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 2019 to 2027, starting from US$ 6.87 Bn in 2018.
Technology Analysis
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 this fact, very few companies have ventured to take steps toward the 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 greater packaging customization, thereby providing real-time data access to 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 the use of RFID technology and printed electronics, thereby creating a framework for the potential development of smart packaging applications.
Moreover, the 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 drug and medicines field will enhance the global expansion of the market. Furthermore, government initiatives like financial assistance and subsidies from government agencies such as the Development Commissioner Ministry of Micro, Small & Medium Enterprises (DCMSME), Ministry of MSME, and National Small Industries Corporation (NSIC) for the packaging industry is likely to drive the market. For instance, in December 2018, the government of the U.K. announced a funding package of around the U.S. $65 million for a packaging system, which is projected to fuel the market demand across the region.
Regional Analysis
Rising industrialization across various regions and advanced technology adoption worldwide will flicker the market growth for smart packaging.
Increasing in a number of industries is likely to drive the market for innovative smart packaging applications, which will primarily address three business issues "Inventory & Life Cycle Management," "Product Integrity," and" User Experience." Furthermore, the rising demand towards real-time information systems in numerous industries urges the need for the adoption of smart packaging solutions such as "Climate change indicators – temperature and humidity" and" Augmented reality insertion – 3D models". In addition, technology giants' involvement in smart packaging systems will enhance the packing industries with eco-friendly and product-efficient materials used for packaging. For instance, Dell Inc., a multinational I.T. 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 the largest market for the smart packing industry in 2018, owing to rapid development in the industries like pharmaceutical, food & beverage, logistics, automotive, and manufacturing in the upcoming years. In addition, increasing consumer 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, with rising government policies and mandates to enhance the packaging quality and environmental friendliness, the region is projected to boost the demand for the smart packaging market.
Furthermore, the growing application of modern technologies in the packaging industries, such as nanotechnology, is projected to gain acceptance in numerous areas like packaging, food safety, bioavailability, processing, encapsulation, and fortification, among others. Moreover, growing global awareness of the negative environmental impacts of packaging along with technological improvements have driven the use of recyclable material in packaging industries.
List of Companies Covered:
3M Co
BASF India Ltd
DuPont
Avery Dennison Corp
Amcor PLC
Sealed Air Corp
International Paper Co
Huhtamaki Oyj
Thin Film Electronics ASA
Insignia Technologies Ltd
Key Industry Development:
In February 2017, Thin Film Electronics ASA and Smart Systems collaborated with Constantia Flexibles to provide smart packaging solutions for beverage industries.
In October 2017, Thin Film Electronics ASA and Smart Packaging Solutions collaborated with CMSmartconnect to change NFC smart packaging into an intelligent packaging system for cosmetics brands.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Segmentation Technology Type (2017–2027; US$ Bn)
Active Packaging
Intelligent Packaging
Application (2017–2027; US$ Bn)
Passenger Cars
Commercial Vehicles Healthcare
Automotive
Personal Care
Food & Beverages
Geography (2017–2027; US$ Bn)
North America (U.S., Canada)
Europe (U.K., Germany, Spain, Italy, Rest of Europe)
Asia Pacific (Japan, China, India, Rest of Asia Pacific)
Rest of the World (Latin America, Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall smart packaging market better. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
Frequently Asked Questions
The market for Smart Packaging is expected to reach US$ 6.87 Bn in 2028.
The Smart Packaging market is expected to see significant CAGR growth over the coming years, at 8.3%.
The report is forcasted from 2019-2027.
The base year of this report is 2021.
3M Co, BASF India Ltd, DuPont, Avery Dennison Corp, Amcor PLC, Sealed Air Corp, International Paper Co are some of the major players in the global market.
