Market Research Future (MRFR) has published a cooked research report on the “Global Smart Food Packaging Market” that contains information from 2018 to 2032. The smart food packaging market is estimated to register a CAGR of 7.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global smart food packaging market - Crown Holdings, Inc., Constar International Inc., Ball Corporation, Bemis Company, Inc., Sysco Corporation, Filtration Group Corporation, Graham Packaging Company, and Insignia Technologies.
The global smart food packaging market is accounted to register a CAGR of 7.60% during the forecast period and is estimated to reach USD 20.3 billion by 2032.
Some of the key factors propelling the worldwide smart food packaging market include changing consumer lifestyles, altering eating patterns, and rapid urbanization. This market is also being driven by an increase in the demand from environmentally conscious end users for packaged food and beverage items with extended shelf lives and sustainable packaging options. In addition to these key factors, the growing popularity of online retail brands and websites, rising demand from the expanding food and beverage sectors, and rising demand for ready-to-eat and eat-on-the-go food products are some other significant factors driving the growth of the global smart food packaging market. The expansion of the worldwide market for smart food packaging, however, may be hampered in the coming years by the high cost of processing and producing these cutting-edge solutions.
The global smart food packaging market has been segmented based type and material.
On the basis of type, the market is segmented into Active Packaging, Controlled Packaging, Modified Atmosphere Packaging and Others. The modified atmosphere packaging segment was attributed to holding the largest market share in 2022. This segment's significant market share is primarily attributable to the growing demand for fresh and high-quality packaged food items such as bread, vegetables, fruits, processed meat, fish, and dairy products.
Based on material, the global smart food packaging market has been segmented into Plastic, Metal, Glass, Paper, and Aluminium. The paper segment was expected to hold the largest market share in 2022. Paper-based packaging options have become more popular in the market for smart food packaging as a result of their sustainability and environmental friendliness. The growing need in the food sector for ecologically friendly and sustainable packaging choices is in line with the use of paper-based smart food packaging.
The global smart food packaging market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe smart food packaging market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The smart food packaging market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World smart food packaging market comprises of Middle East, Africa, and Latin America.
The largest market share for smart food packaging was maintained by the North American regional sector. The growing demand for packaged and frozen goods, rising worries about food safety, and shifting lifestyles brought on by urbanization are all reasons that have helped North America take the lead in the market.
Moreover, the Europe market has been persistently growing over the forecast period because of the government's increasing emphasis on lowering the hazardous content of packaging materials. Rising R&D efforts in the food and beverage sector aimed at enhancing compliance with strict legislation are anticipated to stimulate business expansion.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The food and beverage industry is expected to experience growth in the Asia Pacific area in the forecast years owing to rising health consciousness among consumers, particularly in developing nations like China and India.
Furthermore, the rest of the world's smart food packaging market is divided into the Middle East, Africa, and Latin America. Over the projected period, the smart food packaging market in rest of the world is anticipated to increase as consumers' purchasing power and worries about regional health are raised.
Key Findings of the Study