The global smart packaging market size was USD 20.47 Billion in 2022 and is likely to reach USD 32.92 Billion by 2031, expanding at a CAGR of 5.42% during 2023-2031. Smart packaging is a system that is capable of carrying out intelligent functions such as detecting, sensing, recording, tracing, and communicating to facilitate decision-making and extend shelf life, enhance safety, improve quality, provide information, and warn about possible problems.
Smart packaging is an extension of the communication function of traditional packaging that contains external or internal indicators to provide information about the history of the package and the quality of the food or any other items. It facilitates premium pricing, supply chain management, brand protection, and waste reduction.
Smart Packaging Market Trends, Drivers, Restraints, and Opportunities
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Changing lifestyle of the urban population has increased the demand for ready-to-eat food products, thus fueling the growth of the market during the forecast period.
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Rising use of wireless technologies with smart packaging is likely to drive the demand for smart packaging.
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The growth for the market is attributed to the exploration of nanotechnology in various food & beverage applications, demand for shelf-stable and sustainable packaging solutions among food & beverage retailers and manufacturers, and increasing consumption of packaged food products.
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Developments in printing processes in various industries are driving the market. There have been numerous scientific studies on printed electronics and Radio-frequency Identification (RFID) technology, which creates an outline for the potential progress of smart packaging applications.
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Increasing demand for healthy, safe, and hygienic food products is estimated to fuel the market.
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Soaring R&D investments to decrease the carbon footprint is expected to propel the market during the forecast period.
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Flexible plastics have high raw material prices, which is estimated to hamper the market growth.
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New techniques of disposing smart packaging and regulatory hurdles by the government poses a difficulty for customers. This is expected to hamper the smart packaging market growth.
Scope of Smart Packaging Market Report
The report on the global smart packaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Packaging Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technologies (Active Packaging, Intelligent Packaging, and Modified Atmosphere Packaging), Applications (Food & Beverage, Healthcare, Automotive, and Personal Care)
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Regional Scope
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Europe, North America, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Stora Enso, Avery Dennison Corporation, BASF SE, TempTime Corporation, Thin Film Electronics ASA, Huhtamaki, American Thermal Instruments, 3M, and R.R. Donnelly Sons & Company
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Smart Packaging Market Segment Insights
Active Packaging Segment to Dominate the Market
On the basis of technologies, the global smart packaging market can be divided into active packaging, intelligent packaging, and modified atmosphere packaging. The active packaging segment can be sub-segmented into gas scavenger, corrosion control packaging, and moisture control packaging. The intelligent packaging segment can be classified as time temperature indicator, gas indicator, thermochromic ink, radio-frequency identification (RFID) & barcode, and near-field communication (NFC). The active packaging segment is anticipated to account for a key share of the market, in terms of revenue, owing to its moisture control and corrosion protection properties. The intelligent packaging segment is estimated to grow significantly, due to rising use of RFIDs, ability to change immediate product environment, and improvements in human interface.
Food & Beverages and Healthcare Segments Expected to Grow at a Considerable CAGR
In terms of applications, the market can be classified as food & beverage, healthcare, automotive, and personal care. Rising use of smart packaging in healthcare segment due to their durable, flexible, and lightweight properties is anticipated to fuel the segment growth. Growing importance given to preserving the quality and protecting the packaged products, from the time they are manufactured to the time they are consumed, is estimated to boost the segment growth.
Asia Pacific to Account for a Key Share of the Market
Based on regions, the global smart packaging market growth can be segregated into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to grow, due to the rise in consumer awareness regarding issues such as food safety and hygiene. Manufacturers in the region plan to adopt RFID and NFC technologies that allow the firms to track their shipments and combat counterfeiting of products. Rising demand for ready-to-eat food, especially in North America drives the market in the region. Europe is projected to hold a substantial share of the market, due to the implementation of the European Commission laws that favor smart packaging over conventional packaging.
Segments
The global smart packaging market can be divided on the basis of technologies, applications, and regions.
Technologies
- Active Packaging
- Intelligent Packaging
- Modified Atmosphere Packaging
Applications
- Food & Beverage
- Healthcare
- Automotive
- Personal Care
Regions
- Europe
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- Stora Enso
- Avery Dennison Corporation
- BASF SE
- TempTime Corporation
- Thin Film Electronics ASA
- Huhtamaki
- American Thermal Instruments
- 3M
- R.R. Donnelly Sons & Company
Competitive Landscape
Major players of the global smart packaging market are Stora Enso, Avery Dennison Corporation, BASF SE, TempTime Corporation, Thin Film Electronics ASA, Huhtamaki, American Thermal Instruments, 3M, and R.R. Donnelly Sons & Company.
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