NEWSWIRE) -- The global nano-enabled packaging market is expected to witness a CAGR of 12.9% and is projected to reach USD 72.3 billion by 2024. Rising demand from food and beverages industry for effective packaging material to minimize spoilage and increase the shelf life of the products is likely to drive the market growth over the forecast period. Additionally, expanding applications due to increasing investment in research and development of nano-enabled packaging is expected to further augment the market growth during the forecast period.
Nanomaterials have been readily adopted in the packaging industry in recent years, owing to their enhanced protection properties. This type of packaging incorporates nanomaterials laced with filler materials which offer highly tangible benefits. Furthermore, growing pharmaceutical and cosmetic industry is likely to give impetus to the nano-enabled packaging market over the forecast period.
Food & beverages segment held the largest share in 2017
Food and Beverages segment held the major share of the market in 2017, and the trend is likely to continue over the forecast period. The rise in demand for effective packaging material to protect food from contamination and increase its shelf-life is likely to augment the market growth over the forecast period. Moreover, the need to protect food & beverages from loss of nutritional quality over time is expected to propel the market growth. Nano-packaging for food & beverages incorporates nanomaterial with ethylene and oxygen scavenging properties, to avoid accidental rupture of the sachets and delay the oxidation process. Moreover, the dynamic nature of food industry compels companies to employ the use of latest innovations to keep up with health and safety regulations.
Nano-enabled packaging – regional insight
Asia-Pacific held a significant share of the nano-enabled packaging market in 2017 and is likely to experience the fastest CAGR over the forecast period. This can be attributed to the increased consumption of packaged foods in the region. China & India offer vast growth opportunities owing to their rapidly upgrading pharmaceutical industry. Japan holds a major share of the active packaging market and is likely to dominate this segment over the forecast period.
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Key findings from the report:
- The global nano-enabled packaging market is likely to reach USD 72.3 billion by 2024
- The food & beverage segment held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. The demand for effective packaging material to protect food from contamination is likely to give impetus to this market
- Asia-Pacific held a major share of the active packaging market in 2017 and is likely to experience the fastest CAGR over the forecast period. This can be attributed to increased consumption of packaged foods in the region
- The key players of this market are Tetra Pak International S.A; Honeywell International Inc.; BASF SE; Danaflex nano; Sonoco Products Company; Chevron Phillips Chemical Company; Amcor Limited; Sealed Air; Avery Dennison Corporation; and PPG Industries, Inc. among others
This report segments nano-enabled packaging market based on technology, application, and region.
By Technology
- Active Packaging
- Intelligent & Smart Packaging
- Controlled Release Packaging
By Application
- Food & Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Others
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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