NEWARK, Del, Dec. 13, 2022 (GLOBE NEWSWIRE) -- As per the reports published by FMI, the global active packaging market is projected to have an average-paced CAGR of 9.49% during the forecast period. The current valuation of the market is US$ 26.13 Bn in 2023. The market value of the active packaging market is anticipated to surpass a market valuation of US$ 64.71 Bn by 2033. A historical market valuation of US$ 23.87 Bn has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
FMI has analyzed that the market has witnessed a surge in demand over the period 2018-2022. The growth of the market is attributed to the high adoption of active packaging across the developing food & beverage and pharmaceutical industries in emerging economies. Due to their hectic lifestyles, ready-to-eat and on-the-go foods are in high demand in urban areas. This is leading to a change in market dynamics for active packaging in 2023.
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Furthermore, active packaging solutions are increasing the safety of food and enhancing the shelf-life of the products, along with the delivery of appropriate information in the packages. However, it has been noted that stringent laws prohibiting the use of plastic for packaging in developing nations pose a serious threat to the market's long-term expansion. Moreover, the high cost of active packaging also acts as a major restraint, impeding the growth of the active packaging industry through 2033.
Key Takeaways from the Active Packaging Market
- The active packaging market has witnessed an approximate rise of US$ 2.26 Bn from the year 2022 to 2023.
- The smart packaging segment by application type category is identified to advance at a moderate pace, recording a CAGR of 5.5% through 2033. This segment is likely to surpass a valuation of US$ 44,643.71 Mn by the end of the projection period.
- The oxygen scavenger segment by product type category is likely to exert dominance in the forthcoming years, with a market value of US$ 4.27 Bn by the estimated study period.
- The North American region is anticipated to hold the maximum market share in the active packaging market, advancing at a CAGR of 6.2% in 2023.
“Intelligent packaging solutions and the demand for fresh food by the health-conscious population is estimated to unravel lucrative growth opportunities for the active packaging manufacturers.” – Says an FMI Analyst.
Competitive Landscape in the Active Packaging Market
The manufacturers in the active packaging market are entering into strategic partnerships and collaborations with other prominent players in the industry. They are rigorously investing in research and development activities to strengthen their foothold and widen their base of active packaging solutions. The market is estimated to stir up through the forecast period, owing to the innovative attempts in technology for advanced packaging made by biggies.
Smartrac N.V., BASF SE, Thin Film Electronics ASA, Stora Enso, and International Paper are some of the key players proliferating in the market.
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Recent Developments
- In April 2022, Amcor PLC made an investment to expand its medical thermoforming packaging capabilities in its healthcare packaging factory located in Sligo, Ireland. The investment is of multiMn dollars that would support Amcors expanding sterile packaging business and refer clients in North America and Europe for accessing another location with all-inclusive healthcare options.
- In May 2022, Avery Dennison made an announcement about its strategic alliance with WIliot, a provider of digital ID technologies. This alliance is to scale the Internet of Things with the inclusion of atma.io as the design, development, and production of Wiliot tags, which will make a significant contribution to the development of interconnected and fully intelligent IoT.
Key Segments in the Active Packaging Market
By Type:
- Oxygen Scavenger
- Shelf-life sensing
- Time Temperature Indicator
- Moisture Absorber
- Others
By Application:
- Food and Beverage
- Healthcare
- Pharmaceutical
- Personal Care
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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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
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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About Future Market Insights, Inc.
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