Global Smart Packaging Market is Anticipated to Attain 5.32% CAGR by 2025
Research Reports
Dec 29, 2020
According to Market Research Future (MRFR), the global smart packaging market is estimated to reach 54,125.4 million, with a CAGR of around 5.32% from 2019 to 2025 (forecast period).
The study addresses important developments in the global smart packaging market in the wake of the novel COVID-19 pandemic. The study offers a precise overview of the different facets of the industry that are likely to be impacted by the pandemic.
Smart packaging is a type of packaging primarily used to extend shelf life, monitor freshness, show quality information, and enhance the safety and convenience of products. These are used in all sectors, such as food & beverage, pharmaceutical, and automotive. Smart packaging includes active packaging, smart packaging, and modified atmosphere packaging (MAP). In addition, increased government policies on food safety are another factor driving the global smart packaging market.
Market Dynamics
The food & beverage industry has widely adopted smart packaging due to certain additional features such as preventing food spoilage, improving product attributes like taste and aroma, and increasing product shelf life. Smart packaging devices like time-temperature indicators, gas sensing devices, microbial growth indicators, freshness indicators, and biosensors have been used across food & beverage packaging and supply chains to drive the smart packaging industry. However, the high cost of active and intelligent packaging can hinder the growth of the market.
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Market Segmentation
The global market for smart packaging has been segmented based on technology and application.
- Based on technology, the global smart packaging market has been segmented into active packaging, intelligent packaging, and modified atmosphere packaging. The active packaging segment has been further divided into antimicrobial, gas scavengers, moisture control, and corrosion control. The intelligent packaging segment has been divided into time-temperature indicators, radio frequency identification detection (RFID), near-field communication (NFC), quick response code (QR code). The active packaging segment accounted for the largest market in the global smart packaging market in 2018, while the smart packaging segment is the fastest-growing segment and is anticipated to register a high CAGR during the forecast period. The factors attributed to the growth of the active packaging segment in the market giving the advantages of extending the shelf life of food and preserving food quality while it is packed. Active packaging technologies involve certain biological, physical, or chemical reactions that modify the interactions between the package and the product in order to achieve the desired outcome.
- Based on application, the global smart packaging market has been segmented into food & beverage, healthcare, automotive, personal care, and others. The reasons like a rise in demand for fresh and quality packaged food, consumer convenience, and manufacturers’ concern for the longer shelf life of the food products drive the market for global smart packaging technology for the food and beverage market.
Regional Analysis
Regionally, the global smart packaging market has been segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW).
North America had the largest share in the global smart packaging industry, followed by Europe and the Asia Pacific in 2018. Moreover, Asia Pacific is the fastest-growing region and is projected to have a high CAGR during the forecast period.
The North American area has seen higher growth due to increased R & D investment and product innovation in packaging. In addition, strict food safety policies in countries such as the United States and Canada fuel demand for smart packaging in the food & beverage market.
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Key Players
- Stora Enso (Finland)
- 3M (US)
- Huhtamaki (Finland)
- TempTime Corporation (US)
- BASF SE (Germany)
- American Thermal Instruments (US)
- Thin Film Electronics ASA (Norway)
- AVERY DENNISON CORPORATION (US)
- R.R. Donnelly Sons & Company (US).
International Paper (US), LCR Hallcrest Ltd (US), Smartrac NV (The Netherlands), Tetra Pak International SA (Switzerland), and Crown Holdings, Inc. (the US) are the other players in the global smart packaging market.
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