Advanced Packaging Technologies Market Present Scenario And The Growth Prospects

Posted by Mayuri on December 31st, 2020

Some of the key players that are profiled in the global advanced packaging technologies market are Landec Corporation, Sealed Air Corporation, Crown Holdings, Inc. Bemis Company, Inc, and Amcor Limited, finds Transparency Market Research (TMR).

These players are focusing on several organic and inorganic strategies to remain competitive in the advanced packaging technologies market.  Some of the commonly adopted strategies of players are product innovation, business expansion and collaboration.

As per a report by TMR, the global advanced packaging technologies market is projected to rise at a healthy CAGR of 7.5%, during the forecast period that is from 2018 to 2026.

On the basis of geography, Asia-Pacific is expected to hold a majority of share in the advanced packaging technologies market. This is mainly due the booming food service industry coupled with shifting consumer preference towards packaged food & beverages. Based on technology, active packaging segment is gaining traction during the forecast period owing to their ability to enhance shelf life and properties of contained food on the packaging.

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Lack of Standardization of Technologies to Impede Growth

The advanced packaging technologies market is expected to rise at a prominent pace in the coming few years. This is mainly due to the rising focus of the industry players to increase the shelf life of the products. Moreover, increasing consumption of convenience products such as packaged food & beverages has fuelled the demand for advanced packaging technologies globally.

Players in the packaging technology market are focusing on product innovations and developments to improve packaging quality and make it more efficient. Leading brand owners are planning to use advanced packaging technologies for their products to create brand differentiation and enhance the traceability of their products.  This is a prominent factor behind the continuous growth of the packaging materials.