The global nano-enabled packaging market is expected to reach USD 66.30 billion by 2024, according to a new report by Grand View Research, Inc. Increasing investments in developing effective and efficient packaging technologies is excepted to spur market growth. Growing awareness of the benefits, that nano-enabled packaging offer to the food & beverage and pharmaceutical industry is expected to have a positive impact on the market growth.
Favorable regulations implemented by the FDA concerning manufacturing of packaging materials that can retain the freshness and enhance the shelf life of the product is expected to escalate future market growth. Increasing demand for pharmaceuticals, personal care, cosmetics, beverages, meat products, vegetables, and ready-to-go meals is projected to boost nano-enabled packaging demand over the forecast period.
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Further key findings from the report suggest:
Active packaging was the leading technology segment and accounted for 60% of total market revenue in 2015. Rising demand for fresh vegetables and fruits in the U.S is anticipated to boost the market demand for active packaging.
Intelligent & smart packaging is projected to grow at the highest CAGR of 12.9% over the forecast period.
The food & beverages was the most dominant application segment and accounted for 39.1% of total market revenue in 2015. Pharmaceutical nano-enabled packaging market is projected to grow at the highest CAGR on account of its functional qualities, and its application in almost all medical & healthcare industries.
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Asia Pacific led the global nano-enabled packaging industry and accounted for 38.2% of global revenue in 2015. The growing usage of intelligent packaging in pharmaceutical and personal care industry of Japan and China is projected to boost the market demand in this region.
Some leading companies operating in the global nano-enabled packaging market include Danaflex Nano LLC, Amcor Limited, Honeywell International Inc., BASF SE, Chevron Phillips Chemical Co. LLC, Bemis Company Inc., Avery Dennison, Sealed Air, PPG Industries, Inc., Sidel, and DuPont Teijin Films.
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