The latest market report published by Credence Research, Inc. “Food and Beverage Nano-enabled Packaging Market, By Type and Application - Growth, Future Prospects and Competitive Analysis, 2016 - 2023,” the global food and beverage Nano-enabled packaging market was valued at US$ 20.4 Bn in 2015, and is expected to each US$ 31.2 Bn by 2023, expanding at a CAGR of 5.6% from 2016 to 2023.
Food and beverages segment is one of the major contributors in the overall packaging market. In order to offer efficient packaging solutions coupled with reduced costs for manufacturing packaging materials, food and beverage product manufacturers are spending a huge amount on research and development of advance packaging techniques such as nanotechnology.
Browse the full Food and Beverages Nano-enabled Packaging Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2023 report at http://www.credenceresearch.com/report/food-and-beverages-nano-enabled-packaging-market
Some of the factors fuelling food and beverages Nano-enabled Packaging market growth include exploration of nanotechnology into varied food and beverage applications, increasing consumption of packaged food products, thereby leading to advent of nanotechnology in those products, demand for shelf stable and sustainable packaging solutions among food and beverage retailers and manufacturers. Furthermore, governments of various countries are have initiated adoption of Nano-enabled packaging for food and beverage products, ensuring health and food safety mitigation. Additionally, rising demand for healthy, fresh, extended shelf-life, safety and quality maintenance of food and beverage products among consumers is fuelling the food and beverage Nano-enabled packaging market growth.
Geographically, Asia Pacific is dominating the market in terms of revenue share contribution, followed by North America and Europe. North America and Europe are collectively accounted for around 50% of the overall food and beverages Nano-enabled packaging market share in 2015. Asia Pacific is further expected to record highest CAGR during the forecast period. Increasing inclination of consumers towards improved taste, color, texture, flavor and retention of nutritional aspects of the final product is a key factor propelling food and beverage Nano-enabled packaging market growth in the region. Moreover, urbanization, increase number of affluent consumers and changing consumer lifestyle especially in countries such as India and China support the market gowth. Food and beverages Nano-enabled packaging market growth in North America is expected to be significant throughout the forecast period.
Some of the prominent players identified in the food and beverages Nano-enabled packaging market include Amcor Limited, E. I. du Pont de Nemours and Company, BASF SE, Crown Holdings Incorporated, Klockner Pentaplast, Tetra Pak International S.A., Sealed Air Corp., Bemis Company, Inc., Nanocor Inc., Honeywell International, Inc. and Chevron Phillips Chemical Company, L.L.C. Companies are entering into strategic alliances with players across the value chain. Also, companies are engaged in new product development to offer enhanced packaging solutions to the end users.