Global smart packaging market overview and outlook:
- Smart packaging is a term used to describe packaging products embedded with sensors that can sense or provide information about the product or brand. It describes a large category of packaging that leverages technology to provide functionality that goes beyond simply housing a product. Smart packaging uses advanced technology or capabilities to expand functionality and/or create an interactive experience to the consumers and/or other value chain stakeholders.
- The global smart packaging market is growing at a robust pace driven by increasing use of innovative and safer packaging techniques to cater to shifting consumer demands for longer shelf life and improved traceability
- The fast-growing segment is poised for further expansion, combining creativity and technology in unique smart packaging designs
- Going forward, the market is projected to grow at a CAGR of 8-10% during 2020-24 to reach ~USD 11-12 billion, with Food & Beverage and Healthcare the largest segments in terms of value share
- North America remained as the largest market accounting for more than 40% of the global market, followed by Europe and Asia Pacific. Growing health awareness among consumers and rising income levels in countries such as India and China will likely mean that Asia Pacific lead the market in terms of future growth.
- Cost-efficiency and consumer preferences drive packaging trends, so affordable smart packaging alternatives are changing the playing field for forward-looking contract packagers
- Although price competition may slow the rise of smart packaging in some consumer segments, the technology continues to expand into new markets
- The global market is relatively fragmented with many large and small/medium sized players operating in this segment. Key players include 3M, Sealed Air, Avery Dennison, BASF, Stora Enso, Huhtamaki, DuPont, Amcor, etc.
Market Growth Drivers and Trends:
Key factors driving the global smart packaging market are:
- Rising industrialization in emerging economies of Asia
- Growing demand for increased shelf life and traceability
- Rising need for environment-friendly sustainable products
- Innovations and developments in printing technologies
Potential Challenges:
Key factors likely to restrain or slow down growth in the global smart packaging market :
- Price competition in some markets may deter the adoption of expensive packaging technologies
- Rising raw material costs
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Global Smart Packaging Market Research Scope:
The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global smart packaging market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
We have also estimated the current market size for smart packaging globally and by geography, packaging technology and end-use industry; 5-year outlook of the market, factors driving growth along with regional insights and trends
The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the growth prospects of the global smart packaging market.
Author – Prasanth R Krishnan
Associate Director – Operations
Connect to the author of the report at reports@avalonglobalresearch.com or contact us at https://www.agrknowledge.com/contact-us