Fort Collins, Colorado, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Internet of Packaging Market size was valued at USD 18.3 Billion in 2022 and is expected to reach USD 31.9 Billion by 2032 with a CAGR of 5.8%.
Strict food safety policies have increased demand for prospective packaging solutions, which can help ensure food safety. The food and beverage industry is driving the Internet of packaging market as the demand for fresh and high-quality packaged food increases. Lid and quality sensors check product tampering, especially for medicines and vaccines.
The Internet of Things (IoT) has reduced costs and improved connectivity, data analytics, and product quality control. Unique identification and authentication on packaging prevent counterfeiting, while remote monitoring ensures products meet standards.
The Internet of Packaging market is expensive compared to traditional methods, especially for smaller industries. Lack of standardization and regulations hinder market growth, increasing costs for manufacturers and buyers. However, integrating blockchain technology in transportation and logistics offers new opportunities for market expansion. Smart contracts provided by blockchain improve contract execution, completion, and payment, reducing inefficiencies and streamlining the process.
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Segmentation Overview:
The global internet of packaging market has been segmented into technology, packaging type, end-user, and region. The dominance of barcode and QR code segments in the market allows easy tracking and personalized brand interaction. Boxes and cartons also dominate the market and are expected to develop rapidly due to their ability to easily sense, record, detect, and deliver crucial information about the product.
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Internet of Packaging Market Report Highlights:
- The global internet of packaging market growth is anticipated at a CAGR of 5.8% by 2032.
- The Internet of packaging is used in e-commerce for tracking products during transit, providing authentication, and offering connectivity. It helps manage product security and works as a digital tool. Technical advancements and the increasing demand for healthy and safe food products drive the market growth.
- North America leads the Internet of Packaging market because it prefers this type of packaging and the presence of major industry players. Improved safety, dependability, and transparency are possible via the Internet of Packaging.
- Some prominent players in the internet of packaging market report include Wiliot, Tetra Pak, Kezzler, Sepio products, Tapwow, Repack, ImpaX, Identiv. Qtrust, Lungo, Insignia Technologies and others.
Industry Trends and Insights:
- Impax Asset Management has appointed Yasumitsu (Yasu) Iwasa as head of Japan.
- Frank Yiannas, former FDA deputy commissioner, has joined IoT Company Wiliot as a strategic advisor to solve food traceability challenges.
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Internet of Packaging Market Segmentation:
- By Technology: Barcode & QR Code, Sensor & Tags, Radio Frequency Identification, Near Field Communication, Indicators
- By Packaging Type: Box & Cartoons, Bottles & Jars, Films & Wraps, Mailers, Bags, Tubes & Others
- By End-user: Food & Beverages, Healthcare, Personal Care & Cosmetics, Homecare, Consumer Electronics, Logistics & Transportation, Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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