The packaging industry is in the process of constant evolution, with various technological developments taking place in the industry that have enhanced features in packaging materials to make the food consumption experience better. The growing demand for food types and varieties of exotic foodstuffs leads to the complications for safer and more secure packaging of goods, which advances the concept of food packaging in the industry.
Read Report Overview: Nanotechnology for Food Packaging Market
The rise of nanotechnology has accelerated the evolution of packaging present in the food industry. The packaging today has become the latest focus for food manufacturers, as they have to advance themselves in comparison to the new packaging material that acts as a part of branding and certifies food safety. An inevitable evolution is nanotechnology incorporated in food packaging, such as active packaging, improved packaging, and an upcoming category of smart/intelligent packaging that has sensors embedded in the packaging itself, which provides abundant data for suppliers to track than what today’s packaging can offer.
The upcoming trends and opportunities in the nanotechnology application in food packaging sector are expected to be at the forefront in the coming decade, with blockchain application in food packaging becoming the most prominent in the field.
Fruits & Vegetables Segment Dominates the Nanotechnology for Food Packaging Market
Food manufacturers across different categories are increasingly looking to adopt food packaging that uses nanotechnology, to ensure better food safety and extended freshness of the packaged product. The meat and bakery products segments are expected to grow exponentially during the forecast period, owing to the rising demand for premium quality products in these segments that can stay fresh for longer periods of time.
Intelligent Packaging to be the Future of Food Packaging Market
The qualities offered by different product categories under nanotechnology for food packaging are constantly enhancing. Major players in the market continuously innovate the benefits offered through nanotechnology food packaging. Intelligent/smart food packaging is anticipated to witness the highest growth rate during the forecast period 2020–2025. This is mainly due to the traceability and food tracking benefit offered by this category.
South America to Witness Fastest Growth in Nanotechnology for Food Packaging Market
North America dominated the global nanotechnology for food packaging market in 2019 and is anticipated to uphold its dominance throughout the forecast period. The adoption of nanotechnology in food packaging in South America is majorly driven by the increasing research and development activities and large-scale adoption of premium packaging material that ensures food safety of products for consumption. Also, increasing demand for high-end and packaging as a brand value for consumers in the country is expected to boost the market growth.
The exponential rise in the adoption of nanotechnology for food packaging on the global level has created a buzz among companies to invest in this industry.
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Many global companies that offer nanotechnology food packaging Amcor Ltd., Sonoco Products Company, BASF SE, Tetra Laval International S.A., Honeywell International Inc., and Chevron Phillips Chemical Company, LLC, among others.
On the basis of region, North America holds the largest share of nanotechnology for food packaging sold in terms of value, due to high awareness and product availability in the region. Apart from this, South America is anticipated to grow at the fastest CAGR during the forecast period.