New York (US), June 09, 2023 (GLOBE NEWSWIRE) -- Internet of Packaging Market Overview
The MRFR analysis reports predict that the "Internet of Packaging Market Research Report Information By Technology, Packaging Type, End User, and Region - Forecast till 2032", the Internet of Packaging market is anticipated to increase from USD 18.5 billion in 2023 to USD 29.1 billion by 2032, with a compound annual growth rate (CAGR) of 5.80% from 2023 to 2032. The Internet of packaging and the potential benefits offered by the expanding food and beverage industry are the main factors boosting market expansion.
The internet of packaging protects the goods, maintains it, monitors its quality, and ensures product safety. By warning the public, it lowers the risk of human error and expenditure while also avoiding conditions like food poisoning. Additionally, it has the capacity to measure things like the environment inside the package.
Additionally, the packaging solution makes it possible for end users to get the necessary information. They also improve the tracking strategy for product security. These components contribute to the market's quick global expansion. Additionally, it offers significant consumer marketing solutions thanks to its unique capacities for tracking real-time data, recording, identifying, communicating, and using scientific logic. Due to the growing need for multi-specialty packaging that maintains the goods' nutritional and health benefits as well as their freshness and quality, the market is growing.
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Due to urbanisation, which is characterised by an increase in the number of people moving from rural to urban regions and changes in dietary habits, convenience foods and ready-to-eat meals are becoming more and more popular. People are beginning to abandon the custom of preparing meals at home and eating them with friends and family in nations like India. Consequently, encouraging the use of ready-to-eat meals, where it is anticipated that the internet of packaging will provide a variety of clients with trustworthy information about the food product. resulting in the growth of the Internet of Packaging market.
Global sales will also increase as a result of increased R&D costs for innovative packaging. The industry is also predicted to be driven in the coming years by a shift in consumer comfort food preferences. The growing food and beverage industry is one of the key factors behind the internet packaging market's expansion.
The food and beverage industry is growing at the fastest rate due to the strict food safety laws in place around the world. The surge in demand for alternate packaging choices that can preserve the quality of food products is fueling market expansion. Consumers are becoming more aware of the value of consuming high-quality food products in terms of taste, safety, colour, and expiration date.
Key Companies in the Internet of Packaging market include
- Wiliot
- Tetra Pak
- Scanbuy Inc.
- Kezzler
- Identiv Inc.
- Tapwow
- Sepio Products
- CuePath Innovation Designs
- Insignia Technologies
- RePack
- Io
- Qtrust
- Iungo
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 29.1 Billion |
| Compound Annual Growth Rate (CAGR) | 5.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Potential benefits offered by internet of packaging and the increasing food and beverages industry |
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Internet of Packaging Technology segmentation by area, packaging type, and end user.
Internet-Based Packaging Barcode and QR code, sensors and tags, radio frequency identification, near field communications, and indicators are all parts of the technology-based market segmentation. In 2022, the near field communications segment dominated the world market.
Boxes and cartons, bottles and jars, films and wraps, mailers, bags, tubes, pouches, blisters, and other packaging types are included in the Internet of Packaging Market segmentation based on package type. In 2022, the boxes and cartons category dominated the world market. Boxes and cartons are widely used to package a variety of products.
Food & beverage, healthcare, personal care & cosmetics, homecare, consumer electronics, logistics & transport, fashion & accessories, sport & retail, and others are all included in the Internet of Packaging Market segmentation based on end user. In 2022, the food and beverage category would rule the Internet of Packaging market.
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The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated by the North American Internet of Packaging Market (45.80%).
The North American market's increased sales are mostly attributable to the region's growing preference for Internet of Packaging over conventional packaging as well as the accessibility of all-pervasive Internet connectivity. The Internet of Packaging also makes it possible for better dependability, transparency, and safety assurance. Additionally, the North American Internet of Packaging market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
From 2023 to 2032, the Asia Pacific Internet of Packaging industry is anticipated to have rapid expansion. The main driving drivers for market expansion in APAC are evolving lifestyles, a growing demand for technological packaging solutions, and improved product traceability.
The APAC market is also growing as a result of the expanding customer base and rising e-commerce exports in the region's emerging nations, particularly in China and India. In addition, the Indian Internet of Packaging market had the quickest rate of growth in the Asia-Pacific region, while China's Internet of Packaging market had the greatest market share.
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In 2022, Europe's Internet of Packaging market held a sizable market share. Due to the presence of major industry players in the region, the Internet of Packaging market in Europe is expected to experience significant revenue growth over the course of the projected year. Leading industry players are making significant R&D investments in order to diversify their product offerings, which will drive the Internet of Packaging market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Internet of Packaging sector must supply affordable goods if it is to grow and thrive in a market environment that is becoming more competitive and intense.
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