Global nano-enabled packaging market poised to reach $15.0 billion by 2020
Posted: 4 November 2016 | | No comments yet
The global nano enabled packaging market for food and beverages industry was worth USD 6.5 billion in 2013 and is expected to grow at a CAGR of 12.7% during 2014 to 2020…
The global nano enabled packaging market for food and beverages industry was worth USD 6.5 billion in 2013 and is expected to grow at a CAGR of 12.7% during 2014 to 2020, to reach an estimated value of USD 15 billion in 2020.
The global progress in technologies is making lives simpler and safer.
Nanotechnology is one such field which is dynamically progressing and is contributing to the development of several industries, including food and beverages packaging. Nano-enabled packaging gives longer shelf life to food and beverages as compared to traditional plastic packaging. Food and beverages packaging is done through two different technologies under nano-enabled packaging-active and intelligent packaging. Active packaging has a comparatively larger market than intelligent packaging.
Intelligent packaging is growing at a faster rate as compared to the active packaging. Customers prefer traceable food and beverages packaging, since it offers information such as expiry date and best use period, present state of the consumables. The radio frequency identification (RFID) tags keep customers informed about the state of the food within the packaging. Intelligent packaging is mostly used for fruits and vegetables, meat products, and beverages. Stricter regulations associated with active packaging have been stimulating the use of intelligent packaging in Europe and North America.
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Intelligent packaging in the U.S. is growing mainly due to the increasing demand for fresh fruits and vegetables. Americans are shifting their breakfast preference from junk foods to fresh alternatives. The U.S. is one of the largest producers and exporters of cherries globally. With the ease in trade regulations, fruit exports of the U.S. have increased. In September 2011, the U.S. Department of Agriculture (USDA) announced that after ten years of negotiations, U.S. cherries can be exported to Western Australia, one of the most important markets for cherries. The increasing demand for intelligent packaging in international trade (especially in fruits) is laying out opportunities for this technology in food packaging.
The Food Safety and Modernisation Act (FSMA) proposed by FDA in 2011 is another growth indicator for intelligent packaging wherein the fresh produce, including fruits and vegetables, are required to be scientifically grown, harvested, packaged, and stored. The farm products that come in the act’s domain are lettuce, spinach, cantaloupe, tomatoes, sprouts, mushrooms, onions, peppers, cabbage, citrus produce, strawberries, and walnuts.
Nano-enabled packaging finds its application in several industries, including bakery, meat, beverages, fruit and vegetables, prepared foods, and others. The increasing demand for meat products, beverages, vegetables, and prepared foods is expected to drive their respective nano-enabled packaging markets, while the market share of bakery products is expected to decline on account of the rapid growth of other application segments.
Nanotechnology is at a nascent stage and, therefore, usage of nano-enabled packaging is low in the food and beverages industry. Limited numbers of buyers have more leverage to negotiate with nanotechnology companies. On the other hand, there is a plethora of companies providing nano-enabled packaging solutions to the food and beverages industry.
With thanks to Persistence Market Research…