NEWARK, Del, June 21, 2023 (GLOBE NEWSWIRE) -- The smart packaging market may be worth US$ 24.6 billion in 2023 and US$ 38.3 billion in 2033. The smart packaging industry is expanding at a CAGR of 4.5% over the anticipated time frame. Increasing the shelf life and traceability of food products through the use of smart packaging may have a favorable effect on the market growth for smart packaging throughout the projected period.
Smart packaging is a synthesis of specialized materials, science, and technology that improves the functioning of conventional packaging by including active and intelligent packaging.
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The smart packaging business is anticipated to develop due to the increasing demand for environment-friendly, sustainable products from the food and beverage and pharmaceutical industries. Rising research and development spending to lessen carbon footprints may escalate market expansion for smart packaging.
Rising Demand for Smart Packaging in the Food Industry Drives Market Growth
Smart packaging can be used in the food and beverage industry to track a product's location during transportation, monitor its quality and freshness, and provide the consumer with information on its ingredients and nutritional value. This could improve the quality and safety of the goods and the shopping experience.
The desire from consumers for packaging that controls temperature and preserves food safety and freshness is driving the growth of the smart packaging industry further.
Packaging in the Age of E-commerce: Capitalizing on New Possibilities
The development of technological advances aimed at improving client security and safety results from the growing e-commerce industry. Shipping applications are among these breakthroughs. They offer features including precise product tracking and information on the manufacturing facilities, delivery partners, and shipper's warehouses.
Online shopping is rising in developed, developing, and developing nations. Intelligent packaging solutions that include information about shipment monitoring and how product delivery benefits customers and offers attractive market potential. Moreover, smart packaging manufacturers can expect to benefit from the expanding E-commerce industry, great industrialization, and strong demand for large supply chain management.
The Effect of High Prices on Mass Applications: Market Growth Restraints
Better packaging is expensive compared to normal packaging due to the cost of sensors and radio frequency identification (RFIDs). This cost factor is one of the reasons why mass applications for packaging systems have failed.
Better packaging is costly as compared to traditional forms of packaging because of the expense of the sensors and radio frequency identification (RFID) utilized for packaging applications, causing problems over the mass applications for packaging systems.
Cracking Market Patterns: Regional Insights
The leading region of the smart packaging market by far is revealed to be North America. Demand may be fueled by fast expansion in sectors like food and beverage, pharmaceuticals, automotive, logistics, and manufacturing, as well as steady recovery from the recent economic downturn.
Europe is projected to see a sizable portion of the demand due to the government's increasing attention to reducing the hazardous content of packaging materials. The rise of the pharmaceutical business is being fueled by increasing research and development efforts to enhance compliance with strict legislation.
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The swift market growth for smart packaging is anticipated in Asia Pacific. Consumers' increasing disposable income and rising health awareness in the Asia Pacific, especially China, and India, are expected to enhance the pharmaceutical market.
Key Takeaways
- The United States smart packaging market to expand at a CAGR of 3.4% between 2023 and 2033, it hits US$ 6 billion by 2033.
- Between 2023 and 2033, the United Kingdom’s smart packaging industry is to reach US$ 1 billion by 2033.
- By 2033, China’s smart packaging market is expected to be worth US$ 9.7 billion.
- From 2023 to 2033, Japan’s smart packaging industry is expected to secure a CAGR of 4.7%.
- China's smart packaging market may expand at a CAGR of 5.9% from 2023 to 2033.
- Japan’s smart packaging industry may have a value of US$ 6 billion in 2033.
- South Korea’s smart packaging businesses are anticipated to expand at a CAGR of 4.9% during the projection period.
- By 2033, South Korea’s smart packaging market is expected to be worth US$ 2.3 billion.
- The United Kingdom's smart packaging market is to see a 3% CAGR between 2023 and 2033.
- The modified atmosphere packaging segment of the type category in the smart packaging industry is predicted to develop at a CAGR of 4.4% by 2033.
- The food & beverage segment is to expand at a CAGR of 4.3% in the end-user category in the smart packaging business between 2023 and 2033.
Competitive Insights
Prominent smart packaging manufacturers are investing significantly in research and development to expand their product lines, surging market growth in smart packaging. To enhance their global presence, smart packaging manufacturers are implementing strategic initiatives like product launches, partnerships, mergers, increased investments, and collaborations. Moreover, in this competitive and growing market, smart packaging manufacturers must offer cost-effective solutions to thrive and expand.
Latest Developments
Launch
In 2022, Sealed Air introduced Prismiq, its digital packaging brand. It offers design services, digital printing, and intelligent packaging options that enhance products, engage customers, and reduce waste. Sealed Air's cloud-based platform generates package-specific digital IDs, managing data across the value chain.
Acquisition
In 2022, Sealed Air Corporation acquired Foxpak Flexibles Ltd. and expanded its digital smart packaging solutions for global brands. Foxpak, an Irish pioneer in flexible packaging digital printing, collaborates with renowned brands in pet food, food retail, seafood, and snack markets, offering exceptional packaging solutions.
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Essential Key Smart Packaging Manufacturers
- 3M
- BASF SE,
- Crown
- Avery Dennison Corporation
- Ball Corporation
- Sysco Corporation
- Zebra Technologies Corp. (Temptime Corporation)
- International Paper
- R.R. Donnelley & Sons Company
- Stora Enso
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033
Click Here for Smart Packaging Market 324 pages TOC Report
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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