The global advanced packaging market expected to reach $40.37 billion by 2020
According to the report, the increase in population and growing demand for quality and safe packaged foods with longer shelf life are the main factors that will drive the growth of the global market for advanced packaging.
The main constraint for the market by 2020, analysts from Markets Insider say, will be the increases in prices for raw materials. "This leads to higher procurement costs for the market vendors. Also, the cost of R&D involved in packaging solutions is quite high. Testing of solutions is elaborate, time-consuming and expensive."
The highest share of the market in the next years will be held by the Intelligent Technology Packaging solutions. The report says that this is because of improved technological advancements with Printed Electronics and RFID tags etc.
Modified Atmosphere Packaging held the largest market share previously. Innovations in packaging ensure the consumer engagement and market growth.
Analysts from Research and Markets forecast that the market in the APAC region is going to witness a rapid growth in advanced packaging mainly in Japan and Australia with its application in fresh meat, fish, poultry, beer packaging, processed food etc during the forecast period. India, China, and New Zealand are the key emerging markets in the industry while North America has the biggest share in the Market.
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