Dubai, UAE, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Extrapolate, the Global Smart Packaging Market is projected to reach a valuation of USD 37.40 billion by 2032 from USD 18.47 billion in 2022, recording a CAGR of around 6.31% between 2023 and 2032. Changing consumer lifestyles spurred by fast-paced urbanization and an increase in the use of customized personal items integrated with cutting-edge innovation are anticipated to fuel the smart packaging market growth. Global demand for sustainably packaged organic food has surged as a result of rising concerns about health hygiene, particularly in the wake of the pandemic.
Smart packaging consists of advanced technologies and other systems like sensors or biosensors, RFID, and other systems that help preserve the integrity of the packaged goods while tracking outside elements that might negatively impact them. Healthcare, personal care, and food & beverage products that are reactive or may change their properties upon contact with particular conditions are usually delivered in smart packaging.
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Competitive Landscape
Leading companies are employing several tactics such as product launches, business expansion, collaboration, and acquisition as their primary developmental strategies to provide superior products and services to customers in the market.
Prominent players in the global smart packaging market include:
- AERO Verpackungs GmbH
- Amcor Plc
- AVERY DENNISON CORPORATION
- BASF SE
- Crown
- DuPont
- eutecma gmbh
- Sealed Air
- Stora Enso
- Tetra Pak Group
- 3M
Market Segmentation
By Packaging Type
- Active Packaging
- Intelligent Packaging
- Modified Atmosphere Packaging
Widespread Application of Active Packaging to Promote Product Sales
The active packaging segment dominated the smart packaging market in 2022 and is anticipated to retain its position over the estimated period. This growth is supported by the widespread application of active packaging in healthcare and food & beverage products. Active packaging solutions support and enhance the quality of the product by releasing or absorbing substances to shield it from deterioration or harm, which is anticipated to bolster segmental uptake.
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By Industry Vertical
- Automotive
- Food & Beverage
- Healthcare
- Personal care
- Others
Adoption of Active and Intelligent Packaging Solutions in Food & Beverage Applications to Drive Market Growth
The food & beverage segment dominated the market for smart packaging in 2022. The surge in its dominance can be largely attributed to the increasing adoption of active and intelligent packaging solutions, coupled with stringent regulatory guidelines. These factors collectively ensure the quality of packaged food items remains impeccable, spanning everything from production to the final consumption stage. Mounting demand for quick-to-use food products driven by changing consumer preferences toward healthier food options is also likely to complement segment expansion.
Shifting Consumer Preferences to Augment Market Revenue
The market for smart packaging is growing rapidly due to changing consumer preferences, which are driven by a shift towards healthier lifestyles as well as rising health consciousness. Consumers are increasingly demanding food products that come in smart packaging. This packaging not only preserves the quality of the product but also enhances its value and experience. One example of smart packaging is the use of direct-contact package materials with infused components that extend shelf life. This type of smart packaging also provides informational value, such as the date of production and the expiration date, which can help consumers make informed decisions about the safety and quality of the food product.
Furthermore, rising urbanization and widespread concerns about food contamination have increased consumer demand for smart packaging solutions.
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Market Restraint: Limited capital infrastructure in developing regions may hinder the expansion of the smart packaging market.
E-Commerce Creates Lucrative Opportunities for the Smart Packaging Industry
As the e-commerce industry grows, technical advancements are being forged to provide clients with security & safety, including applications for delivery partner information, manufacturer's facilities, shipment purposes, simple product tracking, and shipper's warehouse information. Online shopping is gaining immense momentum all over the world. Additionally, intelligent packaging solutions that provide clients with information about shipment monitoring and product delivery create attractive market potential. Furthermore, the expanding e-commerce industry, accelerated industrialization, and rising need for superior supply chain management are likely to provide market participants with lucrative opportunities.
Recent Developments in the Smart Packaging Market
- Stora Enso purchased De Jong Packaging Group, a Dutch company that specialized in corrugated packaging solutions in the Benelux region, in January 2023.
- Avery Dennison Corporation, a firm that develops technology for RFID products, announced in February 2022 that it had acquired TexTrace, a firm that specializes in customized RFID labels for the fashion sector. Employee ownership and intellectual property are both included in the agreement. In Frick, Switzerland, TexTrace continued to operate under the same name.
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Presence of Key Manufacturers in North America to Propel Market Development
North America is expected to hold the largest market share for smart packaging during the assessment period. The region is home to many of the world's largest packaging companies, which offer cutting-edge smart packaging solutions. The region has a well-established industrial infrastructure that supports the development and production of smart packaging.
The development of the smart packaging market in North America is also anticipated to be accelerated by improvements in packaging material quality and technology as well as government programs supporting the use of eco-friendly packaging materials.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.3.1. Innovative Developments in Utilization of Technology in Smart Packaging to Drive the Market
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Smart Packaging Market
Chapter 5. Global Smart Packaging Market Overview, By Packaging Type, 2018 - 2032 (USD Million)
Chapter 6. Global Smart Packaging Market Overview, By Industry Vertical, 2018 - 2032 (USD Million)
Chapter 7. Global Smart Packaging Market Overview, By Material Type, 2018 - 2032 (USD Million)
Chapter 8. Global Smart Packaging Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 9. North America Smart Packaging Market Overview, By Countries, 2018 - 2032 (USD Million)
9.1. North America Smart Packaging Market Overview, 2018 - 2032 (USD Million)
9.1.5.1. U.S. Smart Packaging Market Overview, 2018 - 2032 (USD Million)
9.1.5.2. Canada Smart Packaging Market Overview, 2018 - 2032 (USD Million)
9.1.5.3. Mexico Smart Packaging Market Overview, 2018 - 2032 (USD Million)
Chapter 10. Europe Smart Packaging Market Overview, By Countries, 2018 - 2032 (USD Million)
10.1. Europe Smart Packaging Market Overview, 2018 - 2032 (USD Million)
10.1.5.1. Germany
10.1.5.2. France
10.1.5.3. UK
10.1.5.4. Italy
10.1.5.5. Spain
10.1.5.6. Rest of Europe
Chapter 11. Asia Pacific Smart Packaging Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Middle East & Africa Smart Packaging Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. South America Smart Packaging Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2022
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. Recent development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
16.1. Smart Packaging Market Industrial Chain Analysis
16.2. Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.2. Market Positioning
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Product Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Product Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
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