“Increasing consumer concerns towards food safety and sustainability coupled with a change in consumer lifestyle will boost the market”
The global smart packaging market is growing competently, expected to grow at a CAGR of 8.3% during the estimated period from 2023 to 2030, starting from US$ 8.58 Bn in 2021.
“Dominance is led by the wide scale implementation of technology coupled with stringent government regulations towards food waste & safety.”
Smart packaging technology is a growing industry with enormous prospective. Despite the fact, very few companies have ventured to take steps towards application of smart packaging in security, logistics, and marketing, thereby indicating active and intelligent packaging to become part of the industry in the coming years. Additionally, smart packaging systems allow a greater customization of the packaging, thereby providing a real time data access of the related products for the consumers. Furthermore, the developments in printing practices across various industries have also driven the market on a global scale. Printed technologies are providing their added functionality in the presentation and process processing like use of RFID technology and printed electronics, thereby creating a framework for the potential development of smart packaging applications.
Moreover, adoption of various updated technologies like “Thermochromic Inks”, “Photochromic Inks”, “Oxygen Scavenging”, and “Electronic Labels and RFID” in packaging industries is projected to drive the market on a global scale. In addition, rising developments in the pharmaceutical sector on account of growing research and development in the field of drugs and medicines will enhance the expansion of market globally. Furthermore, the government initiatives like financial assistance and subsidies from government agencies such as Development Commissioner Ministry of Micro, Small & Medium Enterprises (DCMSME), Ministry of MSME, and National Small Industries Corporation (NSIC) for packaging industry is likely to drive the market. For instance, in December 2018, the government of U.K. has announced a funding package of around US $65 million for packaging system, which is projected to fuel the market demand across the region.
“Rising industrialization across various regions, along with advanced technology adoption worldwide will flicker the market growth for smart packaging”
Increasing in number of industries is likely to drive the market for innovative smart packaging application, which will primarily address three business issues like “Inventory & Life Cycle Management”, “Product Integrity”, and ”User Experience”. Rising demand towards real time information system in numerous industries urge needs for the adoption of smart packaging solutions such as “Climate change indicators – temperature and humidity”, and ”Augmented reality insertion – 3D models”. In addition, involvement of technology giant towards smart packaging systems will enhance the packing industries with eco-friendly and product efficient materials used for packaging. For instance, Dell Inc., a multinational IT firm, aims to establish a waste free packaging system through its “2020 Packaging Goal”, which includes the use of recycled, composites, and organic materials for its packaging system.
North America is expected to hold a largest market for smart packing industry in 2021, owing to rapid development in the industries like pharmaceutical, food & beverage, logistics, automotive, and manufacturing in the upcoming years. In addition, increasing consumer’s spending capability coupled with raising concerns towards health in the countries like the U.S. and Canada is likely to drive the demand for smart packaging. Moreover, rising government policies and mandates to enhance the packaging quality and environment friendliness, the region is projected to boost up the demand for smart packaging market growth.
Furthermore, growing application of modern technologies in the packaging industries such as nanotechnology, which is projected to gain acceptance in numerous areas like packaging, food safety, bioavailability, processing, encapsulation, and fortification among others. Moreover, growing global awareness towards negative environmental impacts of packaging along with technological improvements have driven the use of recyclable material in packaging industries.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Packaging market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
