The global next-generation packaging market was estimated to be valued at more than U.S. $3.3 billion in revenue in 2019 and is predicted to grow at a CAGR of 3.7% during 2020 to 2027, reports a new market study by Coherent Market Insights. Growth in the pharmaceutical packaging industry is fueling growth, as increasing shipments of pharmaceutical drugs and devices cater to growing need. Growth in the retail sector is expected to bring new opportunities to the market as well — modified atmosphere packaging and active packaging are mostly employed across the sector. The growing adoption of RFID technology across the personal care and cosmetic industry is expected to be a major trend in the market during the forecast period. RFID technology maintains the quality of the product and also helps in minimizing waste of the product. Intelligent packaging solutions are also gaining popularity across the logistic sector as they enable anti-counterfeiting measures and provide accurate traceability of the products.
Source: Coherent Market Insights