Smart Packaging Market

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.

The smart packaging market was hampered during the outbreak of COVID-19 pandemic, owing to restrictions on manufacturing activities, which also affected installation of new smart packaging systems. In addition, the smart packaging systems could not be effectively sold through OEMs during the lockdown period.

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.

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.

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.

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