The global micro packaging market size is estimated to reach USD 21.64 billion by 2033, up from USD 4.92 billion in 2023, at a compound annual growth rate (CAGR) of 16.09% from 2024 to 2033.
Download Statistical Data: https://www.towardspackaging.com/download-statistics/5211
The micro-packaging market is anticipated to augment with a considerable CAGR during the forecast period. The use of nanomaterials in combination with the various packaging techniques to provide an air, light and heat barrier is known as micro packaging. This relatively new idea offers a range of growth prospects across all the segments of the worldwide packaging market. This type of packaging is lightweight, offers excellent mechanical strength and antimicrobial properties and can provide the consumer about the product’s safety condition. These characteristics contribute to the rising demand for this packaging from the various industries worldwide, which supports the growth of the market within the estimated timeframe.
The continuous technological advancements in nanotechnology and materials science coupled with the rising demand in the pharmaceutical and food industries for packaging that extends shelf life, ensures product integrity and maintains safety is anticipated to augment the growth of the micro-packaging market within the estimated timeframe. The growing increasing environmental concerns as well as the shift towards sustainable packaging solutions are also expected to support the market growth. Furthermore, the growing population in emerging economies as well as the trend towards smart packaging is also likely to contribute to the growth of the market in the years to come. The global packaging market size is estimated to grow from USD 1.20 trillion in 2022 to reach an estimated USD 1.58 trillion by 2032, growing at a 3.16% CAGR between 2023 and 2032.
Key Trends and Findings
- The ease and cost-effectiveness of synthesis of nanoparticles has attracted considerable attention in applications for food packaging. Metals and metal-nanoparticles have a broad range of antimicrobial activity including Gram-positive and Gram-negative bacteria, molds, yeast, and viruses together with enhanced chemical and thermal stability when compared to the organic antibacterial agents.
- There is a growing demand for sustainable packaging solutions that minimize environmental impact. This trend is leading to the development and adoption of biodegradable, compostable, and recyclable materials.
- Researchers have been studying the manufacturing of nano-cellulose-based products and food packaging films. The evolution of environmentally friendly and ecologically balanced food packaging materials has gotten a lot of interest as a potential solution to partially replace the perishable fossil fuel-derived plastic.
- Nano-cellulose and so its uses have lately received considerable attention across both research and application areas due to their attractive characteristics such as exceptional mechanical properties, larger surface area, rich hydroxyl for alteration, and biological properties with 100 per cent environmental protection.
- Asia-Pacific is expected to grow at a fastest CAGR of 18.98% during the forecast period. This is owing to the increasing urbanization, rising disposable incomes, as well as the expansion of the middle class in the region.
- North America held largest market share of 36.92% in 2023 due to the growing focus on technological innovation and sustainability.
Market Drivers
Growing Pharmaceutical Sector
The growing pharmaceutical sector due to the increasing healthcare needs, advancements in drug development along with the expanding access to the healthcare services, particularly in the emerging economies is likely to support the growth of the market during the forecast period. According to the International Federation of Pharmaceutical Manufacturers & Associations, 53 new medications were introduced in 2020, while over 9,000 compounds are presently at various phases of development worldwide. The number of medications under the development in 2021 for specific illness categories was 1,488 for infectious diseases, 1,677 for immunology, 1,668 for neurology and 3,148 for cancer. According to the estimates, a research-based biopharmaceutical industry invested USD 198 billion in biopharmaceutical research and development globally in 2020. Also, as per the report by IQVIA, without including the vaccines, the global pharmaceutical industry is estimated to reach $2,030 billion by 2027 as a result of the development of novel products
Due to this growth, there is an increasing need for the packaging technologies that can shield delicate pharmaceutical products from light, moisture, and oxygen; all of which can reduce the stability and efficacy of the drug. Vials and other micro-packaging technologies preserve sterility and protect against contamination. Vials are typically preferred over bottles for containing medications and other liquid pharmaceuticals. This is typically due to their smaller size and ease of transportation. These are mostly used to store medications in powder, liquid, or cap form. Though plastic vials are becoming increasingly common, but glass vials are also used, especially for immunizations.
