Smart Packaging Market Research, 2030
The Global Smart Packaging Market Size was $22,257.6 million in 2020, and is expected to reach $38,662.0 million by 2030, with a CAGR of 5.5% from 2021 to 2030.
Smart packaging is a type of machine that increases the efficiency and power of the engine . Smart packaging refers to the type of packaging system with sensor technology used for various products such as pharmaceuticals and food. The smart packaging system helps to enhance the quality of the product, increase shelf life, monitor freshness, and improve customer & product safety. These smart systems provide the details regarding the quality and freshness of product packed through smart packaging system.
Market Dynamics
The major driving factor for the smart packaging market growth of due to change in lifestyle of people. Presently, people demand four basic aspects for food packaging that includes convenience, communication & marketing, containment, and protection & preservation. With growing urbanization, these aspects become major factors that are considered by people as they are more concerned about the freshness of food and protection against dust, dirt, smell, water vapors, heat, oxygen, light, insects, and microbes.
In addition, people notice what is communicated through the packaging such as preparation instructions, nutritional facts, and ingredients list. smart packaging helps in providing complete monitoring over the informational aspects. Beauty products and cosmetics uses plastic packaging, owing to its properties like lightweight, cost-effectiveness , and versatile nature. However, it causes environmental problems, allowing manufacturers to seek an eco-friendly option, thus opting for smart packaging, which offers more eco-friendly solutions. Hence, this increases the consumption of smart packaging.
However, better packaging is more expensive than standard form of packaging due to the expenses of sensors and radio frequency identification (RFIDs) used for the packaging applications, which are contributing to the failure over the mass applications for packaging systems. Furthermore, it leads to the collection of customer data, which, according to the manufacturers, might lead to manipulative and conflictive circumstances in the future, restraining the market.
Furthermore, during the outbreak of the COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This declined the manufacturing of smart packaging as well as their demand in the market, thereby restraining the growth of the smart packaging market. Conversely, industries gradually resumed their regular manufacturing and services. This re-started the smart packaging companies at their full-scale capacities, which helped the market to recover at end of 2021.
The e-commerce industry is growing over the years that is coming up with more technological advancements for providing the customers with security and safety such as applications for the shipment purposes that includes easy tracking of the product, manufacturer’s facility, delivery partner information, and shipper’s warehouse information. online shopping is growing in developed, underdeveloped, and the developing regions ,and user-friendly packaging solutions with tracking of details over shipment and delivery of the product help customers which , in turn, provide lucrative opportunities for the market.
The smart packaging market is segmented on the basis of type, end user, material, and region. Based on type, the market is segmented into active packaging, intelligent packaging, and modified atmospheric packaging. As per end user, the market is classified into food & beverage, healthcare, automotive, logistics, personal care, and others. According to material, the market is divided into solid and liquid.
By Type
Intelligent Packaging segment is projected to grow at a significant CAGR
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global market share, however, LAMEA is anticipated to secure a leading position during the forecast period.
On the basis of type, in 2020, the modified atmosphere packaging segment dominated the market, in terms of revenue, whereas the intelligent packaging segment is expected to witness growth at the highest CAGR during the forecast period. As per end user, in 2020, the food & beverage segment led the smart packaging market; however, the others segment is expected to exhibit highest CAGR in the near future. By material, the solid segment led the market in 2020, in terms of revenue and is anticipated to register highest CAGR during the forecast period. Region wise, North America garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.
By End User
Others segment is expected to grow at a significant rate during the forecast period.
Competition Analysis
The major players profiled in the smart packaging market include 3M, Avery Dennison Corporation, Ball Corporation, BASF SE, Crown, International Paper, R.R. Donnelley & Sons Company, Stora Enso, Sysco Corporation, and Zebra Technologies Corp. (Temptime Corporation).
Major companies in the market have adopted product launch, business expansion, partnership, and acquisition as their key developmental strategies to offer better products and services to customers in the market.
By Region
Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current smart packaging market trends and future estimations.
Extensive analysis of the smart packaging market share is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive smart packaging market analysis of all the regions is provided to determine the prevailing opportunities.
The global smart packaging market forecast from 2021 to 2030 is included in the report.
The key market players within the global market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global smart packaging industry.
Smart Packaging Market Report Highlights
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Analyst Review
Smart packaging market witnessed growth in North America followed by Europe & Asia-Pacific. Smart packaging is a combination of active, intelligent, and modified atmosphere packaging. It involves the use of technology, which is more useful and functional to the users, and witnesses a remarkable growth. Smartphones or products that are integrated with near field communication (NFC) capabilities are anticipated to drive the global smart packaging industry in the coming years. For instance, in February 2019, Thin Film Electronics had come up with OpenSense technology in John Walker Blue Label line of Whiskey, which makes use of NFC and tracks bottle movements across supply chain, in-store, and to the point of consumption. The integration of sensor tags ensures security in protecting the authenticity of the product.
The global smart packaging market is segmented on the basis of end user into food & beverage, automotive, healthcare, personal care, logistics, and others. Food & beverage industry witnessed the highest revenue in 2020 owing to highest adoption of active and intelligent packaging systems for food products and beverages. Oxygen scavenger, gas indicators, and sensors are widely used for food & beverage packaging so as to enhance product attributes, communicate product history and information to consumers, and create awareness about product authenticity and act to counterfeit.
The global smart packaging market size was $22,257.6 million in 2020, and is expected to reach $38,662.0 million by 2030, with a CAGR of 5.5% from 2021 to 2030.
The forecast period considered for the global smart packaging market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
To get latest version of global smart packaging market report can be obtained on demand from the website.
The base year considered in the global smart packaging market report is 2020.
The top companies holding the market share in the global smart packaging market report include 3M, Avery Dennison Corporation, Ball Corporation, BASF SE, Crown, International Paper, R.R. Donnelley & Sons Company, Stora Enso, Sysco Corporation, and Zebra Technologies Corp. (Temptime Corporation).
The top ten market players are selected based on two key attributes - competitive strength and market positioning
By type, the modified atmosphere packaging segment dominated the global smart packaging market, in terms of revenue and is expected to maintain this trend during the forecast period.
By end user, the food & beverages segment is the highest share holder of global smart packaging market.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the global smart packaging market is $23,793.4 million in 2021.
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