According to the latest market research report on the Smart Packaging Market, published by IndustryARC. During the projected period, it is predicted that the worldwide market for smart packaging would increase considerably due to the rising customer worries about food sustainability and safety.
The Smart Packaging Market research report is segmented By Type(Electronics Packaging, Electrical Packaging, Chemical Packaging, Design/Mechanical Packaging), By Communication Technologies (Passive RFID, Active RFID, Real Time Location Systems, NFC), By Displays (Electrophoretic Display, Electrochromic Display, AC Electroluminescent displays, Thermochromic displays), By Lighting (Printed LED Lighting, Printed OLED Lighting), By Battery, By Sensors (Piezoresistive (pressure) sensors, Printed temperature sensors, Gas sensor, Capacitive pressure/force sensor, Fluid level sensors, Capacitive depth sensing, Others), By Printed Circuits, By QR Codes, By Chemical Packaging (Time Temperature Indicators (TTIs), Freshness Indicators, Ripeness Indicators), By End Use Industry (Apparel, Medical, Automotive, Electronics, Chemical, Food and Beverage, Aerospace, Defence, Surveillance, and Others), and By Geography which provides a comprehensive analysis of global market & industry forecast (2023 – 2033).
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North America Anticipated to Show the Fastest Growth in the Market:
The smart packaging market in the United States has grown significantly over the past few years as a result of beneficial regulating circumstances, an increasing emphasis on long-term viability, and an increasing need for active and innovative packaging in different end-user segments, especially in the food and healthcare sectors. The Food and Agriculture Organization of the United States estimates that each year in the US, 133 billion pounds of food, worth USD 161 billion, are thrown. Greater food donations to charities, education, and outreach initiatives, and attempts to use standard date marks on food labels are just a few of the many initiatives being made to prevent food waste.
Smart Packaging Market 2023-2033: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2033 |
|
CAGR |
6.41% |
|
Market Size in 2028 |
$72.34 Billion |
|
Segments Covered |
Formulation, Product Type, End-Use Industry, and Region |
|
Geographies Covered |
North America, Europe, Asia-Pacific, South America, RoW |
|
Key Market Players |
1. Amcor PLC 2. International Paper Company 3. Avery Dennison Corporation 4. Crown Holdings, Inc 5. Huhtamaki OYJ 6. 3M Company 7. Sealed Air Corporation 8. BASF SE 9. Stora Enso 10. Dupont 11. R.R. Donnelley & Sons Company |
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Smart Packaging Market Report – Key Takeaways:
- Electronics Packaging is Leading the Market
The Electronics Packaging segment dominated the smart packaging market in 2022. The growing availability of enhanced smart labels, advanced sensors, and other components in the market is driving the demand for electronics smart packaging. Several applications of electronic smart packages facilitate real-time automation and secure product information. Consequently, this is resulting in extra demand in the market. Furthermore, the integration of advanced technologies such as the Internet of Things (IoT) that enables companies to monitor logistics activities and enhance efficiency is estimated to drive the growth of the global electronics smart packaging market.
- Rising Need for Smart Packaging is Poised to Increase the Smart Packaging Market Growth
Brands may offer consumers proof of authenticity thanks to smart packaging. The adoption of smart packaging also reduces product theft and unlawful product access because of its tracking and tracing features. The consumption of packaged organic foods in the United States was predicted to be worth $14.96 billion in 2016, and it is anticipated to surpass $21 billion in 2022, according to the Global Organic Trade Guide. Furthermore, during the past few years, the market size for organic packaged food has grown, even in developing nations like India, China, Thailand, and Indonesia. As a result, there may have been an increase in the need for smart packaging in these nations in the future.
- High Cost of Capital and Lack of Awareness May Hinder the Market
The high cost associated with smart packaging is an issue that the industry has to grapple with. Smart packaging utilizes advanced technologies such as RFID and sensors, which also come with a high price tag. This makes it difficult for companies to benefit from the advantages of such technologies without having to bear the additional costs. To counter this problem, companies have started opting for cheaper alternatives like bar code tagging and QR codes. Another major issue that affects the uptake of smart packaging is the lack of awareness and lack of understanding about the potential applications of the technology, in terms of creating a more effective brand identity and customer experience.