Market Restraints
Increasing Environmental Concerns
The environmental impact of the packaging materials is likely to hinder the growth of the micro-packaging market within the estimated timeframe since it raises concerns over the sustainability as well as the waste management. Traditional packaging materials, particularly plastics, are derived from the fossil fuels and do not readily decompose. This leads to the long-lasting pollution in the landfills and oceans. As per the Waste and Resources Action Programme (WRAP), every year, 141 million tonnes of plastic packaging is generated worldwide. Approximately one-third of all the plastic packaging sold worldwide leaks from collecting systems, contaminating the surrounding area. The usage, production and disposal of plastics add around 1.8 billion tonnes of greenhouse gas emissions.
Also, according to the statistics by Eurostat, the predicted total amount of the packaging waste produced by the EU in 2021 was 84.3 million tonnes, that is 6.0% (or 4.8 million tonnes) of increase as compared to 2020. The production of all kinds of the packaging waste material rose between 2010 and 2021, but at varying degrees. Waste from wooden packaging showed the largest relative growth, followed by the waste from plastic, paper and cardboard. Waste from cardboard and paper packaging climbed-up the most in absolute terms. Every plastic object ever created is still in existence since plastic does not biodegrade. Marine animals consumes plastic that has been discarded or washed into the oceans, regardless of whether it converts down into the micro plastics or not. Companies are providing single-use plastic to the world’s population, which is rising at a rapid rate. As the consumer awareness as well as the regulatory pressures regarding environmental sustainability increases, companies are facing more criticism along with the demand for eco-friendly packaging alternatives.
Market Opportunities
Nanotechnology in Packaging
The emergence of nanotechnology in packaging is expected to create immense growth opportunities for the growth of the market in the years to come. The development of nanoparticles using the nanotechnology has generated a lot of interest in the packaging industry, particularly in the food packaging sector. Foods that are very prone to spoiling are not acceptable to the consumers. The key to handling and maintaining the food quality properly is food packaging. To provide better, smart as well as active packaging, advancements are made to the conventional food packaging. The field of nanotechnology is a nascent field that deals with the developing, modifying, identifying and manufacturing the materials at the nano-scale (1–100 nm). When it comes to preserving the food and maintaining their quality, edible coatings that contain nanomaterials and nanoparticles are better compared to conventional packaging materials. By enhancing the strength, flexibility, durability, barrier along with the reuse qualities of the packaging polymers, nanoparticles can change their mechanical and the physical characteristics.
Efficient food packaging is developed using a number of inorganic, organic and mixed nanoparticles to prevent qualitative as well as quantitative wastage of food products. They extend the shelf life of the food items and improve the structural and barrier qualities of packaging materials. An innovative method of extending the lifespan of food items is active packaging, which stops the oxidation, moisture build-up, microbial invasion and decaying. Antimicrobial substances stop microorganisms from growing by either eradicating its cellular structure or blocking their metabolic processes. Reactive oxygen species, which prevent replication of DNA and ATP synthesis and cause cell damage or death, are produced in part by nanoparticles.
Furthermore, one of the most useful applications of nanotechnology is the development of nano-sensors, which are used to track the internal and external conditions of both processed and fresh food items. Since some foods are extremely perishable and decay quickly when their storage circumstances change, a number of indicators, including pH, time-temperature, and leak indicators, have been created to track the quality of food. Time and temperature sensors show how much time has elapsed after opening by a perceptible color change and indicate the time remaining to consume the food safely. Thus, nanotechnology presents a promising opportunity to improve the quality of micro-packaging, offering significant advantages to both the producers as well as the customers.
Buy Premium Global Insight: https://www.towardspackaging.com/price/5211
Get the latest insights on packaging industry segmentation with our Annual Membership – https://www.towardspackaging.com/get-an-annual-membership
If you have any questions, please feel free to contact us at sales@towardspackaging.com
About Us
Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.
Browse our Brand-New Journal:
https://www.towardshealthcare.com
https://www.towardsautomotive.com
For Latest Update Follow Us: https://www.linkedin.com/company/towards-packaging/
Get Our Freshly Printed Chronicle: https://www.packagingwebwire.com/