Smart Packaging Market Overview:
Global Smart Packaging Market is expected to reach $37,797 million by 2022, registering a CAGR of 7.8% during the forecast period. Oxygen scavenger is the most widely used active packaging system, particularly for foods. The presence of oxygen in a packaged material increases the oxidative depreciation of food. Oxygen takes care of overall shelf life ability of muscle food products. Thus, the control of oxygen levels in food packaging is necessary to restrict the rate of such spoilage reactions in food. Thus, it is projected to grow at the fastest rate, which increases the global smart packaging market size.
Changes in lifestyle patterns due to rapid urbanization and increase in consumption of beauty products and cosmetics with packaging advancement technology drive the global smart packaging industry. In addition, untapped geographical regions offer enormous opportunities to the smart packaging market, which further fosters the overall smart packaging industry. However, high cost of active and intelligent packaging is projected to hamper the global smart packaging market growth.
The smart packaging industry is classified into food & beverage industry, automotive, healthcare, personal care, logistics and others. However, automotive industry is the second fastest growing industry by 2022. The adoption of sensors or similar technologies in a vehicle has gone a mandate in some of the Asian countries, such as Australia, India, and others. For instance, in September 2012, the Indian government announced installation of GPS-based device on a motor vehicle that constantly tracks the speed limit of a vehicle. In case of an excessive speed, the inbuilt system would cut fuel to an engine and slow the vehicles speed.
The global smart packaging market is segmented based on type, end user, and geography. Based on type, the market is broadly divided into active packaging, intelligent packaging, and modified atmosphere packaging. The active packaging includes gas scavengers, corrosion control, moisture control, and others while intelligent packaging system includes thermochromic inks, time temperature indicator, and radiofrequency identification (RFID). However, by end user, the smart packaging industry is divided into food & beverage, healthcare, automotive, personal care, logistics, and others. The market is analyzed across four regions-North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific smart packaging market is expected to witness the remarkable growth over the years owing to rise in consumer awareness on issues such as food safety and hygiene. With the growth in counterfeiting issues, the Asian manufacturers have initiated adoption of RFID and NFC technologies that allow the firms to track their shipments and overcome counterfeiting concerns.
The report includes comprehensive analysis of the key players in the smart packaging market, such as 3M, TempTime Corporation, PakSense, American Thermal Instruments, Avery Dennison Corp., R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso, and Thin Film Electronics ASA.
The other prominent players in the market include Crown Holdings Inc., Constar International Inc., Ball Corporation, Bemis Company, Inc., Ampacet Corporation, Graham Packaging Company Inc., Multisorb Technologies, Sysco Corporation (Fresh Point Services), Timestrip, PLC, and Rexam PLC.
Intelligent packaging system is one of the recent technologies that witnesses a higher growth rate as it provides the consumer with all the information about the condition of food or its environment. Intelligent systems including sensors, RFID, and indicators monitor the quality of food product packed inside, thereby ensuring long shelf life, safety, and better quality of the product. However, thermochromic ink dominates intelligent packaging system as these inks are temperature sensitive devices that change colors based on temperature. Such inks are printed onto a package or labels to convey the consumer a message whether the product is ready to consume, based on the color of an ink. In November, 2016, Crown Bevcan Europe and Middle East launched two-step thermochromic cans that change color when the drink is chilled and displays another design when the beverage has been fully consumed.
- This report provides an in-depth analysis of the global smart packaging market to identify the potential investment pockets.
- It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
- Key drivers, restraints, and opportunities along with their detailed impact analysis have been elucidated.
- Quantitative analysis of the market from 2014 to 2022 is highlighted to recognize the financial competency of the market.
- Porters Five Forces model illustrates the threat of new entrants, threat of substitutes, strength of the buyers, and strength of suppliers.
Smart Packaging Market Key Segmentation:
- Active Packaging
- Gas Scavengers
- Corrosion Control Packaging
- Moisture Control Packaging
- Intelligent Packaging
- Time Temperature Indicator
- Thermochromic Inks
- Radiofrequency Identification (RFID)
- Modified Atmosphere Packaging
By End User
- Food & beverage
- Personal care
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- TempTime Corporation
- American Thermal Instruments
- Avery Dennison Corp.
- R.R. Donnelly Sons & Company
- BASF SE
- International Paper
- Stora Enso
- Thin Film Electronics ASA
Other Players in the Market
- Crown Holdings Inc.
- Constar International Inc.
- Ball Corporation
- Bemis Company, Inc.
- Ampacet Corporation
- Graham Packaging Company Inc.
- Multisorb Technologies
- Sysco Corporation (Fresh Point Services)
- Timestrip, PLC
- Rexam PLC