- Growing Effect of the Global Rise in E-Commerce
The demand for packing materials has grown dramatically along with e-commerce activity. The packaging market has expanded due to the demand for strong, safe, and lightweight packaging solutions for product transportation. Until recently, grocery shopping online was primarily an option in large or cosmopolitan cities. However, soon, smaller villages and cities may also favor this method of shopping. Additionally, it is hoped that this would spur the development of active and intelligent packaging and lead to growth in the packaging industry.
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Key Opportunity Analysis:
Intelligent Packaging in the Healthcare Industry
In the healthcare industry, intelligent packaging is crucial. Some equipment and drugs require special packaging and temperature-controlled shipment. This has increased the demand for smart packaging. The use of smart packaging services has increased as a result of the rise in chronic illness prevalence and the aging population’s increased demand for over-the-counter medications. The unexplored regions of the world’s packaging market are crucial to its expansion since they present huge opportunities for market players. Global demand for sustainably packaged organic food has surged as a result of growing concern over health hygiene, particularly in the wake of the pandemic.
Profitable Market Growth Performance is an Opportunity for Smart Packaging Market
Several companies in the smart packaging industry are encouraged by the market’s greater CAGR. The market’s overall profitability further entices them. They are heavily investing in research and development to produce a new generation of technologies that will allow them to design and market environmentally friendly smart packaging. The demand for this type of packaging is projcted to expand dramatically in the future as a result. These companies’ next packaging will be safer and more hygienic thanks to advancements in printing technology.
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The Report also Covers the Following Areas:
- Smart Packaging Market Size and Forecast
- Smart Packaging Market Trends
- Smart Packaging Market Analysis by Type
Smart Packaging Market 2022-2033: Key Highlights
- CAGR of the market during the forecast period 2023-2033
- Value Chain analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- Smart Packaging market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Smart Packaging Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic has caused significant disruptions in global supply chains which has impacted the availability and cost of raw materials as well as the transportation of finished products. This has resulted in increased lead times, reduced production, and higher costs. Additionally, the pandemic has caused delays in investment in new capacity and infrastructure which could impact the long-term supply and demand dynamics in the market.
- The Ukraine and Russia conflict led to an increase in prices and a reduction in production which further led to a shortage of smart packaging. Many companies have shut business in Russia; temporarily shutting down their plants in Ukraine. Additionally, the crisis in Ukraine has also led to a reduction in investments in the smart packaging market as companies are hesitant to invest in a region that is facing political and economic instability. This could impact the long-term supply and demand dynamics of the market.
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List of Top Companies in the Smart Packaging Market:
The Global Smart Packaging Market is highly concentrated as the majority share is held by the leading Smart Packaging providers. The key companies profiled are listed below:
- Amcor PLC
- International Paper Company
- Avery Dennison Corporation
- Crown Holdings, Inc
- Huhtamaki OYJ
- 3M Company
- Sealed Air Corporation
- BASF SE
- Stora Enso
- Dupont
- R. Donnelley & Sons Company
Related Reports:
Europe Hologram & Smart Packaging Market – The Europe Hologram and Smart Packaging Market is projected to grow at a CAGR of 9.53% by 2028 The market is witnessing substantial growth due to the growing adoption of advanced packaging technologies such as anti-counterfeiting and authentication, smart packaging technologies, and hologram technologies.
Biodegradable Packaging Market– The Biodegradable Packaging Market is projected to grow at a CAGR of 15.94% by 2028. During the forecast period, there is a growing market for recyclable and eco-friendly packaging.
Sustainable Packaging Market– The Sustainable Packaging Market is projected to grow at a CAGR of 7.91% by 2028. Because sustainable packaging makes utilization of reusable components that support sustainability and lessen the effect of an ecological footprint, it is growing popular in the healthcare and personal care industries.
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