Smart Packaging Market: Current Analysis and Forecast (2020-2026)
Smart Packaging aims to link the physical world with the digital world. Until now, the adoption of conventional packaging was limited to protecting products from various microbes and keeping content private. With the arrival of digitalization and other technologies Packaging 4.0, the trend of smart packaging has offered various companies promising business models and other expansion strategies. Nowadays, people not only care about how the packaging enclosing the products they purchase contain and protect what is inside but they also care that it be easy to use, convenient and that it harmonizes well with how they plan to store and use the product. For instance, some packaging design advances are functional rather than technical, such as re-closable packages. While other new smart packaging designs have the potential for astonishing progress as technology develops. Smart packaging refers to packaging systems with embedded sensor technology used with foods, pharmaceuticals, and many other types of products. It is used to extend shelf life, monitor freshness, display information on quality, and improve product and customer safety. Changing lifestyles and growing awareness about health and rapid industrialization has bolstered the demand for smart packaging market. Moreover, rising need for environment-friendly sustainable products and growing demand for ready to eat food has positively impacted the smart packaging market. However, high costs involved in business model tend to hamper the market growth.
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Insights Presented in the Report
- Based on the type of smart packaging, the market is fragmented into active and intelligent smart packaging. Active packaging occupies the lead share in smart packaging market wherein it interacts with the content of the product and helps in improving the shelf life or quality of the product during the storage. Considering the intelligent packaging, it is the newest technology within the packaging sector which is growing at a faster pace. It aims to provide enormous convenience to the consumers by offering additional benefits of communication with the outside world. The additional benefit can include diagnostic and indicator functions that use indicators or sensors to monitor the condition of the product and provide information on tightness, storage time, temperature or freshness.
- Based on the market segment by application, the market is segmented into food and beverage, healthcare, automotive, personal care and electronics. It has been observed that the food and beverage industry has extensively adopted smart packaging mainly accredited to prevention of food spoilage, enhancing attributes such as taste and aroma of fruits and vegetables and increasing the shelf life of the product.
- For better understanding on the market dynamics of smart packaging market, detailed analysis was conducted for different countries in the region including North America (United States, Canada, and Rest of North America), Europe ( Germany, UK, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Latin America (Brazil, Argentina and Rest of Latin America) and MENA (UAE, Saudi Arabia and rest of MENA).
- Some of the major players operating in the market include 3M, TempTime Corporation, PakSense, American Thermal Instruments, Avery Dennison Corp., Amcor Ltd, BASF, International Paper, Stora Enso, Thin Film Electronics ASA
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry.
- Examination of industry attractiveness with the help of Porter’s Five Forces analysis
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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