Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Smart Packaging Market.
As per a detailed analysis by Market Research Future (MRFR), the global smart packaging is presently estimated at USD 62 billion. The market is likely to demonstrate a striking CAGR of 6.00% during the forecast period (2023 - 2030). The changing consumer preference for safe food is resulting in innovations in packaging technologies. Smart packaging can be defined as an advanced form of packaging which offers additional features like freshness monitoring, extended shelf life, and improved safety along with protection, containment, and communication. This type of packaging is extensively adopted by several end-users to add value to their product, enhance the appeal of the consumers, and strengthen the brand image.
Market Potential and Pitfalls
Smart packaging market has witnessed a tectonic surge in the past few years. Packaging technologies have witnessed innovations due to the changing preferences of the consumers. Additive technologies like oxygen scavengers and antimicrobials are added by quality indicators based on temperature monitoring and gas detection of the products in order to reduce the contamination and deterioration of the food. Due to the surging demand for advanced packaging solution from several pharmaceutical and processing industries, the smart packaging market is witnessing a significant surge during the review period. Smart packaging market has gained momentum across industry verticals. The contribution towards the pharmaceutical segment is unparalleled. Advancements in technology, legislative changes, and new drugs require changes in the packaging. These regulations have further ensured the companies to increase the use of eco-friendly materials. This has made packaging more crucial. Smart packaging is extensively used for diagnostics, threat detection, and effective drug delivery. It also provides the patients, healthcare professionals, and pharmacists with information regarding composition, expiry dates, and dosages. The growth in the pharmaceutical sector has triggered the demand for smart packaging. With the growing concern regarding food safety and food waste, manufacturers are highly focusing to increase the shelf life of several perishable products. Government agencies are setting up food safety standards, maintaining strong enforcement, and conducting inspections. Such factors are promoting the growth of the market during the review period.
On the contrary, the high cost associated with these smart packaging is considered to restrict the growth of the market during the forecast period.
Global Smart Packaging Market: Segmental Analysis
The global smart packaging market has been segmented on the basis of technology and application.
The technology segment of smart packaging consists of active, MAP, and intelligent. Among these, the modified atmosphere packaging (MAP) assists in extending the shelf life of fresh food items. The technology enables the replacement of the atmospheric air inside a package along with a protective gas mix. The gas further keeps the food intact and fresh for a long time. It also allows fresh processed packaged food items on order to maintain the texture, visual, and nutritional appeal.
By mode of application, the global smart packaging market has been segmented into automotive, food & beverages, personal care, healthcare, and others. Among these, the food & beverage segment is predicted to show significant growth rate as they are extensively used to maintain the shelf life of the perishable products.
The prominent players operating in this region comprises TempTime Corporation, 3M Company (U.S.), American Thermal Instruments, PakSense Inc., R.R. Donnelly Sons & Company, Avery Dennison Corporation, International Paper, BASF SE, Huhtamaki Group, Stora Enso and Smartrac N.V.
Geographically, the smart packaging market has been studied under regions namely, Asia Pacific, Europe, North America, and the Middle East & Africa.
Considering the global scenario, the North American region is anticipated to lead the global smart packaging market due to the extension of shelf life, surging investment activities in R&D, product innovation, and reduction of food waste the regional market is gaining huge prominence. Canada and the US are considered important country-specific markets in this region.
Europe bags the second position in the global market due to the high population density. Government imposed strict laws owing to environmental concerns which is triggering the demand for smart packaging in this region. Germany, France, Spain, Italy, and the UK are the major country-specific markets in this region.
The Asia Pacific region is witnessing a significant growth due to the surging industrialization, Factors such as easy availability of raw materials, rising demand for personal care products, cheaper manufacturing costs, and rising use of RFID tags in the automotive industry has spurred the growth in this region. Moreover, strict regulations from the government associated to environmental concerns and high demand for premium luxury products are promoting the growth of smart packaging in this region.
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