Global micro packaging market: Introduction
Micro packaging refers to the integration of nano-materials such as nano-coatings and films to form a high barrier packaging solution, resistant to light, air and heat. Micro packaging is a relatively new concept that presents numerous opportunities of growth, in all verticals of the global packaging industry. It is anticipated that various industries, especially the food industry, are to benefit from micro packaging. Micro packaging technology is anticipated to enjoy increased preference in all industries, owing to its nanotechnology roots. Technological advancement in various fields, such as in the healthcare industry has paved way for increased need of more advanced packaging solutions, thereby fueling demand for micro packaging.
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For instance, the advent of nanotechnology has led to the conceptualization of new drug delivery forms, which demand increased protection against elements such as moisture, heat and light, to protect the drug. In addition, ongoing research and development in nanotechnology has revealed a plethora of possibilities for the global micro packaging industry. Improved bio-availability, antimicrobial activity, enhanced sensory acceptance, and targeted delivery of bioactive compounds are some of the factors, expected to increase credibility and preference for micro packaging. Overall, nanotechnology is said to be the ‘future’, and therefore, it is anticipated that micro packaging will witness rapid penetration in the markets, in the future.
Global micro packaging market: Dynamics
The global packaging industry has transformed over the past few decades, creating an absolute need for customization. Innovation in form of materials used in new products, dictates the momentum of technological advancement in the global packaging industry. There are various factors which are expected to positively impact the global micro packaging market and facilitate its growth. These include, a global effort to move to more sophisticated yet safer technology, in order to increase consumer convenience, as well as maintain the quality of products. Many people believe ‘edible packaging’ to be the future of food packaging. A few years ago, in 2011, a team of students from Texas A&M University developed a new thin-coating polymer, which had food-preservation abilities, equivalent to that of glass. The micro packaging solution could be switched back and forth between polymers, depending on food-contact approval. Customizability of this technology, coupled with the excellent gas barrier properties drew the attention of various food companies to its discovery. Furthermore, micro packaging is also poised to immensely benefit the pharmaceutical packaging industry.
Various applications in the healthcare and pharmaceutical industry, including implant packaging, micro-fabrication, and micro-assembly, demand the level of sophistication that micro packaging has on offer. It is therefore anticipated that technological advancement in the healthcare and pharmaceutical packaging sector will drive growth of the global micro packaging market. The consumer electronics industry is expected to be another major contributor to growth of the global micro packaging market, over the forecast period. Despite the positive outlook, there are several factors which might hamper growth of the global micro packaging market. Micro packaging involves a very technologically advanced field of packaging science, which might be new to many manufacturers across the world, and therefore, it will take time for it to be accepted as a safe packaging solution, as is the case with all new technology. It has been observed that companies such as McDonald’s prefer to steer clear of new entrants in the packaging industry until they have been proven to be safe and risk-free. Adoption of micro packaging might be slow and gradual, over the forecast period. However, the future of the global micro packaging market looks promising, and will be so, once consumer and manufacturer awareness regarding its benefits increases.
Global micro packaging market: Segmentation
The global micro packaging market has been segmented as follows –
On the basis of end use industry, the global micro packaging market has been segmented as follows:
- Food & Beverage Industry
- Personal Care & Cosmetics Industry
- Pharmaceutical Industry
On the basis of application, the global micro packaging market has been segmented as follows:
- Blister Packs
- Doy bags
On the basis of material type, the global micro packaging market has been segmented as follows:
- Paper and paperboard
- Plastic copolymers
Global micro packaging market: Geographical Outlook
The global micro packaging market has been divided into seven major regions –
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
North America and the Western Europe regions are expected to lead the global micro packaging market, owing to intense efforts on R&D by major companies and a technologically advanced healthcare sector. Japan and Eastern Europe are expected to have high penetration of micro packaging technology over the forecast period. The APEJ micro packaging market is expected to gain traction, with the gradual incorporation of new technology in the packaging industry.
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Global micro packaging market: Key Players
Some of the players operating in the global micro packaging market include Bayer AG, Tetra Pak International S.A., Avery Dennison Corporation, Bemis Company, Inc., and Amcor Limited.