Tokyo, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The global smart packaging market size will reach at USD 41.55 billion in 2022. Smart packaging essentially refers to packaging that has various technologies built into it, such as biosensors and radio frequency identification. It is a collection of cutting-edge packaging techniques and an integration of several cutting-edge technology techniques that may be used when packaging sensitive contents that demand improved traceability.
Smart packaging options give customers more information on the quality and freshness of the contents, enhancing convenience and safety levels, and even extending the contents overall shelf life effectively. In the upcoming years, the usage of smart packaging to extend the shelf life and improve food item traceability is projected to have a favourable effect on industry growth overall.
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Smart packaging is a synthesis of science, technology, and specialised materials that enhances the usefulness of traditional packaging by including intelligent and active packaging. Additionally, it aids in premium pricing, trademark protection, waste reduction, and improving the nature of food products such as taste, flavour, and scent. In comparison to conventional packaging, smart packaging offers a variety of advantages, such as increased safety at a cheaper cost, a longer shelf life, and ease of installation.
Regional Snapshots
In North America, the United States holds the largest market value share, followed by Canada. The region's market is predicted to develop due to the region's expanding working population as well as the rising desire for interactive and better packaging solutions. One of the busiest consumer marketplaces, which makes up a sizable portion of the workforce, is found in the United States.
Due to the expanding population, there is a significant increase in the demand for food and beverages (both, from within and due to immigration). The volume of food imported from various parts of the world has significantly increased to satisfy the enormous demands of the food sector, which has increased demand for smart packaging solutions in the area. Global demand for smart packaging has increased in the North American area as a result of investments growing and food shelf lives being extended.
Report highlights
- The use of NFC in the telecom sectors is expanding astronomically. Smartphones with NFC capabilities, which can link with NFC tags or stickers and be programmed by NFC applications to automate operations, are expected to support the expansion of the market for smart packaging over the coming years.
- The personal care sector is anticipated to experience a CAGR of over 11.4% from 2022 to 2030. Over the forecast period, the demand for personal care products, especially organic goods, is expected to increase due to growing knowledge of the health advantages of these products over synthetic alternatives.
- The automotive segment is expected to expand at a CAGR of around 12.7%. Over the projected period, demand is anticipated to increase as RFID tags are being used in the automobile sector to increase production efficiency. Additionally, the growing usage of RFID tags in the automotive sector for supply chain management and asset tracking is anticipated to fuel industry growth.
- Asia Pacific held a sizeable share of over 11.5%. The increase is anticipated to be fueled by the quick accessibility of raw resources combined with lower production costs. Additionally, the region is anticipated to develop by more than 14.6% during the forecast period.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 39.42 Billion |
| Revenue Forecast by 2030 | USD 63.25 Billion |
| CAGR | 5.39% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | 3M, Avery Dennison Corporation, Ball Corporation, Crown, BASF SE, R.R. Donnelley & Sons Company, International Paper, Stora Enso, Sysco Corporation, Zebra Technologies Corp. |
Market dynamics
Drivers
Over the next ten years, the market is projected to be driven by increased demand for eco-friendly, sustainable products from the pharmaceutical and food & beverage industries. Additionally, more money being invested in R&D to reduce carbon footprint is anticipated to fuel development in the upcoming years. Additionally, the changing lifestyles of the urban population are anticipated to have a positive influence on the demand for ready-to-serve and ready-to-eat food items during the course of the forecast period.
Additionally, a recent movement in the food and beverage business, such as the increased use of wireless technology and smart packaging to give consumers real-time information on the status of perishable goods, is anticipated to stimulate industry demand. Additionally, increased usage of smart packaging in the healthcare and pharmaceutical sectors is anticipated to fuel market expansion due to its enhanced flexibility, lightweight, and durability qualities.
Restraints
The worldwide market for smart packaging is projected to have slow development due to the high cost of intelligent and active packaging. In the next years, market expansion is anticipated to be constrained by the high cost of raw materials used in the production of flexible plastics. Growing industry growth prospects are projected to be brought about in the near future by increasing investment in new intelligent packaging with sensing technology like RFID (radio-frequency identification), NFC (near-field communication), and smart labelling.
Additionally, the high cost of capital for security-related difficulties, installation, novel fabrication processes like indicators and sensors that are compliant with current packaging requirements, and public awareness are the main obstacles to the market's expansion.
Opportunities
The development of the smart packaging industry will be aided by advancements in packaging technology. Applications have increased in relation to the availability of various forms like cloth and plastic. The industry is being driven by a number of advantages that smart packaging has over traditional packaging, including less counterfeiting, enhanced shelf-life, and greater safety. Intelligent packaging techniques are used in conjunction with specialised materials, science, and technology to improve the usefulness of the package. By improving the meal's flavour, fragrance, and other qualities, this helps to keep food from going bad. This aids in brand protection for businesses that use intelligent packaging techniques to package their products.
Challenges
The Smart Packaging Market has significant challenges due to the Smart Packaging's inability to be recycled sustainably and lack of trash generation. There is far less research being done on discovering more environmentally friendly materials that can enable the deployment of sensor functionality in a biodegradable manner.
The market for smart packaging has another problem since very little research and development is being done on the other forms of smart packaging. It is a very difficult challenge for the researchers to incorporate thin film electronics into packaging methods. Customers are unwilling to spend as much for these cutting-edge items due to the high cost of those that use smart packaging systems.
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Recent developments
- Avery Dennison will collaborate with Schreiner MediPharm and PragmatIC in December 2020 to use near-field communications (NFC) to expand the potential of smart packaging to common pharmaceutical items. The patient experience may be enhanced, and the goods may gain an additional degree of security.
- For the packaging and traceability of their infant formula, Friso, FrieslandCampina has partnered with Kezzler, a manufacturer of serialisation solutions, starting of September 2019. The capacity to trace a product from the farmer to the consumer may allay consumer worries and promote product transparency.
Market Segmentation
By Type
- Active Packaging
- Oxygen Scavengers
- Moisture Scavengers
- Self-Venting Films
- Ethylene Scavengers &Emitters
- Microwave Susceptors
- Antibacterial Films
- Temperature Control Packaging
- Carbon Dioxide Scavengers/Emitters
- Ethanol Emitters
- Flavour/Odour Absorbers
- Antioxidants
- Intelligent Packaging
- Indicators
- Sensors
- Bio Sensors
- Gas Sensors
- Data Carriers
- Barcodes
- 2D Matrix Codes
- Quick Response Codes
- Augmented Matrix Codes
- RFID Tags
- Barcodes
- Modified Atmosphere Packaging
By Application
- Food & beverage
- Personal care
- Automotive
- Healthcare
- Others
By Material
- Solid
- Liquid
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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