ID: MRFR/PNT/1449-CR | February 2020 | Region: Global | 138 pages
Impact of Covid-19 on the Global Smart Packaging Market
The demand for smart packaging in the last two decades has been on the rise in double digits owing to the increasing focus on health. This is expected to continue to expand notably in this decade. In developed markets such as the US and countries in Europe, nothing is traded loose. This is also the reason why the per capita consumption of packed food products and packaging is slowly growing in developing countries, including India. The per-capita packaged food consumption in India is still low at about 9 kg in contrast to the Western markets, which exceed by 40 kg per industry statistics. Consequently, the potential for penetration of smart packaging and increased adoption of packed food products in developed countries is significant.
As the COVID-19 pandemic is spreading rapidly across the globe, the awareness among people about the importance of buying properly packaged goods, particularly when it comes to foods, is increasing. People have come to understand and realize that smart packaging foods products are safer in contrast to products sold loose. While the outbreak has undoubtedly created a higher awareness about smart packaging, the online retail decline coupled with the economic crisis has disrupted the consumption and shopping pattern, particularly among the rural consumers who had previously been in the habit of purchasing loose. The COVID-19 crisis has led to some of the sharpest drops in recent periods in demand for several types of smart packaging while accelerating development for others such as e-commerce packaging for shipments, which are emerging as lifelines in this new era.
GDP Growth Rate in Top Countries, 2010–2020 (%)