The global nano-enabled packaging market size was USD 23.73 billion in 2015 and is expected to witness significant growth over the forecast period. The key drivers impacting the demand growth include favorable food safety regulations and increasing demand for effective packaging solutions in the food & beverage and pharmaceutical sector.
Nanotechnology is one of the most rapidly growing industries which is contributing to the growth of several industries; one such industry is the packaging industry. Increasing usage of nano-enabled packaging in the bakery, meat, fruit & vegetable, and other processed food product is anticipated to boost demand from 2016 to 2024.
U.S. Nano-enabled Packaging Market Revenue By Application, 2014 - 2024 (USD Million)
Asia Pacific is expected to grow at the highest CAGR over the forecast period to occupy the largest share by 2024. The major factors driving the Asia Pacific industry are increasing consumption of ready-to-go meals and changing demographic in China and Japan. Significant investments made in the development of nano-enabled packaging solutions are anticipated to boost the market demand over the coming years.
Increasing demand for packaging solutions that can enhance shelf life, maintain product quality, and are trackable is expected to augment the food & beverage industry application. Rising investments in research & development activities is expected to spur the demand in the pharmaceutical and personal care market.
Active packaging accounted for the largest share in 2015 and was valued at USD 14,245.6 million in 2015. Active nano-enabled packaging uses nanoparticles to provide a barrier to outside influences. Some of the technologies are oxygen scavengers, water vapor removers, carbon dioxide producers, ethylene removers, and Ethanol releasers. This technology is anticipated to observe major demand from the food and pharmaceutical sector.
Intelligent & smart packaging is projected to grow at the highest CAGR of 12.9% from 2016 to 2024 in terms of value. Intelligent & smart packaging is designed for detecting microbial or biochemical changes in the food, for example sensing specific pathogens developing in the food, or specific gasses which can result in food spoilage. This technology is also used as a tracking device to ensure food safety or to avoid product counterfeiting.
Nano-enabled packaging has gained wide acceptance in the food & beverage and pharmaceutical sector. The food & beverage segment accounted for 39% of the market demand in 2015. It acts as a barrier from light, UV-rays, and moisture in the food & beverage industry and also provides stability, safety, and durability and improves the shelf life of products. The use of nanotechnology to increase shelf life and maintain the quality of processed food is expected to drive future market growth.
Nano-enabled packaging provides chemical and physical stability to medicines by improving its shelf life and acting as an antimicrobial barrier. It protects the medicines from environmental pollutants and helps restore its medicinal properties. Growing preference for trackable pharmaceutical packages is projected to boost market demand.
Asia Pacific dominated the nano-enabled packaging market in 2015. The market was valued at USD 9,166.6 million in 2015 and is projected to grow at the highest CAGR from 2016 to 2024. The growth in this region is driven by the increasing availability of raw materials and growing food processing, pharmaceutical, and personal care sector. China, Japan, and India are projected to experience strong growth followed by other South East Asian countries.
North America is projected to account for the second-largest share of the global nano-enabled packaging market. Favorable laws & regulations implemented for the use of nanotechnology in the food, pharmaceutical, and export sector is projected to boost market demand.
The leading companies operating in the nano-enabled packaging market are involved in new technology developments and innovations to increase the end-use application areas across various industries. Key players operating in this market include BASF SE, Danaflex Nano LLC, Amcor Limited, Chevron Phillips Chemical Co. LLC, Sonoco Products Co., Honeywell International Inc., Bemis Company Inc., Avery Dennison, Tetra Pak International S.A., Sealed Air, PPG Industries, Inc., Sidel, DuPont Teijin Films, Klöckner Pentaplast, and Innovia Films.
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.