Newark, Aug. 13, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global smart packaging market is expected to grow from USD 38.23 billion in 2023 to USD 68.99 billion by 2033, at a CAGR of 6.08% during the forecast period 2024-2033. Asia Pacific emerged as the most prominent global smart packaging market, with a 43.13% market revenue share in 2023. The expansion of the Asia Pacific smart packaging industry is attributed to increasing government initiatives focused on developing effective, smart, seamless and faster supply chain logistics. The growing population of the region driven by India and China are increasing consumer demand which is also facilitated by the rising disposable income of the population. The enormous populations of China and India are fuelling the market for various items, including automobiles, consumer goods, and pharmaceuticals. Due to the increase in demand, efficient logistics are now a need.
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The growth is driven by increasing consumer demand for more information about products, enhanced supply chain management, and the rising use of technologies like RFID, NFC, and QR codes1. The Asia Pacific region, in particular, dominates the market with a significant share.
Leading companies in the industry include 3M, Amcor Plc, Avery Dennison Corporation, Ball Corporation, BASF SE, Huhtamaki PPL Ltd, International Paper, Sealed Air Corporation, Sysco Corporation, and Zebra Technologies Corporation, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.08% |
| 2033 Value Projection | USD 68.99 Billion |
| Market Size in 2023 | USD 38.23 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, End Use, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Smart Packaging Market Growth Drivers | The exponential growth of the E-commerce industry |
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The type segment is divided into active packaging, intelligent packaging and modified atmosphere packaging. The modified atmosphere packaging segment dominated the market, with a market share of around 47.55% in 2023. Modified atmosphere packaging alters a product's or its content's internal environment to increase its shelf life. It aids in maintaining the freshness, nutrition, and aesthetic appeal of packaged items. The end-user segment is divided into food and beverages, automotive, personal care, pharmaceuticals and healthcare, and others. The food and beverages segment dominated the market, with a market share of around 40.33% in 2023. The demand for consumer products has expanded due to the expanding population and rising disposable income. With the population's rising disposable income, the consumer market is growing. Retailers are investing in smart technologies to secure timely delivery of high-quality goods, cut downtime in operations, and boost efficiency to win over the market's expanding consumer base.
The rising population of China and India are fuelling the market for various items, including automobiles, consumer goods, and pharmaceuticals. Adopting automated technologies for intelligent logistics is the best way to effectively meet the rising market need. Other developing nations are experiencing a boom in e-commerce, which is driving consumer demand for packaged goods in the food and beverage, personal care and cosmetics and pharma industries, which will augment the growth of the smart packaging market. RFID technology which provides real-time data on inventory stocking levels, stocks, transportation, and storage space, has increased in the market. The ability to track products in real-time shortens the sales cycle, saving time and energy and enhancing customer satisfaction has contributed to its rising popularity. Similar sensors, IoT and packaging materials innovations will drive the market's growth and development.
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