Demand for Better Packaging Pattern by Various Industries Estimated to Boost Global Smart Packaging Market at 5.87% CAGR between 2023 and 2030

Overview

The smart packaging market is set to grow at a CAGR of 6.00% during the forecast period 2023 to 2030. As per the market research report, the market will hit USD 61.91 Billion in terms of valuation by the end of 2030. The market growth will be driven by increased demand from the food & beverage industry. Based on the research report, the need for processed quality food will accelerate growth in the market till 2030. Although the fear of microbial strains will have a negative impact on the global smart packaging market’s growth during this period. Restrictions on in-store shopping during the pandemic are predicted to be a key challenge that could become a strong threat from 2023 to 2030 to companies. The market report published by expert analysts includes primary and secondary data and suggests that technology and applications segments are anticipated to witness tremendous growth till 2030. Factors such as the growing demand for ready-to-eat and serve products will become key growth drivers during the forecast period and restrictions on movement and preference for home delivery of foods is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by high added cost of products which could negatively affect activities taking place across the market. The high added costs of products is another challenge the market could face till 2030.

Market Segmentation

The smart packaging market is segregated into different market segments based on technology and applications. For a comprehensive analysis of the market, the technology and applications segments are further split into smaller segments. The technology segment is categorized into active packaging, intelligent packaging and modified atmosphere packaging. Furthermore, based on applications, the global market is also segmented into food & beverage, healthcare, automotive, personal care and others. Based on the market segmentation analysis, the report covers market forecasts.

Integration of functionalities for extending shelf life will support the market growth from 2023 to 2030. As per the market research report, the global market for smart packaging is anticipated to grow at a healthy rate across all the technology and applications segments. However, the presence of active threats such as increasing costs due to integration of functionalities could hamper the market growth. Business activities across intelligent packaging have also been examined and studied by intelligent packaging industry’s experienced analysts. The smart packaging market research report covers findings with predictions and forecasts till 2030.

Regional Overview

The smart packaging market, with its product and service related segments, is spread across the world. intelligent packaging based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Investments in  sustainable technologies is anticipated to be a major factor for growth across the intelligent packaging space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The intelligent packaging sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Intelligent packaging based businesses in these regional markets are anticipated to grow due to the eating attitudes of the urban populace during the forecast period 2023 to 2030. Although  the market’s growth could be affected by high investments needs for research and development. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.

Competitive Landscape

Intelligent packaging based organizations are profiled in the market research report. The smart packaging market along with companies and segments has been studied. The analysis of intelligent packaging based business is also done to identify key challenges and strengths of these companies. The global smart packaging market research report covers SWOT analysis, Porter’s Five Force analysis of major intelligent packaging related organizations. The strategy and other key details of these companies for the forecast period 2019 to 2025 are covered in the report. Advances in printed electronics are anticipated to support the market growth as the market is set to grow at a CAGR of 5.32% and reach a value of US$56,125.4 million by 2025.

Industry News

Nypro, Jabil's Healthcare & Packaging subsidiary, announced today that it has acquired Plasticos Castella, a smart packaging company. Nypro is a design, manufacturing, tooling, and delivery company that specialises in the healthcare and packaging industries. Customers will use Nypro Smart Packaging to solve brand issues and discover new ways to refresh their brand packaging. Plasticos Castella's purchase by Nypro extends the company's smart packaging capabilities by merging state-of-the-art architecture, innovation, and production facilities in Spain and Hungary with the services of Nypro's six North American plants.

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