Antimicrobial Packaging Market Trends

Growth Drivers

• Increasing Focus on Green Packaging Technology - More preference is given to green packaging technology by many industries to phase out single-use plastic because of the adverse consequences of littered plastic on both terrestrial and aquatic ecosystems which in return is expected to drive the growth of the market. More than 90% of plastic is not recycled and nearly 50% of global annual plastic production is used as a single-use product.
• Increasing Incidences Owing to Antimicrobial Resistance (AMR) – which is expected to rise higher, to as many as 10 million deaths annually by 2050 globally.
• Increasing Public Expenditure on Healthcare – as per the Economic Survey of 2022, India spent 2.1 percent of GDP on public healthcare in 2021–2022, up from 1.8 percent in 2020–2021.
• Growth in the Packaging Industry - the total value of the packaging industry in United States in 2019 amounted to around USD 180 billion.

Challenges

• Lack of Proper Temperature Storage - Food and medicinal products require a specific temperature to store. It is necessary as it protects the product from getting contaminated. However, lack of proper temperature may result in the spoiling of the product which is expected to restrain the market growth.
• High Cost and Fluctuating Nature of Raw Material
• Its Ability to Cause Pollution