Smart packaging refers to sensor-equipped systems used in food and medication packaging. It improves product quality, shelf life, and freshness monitoring, and ensures customer and product safety. These intelligent packaging systems provide information about a product's freshness and quality during packaging. Smart packaging incorporates technologies like biosensors and radio frequency identification. In order to meet the needs of traceable and sensitive content, advanced technology and innovative packaging strategies need to be combined.
According to Data Bridge Market Research, the Smart Packaging Market accounted for USD 24,937.91 million in 2022, and expected to reach USD 39,299.49 million by 2030. The market is expected to grow with a CAGR of 5.85% in the forecast period of 2023 to 2030.
“Increasing demand for smart packaging in the food industry surges in market growth”
Smart packaging in the food and beverage industry enables the tracking of product location, ensures quality and freshness, and provides consumers with information about ingredients and nutritional content. This enhances the overall purchasing experience while ensuring product safety. As consumer concerns regarding food freshness and protection against contaminants grow, factors such as dust, dirt, smell, water vapours, heat, oxygen, and microbes are being increasingly considered. Therefore, the increasing demand for smart packaging in the food industry surges in the market’s growth.
What restraints the growth of the smart packaging market?
“High costs in mass applications can constraints the market from growing”
The increased expenses associated with incorporating sensors and radio frequency identification (RFID) technology into packaging applications have hindered the widespread adoption of advanced packaging systems. As a result, the higher costs of these sensors and RFIDs have contributed to the limited implementation of better packaging compared to conventional packaging methods, leading to challenges in achieving mass applications for packaging systems.
Segmentation: Global Smart Packaging Market
The smart packaging market is segmented on the basis of type, packaging technology, packaging functionality, material, end use vertical.
- On the basis of type, the smart packaging market is segmented into active packaging, intelligent packaging, and interactive packaging, controlled permeability packaging, and modified atmosphere packaging.
- On the basis of packaging technology, the smart packaging market is segmented into indicators, sensors, data carriers.
- On the basis of packaging functionality, the smart packaging market is segmented into protection, containment, communication, convenience.
- On the basis of material, the smart packaging market is segmented into solid, liquid.
- On the basis of end use vertical, the smart packaging market is segmented into food, beverage, healthcare, personal care, automotive, logistics, others.
Regional Insights: North America dominates the Smart Packaging Market
North America dominates the global smart packaging market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are the current infrastructure availability for smart warehousing, logistics, and packaging.
Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 due to high demands for packaged food and associated packaged products that require increased concerns and care in the logistics cycle.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-smart-packaging-market
Recent Developments in Smart Packaging Market
- In 2022, With a portfolio of design services, digital printing, and intelligent packaging options, Sealed Air introduced prismiq, its digital packaging brand. While improving products and customer engagement, it also gets rid of waste and extra packaging. A package-specific digital ID is generated by Sealed Air's end-to-end cloud-based platform, which also collects and manages data along the value chain.
- In 2022, Foxpak Flexibles Ltd. (Foxpak) was acquired by Sealed Air Corporation in order to broaden its offering of digital smart packaging solutions for well-known international brands. Foxpak is a pioneer in flexible packaging digital printing. This privately held packaging solutions provider with headquarters in Ireland works with leading brands to provide exquisite packaging for a range of served markets, including pet food, food retail, seafood, and snacks.
The Prominent Key Players Operating in the Smart Packaging Market Include:
- 3M (U.S.)
- Sealed Air (U.S.)
- Bemis Manufacturing Company (U.S.)
- AMETEK MOCON (U.S.)
- Amcor plc (Australia)
- International Paper. (U.S.)
- Stora Enso (Finland )
- DuPont (U.S.)
- Crown Paper Mill LLC (U.A.E.)
- Westrock Company. (U.S.)
- BASF SE (Germany),
- ZEBRA (U.S.)
- R.R. Donnelley and Sons Company (U.S.)
- Ball Corporation (U.S.)
- AVERY DENNISON CORPORATION (U.S.)
- Primex Plastics Corporation (India)
- National Packaging Company (U.S.)
- Ströbel GmbH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of smart packaging market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Smart Packaging Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
