DUBAI, United Arab Emirates, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Intelligent Packaging is not just the next level packaging but it’s a revolution in the making, because of the immense potential Intelligent packaging has in transforming the economy and addressing major global crisis. Every year billions of dollars are lost due to improper storage, food wastage, and counterfeit drugs while also contributing to green-house gases emissions. Intelligent packaging could be single most important solution to combat such issues!
Future Market Insights (FMI) in collaboration with Avery Dennison, leading material sciences company, hosted a recent webcast on 3rd Feb on the ‘Adoption of Intelligent Packaging: The Frontrunners’. The key objective was to analyse the leading applications, technologies, and winning case studies of companies who are leading from the front in this regard.
While the adoption of Intelligent packaging is mainstream across all industries, the webcast delved deeper into 3 key markets – F&B, Consumer Markets and Healthcare. These were the most promising as the business value that Intelligent packaging brings in these industries is the strongest!
Speakers were Tyler Chaffo, Manager, Global Sustainability, Avery Dennison Smartrac; Saurabh Sharma
General Manager Healthcare, FMI, Yash Pathak Client Partner Consumer Products, FMI; Chandni Jha, Consultant Food & Beverages, FMI. The webcast received an overwhelming response, attended by top executives of Packaging companies, technology providers, executives across all industries.
Watch the Webcast recording on: Future Market Insights (FMI) Website OR YouTube
Key Highlights from the Webcast:
Tyler Chaffo, Manager – Global Sustainability at Avery Dennison Smartrac discussed about the business impact of the Intelligent packaging revolution in the F&B, Retail and Consumer Goods industry
- Solving food wastage problem is key to solving the climate change crisis. Issues with food supply chain accounts for 26% of global greenhouse gases emissions. Wasted food alone contributes to about 10% of global greenhouse gases.
- In developed countries, retail food space sees 20-50% food wastage every year.
- Tyler also discussed at length as to how Avery Dennison works with variety of customers in retail sector with solutions like information transparency, waste labelling, cold sensors and dynamic pricing through Intelligent packaging. This information enables retailers make well informed decisions and reduce food wastage.
- Most of the Intelligent packaging solutions helps in recall management of F&B products in the retail industry.
- In the next 5 years, RFID & IoT will be the key technologies used to reduce food wastage through continuous tracking of food.
Chandni Jha, Consultant Food & Beverages, FMI gave insights on the commercial aspect and market dynamics for Intelligent packaging in F&B.
- She spoke about the leading technologies for Intelligent packaging in F&B and their adoption and impact - to track & trace, monitor freshness, ensure content quality and attract consumers.
- Time temperature indicators are future of food packaging for industries like meat & dairy, bakery, frozen products and sea food, followed by gas indicators.
- She shared examples of top brands like Nestle, Coca-Cola, Kraft Heinz, others who are the frontrunner in adoption of Intelligent packaging.
- Ready to Eat food market is expected to create 2X latent demand in Intelligent packaging over the next decade, while Ecommerce growth in F&B will create latent demand worth US$1 billion in Intelligent packaging.
Closely following on the heels of F&B is the Healthcare industry in terms of adoption of Intelligent packaging. Saurabh Sharma, General Manager Healthcare, FMI spoke about some of the major issues the industry is facing and how Intelligent packaging can address those and what is the expected business impact.
- Medical non-adherence, piracy & counterfeiting and supply chain disruptions are key issues causing human life and monetary losses in health care industry.
- Intelligent packaging helps in anti-counterfeiting measures, extending drug life-cycle and enhancing patient experience.
- Some strong examples were shared of how Healthcare companies are innovating packaging - RFID tags in vials preventing wrong dosages, Time Temperature indicators enabling better monitoring of drugs/blood/tissues/vaccines during transit, there were also examples shared of how top pharma companies are saving up to US$ 120,000 per year by implementing RFID tracking enabling product consumption before expiration.
Yash Pathak, Client Partner Consumer Products, FMI spoke about importance of Intelligent packaging in Consumer Market in enabling the next level hyper-personalized consumer experience and achieving circular economy which remains a common goal across all industries.
- The current value of Intelligent packaging in consumer goods industry is US$ 4.9 billion, and is expected to offer US$ 2.8 Billion incremental opportunity over the next 10 years. This value would be cascaded to players across the value chain, the likes of brands, packaging material suppliers, technology providers and the channel partners as well.
- “Cosmetics and Beauty” will hold the fort accounting for ~40% of the total Intelligent packaging sales in CPG by 2031.
- Brands like P&G, Unilever, Henkel and Kimberly-Clark will lead from the front with inspiring examples of packaging innovations. These large brands continue to invest in new prominent use cases of Intelligent packaging.
The webcast concluded with statements made by Tyler Chaffo on the winning imperatives and critical success factors in this market. It is not enough to have the packaging intelligent, the complete supply chain should also be run more intelligently. This takes into account sound collaborations from all nodes, optimum ecosystem of partners, a robust distribution channel and higher consumer reach.
Watch the Webcast recording on: Future Market Insights (FMI) Website OR YouTube
FMI looks forward to host more such events in the future!
About Future Market Insights (FMI)
Future Market Insights (FMI), is an ESOMAR-certified market research and consulting market research company. FMI is a leading provider of market intelligence and consulting services, serving clients in over 150 countries; its market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, and interactive playbook for data visualization and full reports through MarketNgage, the unified market intelligence engine powered by Future Market Insights. Sign Up for a 7 day free trial!
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