ID: MRFR/PNT/1449-CRR | April, 2017 | Region: Global | 88 pages | Cooked Research Reports
The key drivers for the growth of the smart packaging market are the increased awareness about health & safety, increased demand from food & beverages and pharmaceutical industries. Food & Beverage industry has adopted smart packaging extensively across the world due to the some additional features such as retention of nutrients of food products and prevent food spoilage, enhance attributes such as look, taste, and aroma, along with increased shelf life. Moreover, Smart packaging is being used across pharmaceutical industry for threat detection, diagnostics and for effective drug delivery. It can also provide patients, pharmacists and healthcare professionals with valuable information. The global smart packaging market is expected to reach market size of USD 46.74 billion by the end of 2022. It is expected to grow at 5.16% CAGR during the forecast period.
On the basis of application it is widely used in food & beverage, personal care, health care and automotive sectors. Food & beverage is expected to lead the market by application over the forecast period. Furthermore the market has been segmented by technology into active packaging, intelligent packaging and MAP (Modified Atmosphere Packaging).
Regional Analysis of Global Smart Packaging Market:
North America is expected to lead the smart packaging market, followed by Europe and Asia-Pacific. North America accounts for the largest share of 42.72% in the global smart packaging market in 2016. The region has witnessed increased investment in the R&D and product innovation as far as packaging is concerned. APAC is expected to experience the fastest growth during the forecasted period due to the economic growth of China and India. The region offers flourishing market for such technological advanced packaging solutions.
Global Smart Packaging Market, by Regions, 2015 (USD Billion)
The key players of the global smart packaging market include- 3M Company, TempTime Corporation, PakSense Inc., American Thermal Instruments, Avery Dennison Corporation, R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso, Huhtamaki Group and Smartrac N.V.