The major players in Smart Packaging Market are Amcor, Thinfilm, 3M, Aptar, RR Donnelly, Dupont, Avery Denison, Sealed Air, Cortec Corporation, Huhtamaki, Westrock, Toppan Printing, Sonoco, Graphic Packaging, Temptime Corporation, and BASF
Luton, Bedfordshire, United Kingdom, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Smart Packaging market.
Smart Packaging Market is expected to grow at more than 11.87% CAGR from 2019 to 2028. It is expected to reach above USD 353 billion by 2028 from USD 140 billion in 2019.
The main drivers propelling the growth of this smart packaging market are the increased need for sophisticated packaging solutions from the food processing and pharmaceutical industries, rising consumer concern for reducing food waste, and rising demand for smart & functional packaging. Additionally, the expanding E-commerce industry, increased industrialisation, and high demand for excellent supply chain management are projected to provide up attractive potential for market participants.
The expansion of printing technologies across several sectors has further fuelled this industry. In the processing and display of information on paper and other surfaces, printed technologies have demonstrated their usefulness. As a result, there has been a lot of recent scientific study on printed electronics and RFID technology, which establishes the foundation for future development of applications for smart packaging Market.
Recent Developments
Avery Dennison is partnering with Schreiner MediPharm and PragmatIC for utilizing near-field communications (NFC) for extending the capabilities of smart packaging to everyday pharma products. This can improve patient experience and provide a layer of security to the products.
April 2019 Tetra Pak launched a connected packaging platform, which will transform milk and juice cartons into interactive information channels, full-scale data carriers, and digital tools. For retailers, it will offer greater supply chain visibility enabling distributors to track stock movements and real-time insights.
February 2019 Sealed Air acquired MGM’s (MGM is a prominent packaging company that provides flexible food packaging materials for consumer packaged goods markets in Southeast Asia) the flexible packaging division. The acquisition is majorly aimed at enhancing its presence in Asia-Pacific and improving its printing and lamination capabilities.
Report Scope:
Report Attribute/Metric
Details
Market Size
· 2029: USD 353 billion
· 2029: Significant value
CAGR
11.87% CAGR (2022 to 2029)
Base Year
2021
Forecast Period
2022 to 2029
Historical Data
2017-2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology and Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors
Stora Enso (Finland), AVERY DENNISON CORPORATION (U.S.), BASF SE (Germany), TempTime Corporation (U.S.), Thin Film Electronics ASA (Norway), Huhtamaki (Finland), American Thermal Instruments (U.S.), 3M (U.S.), and R.R. Donnelly Sons & Company (U.S.)
Key Market Opportunities
Advances in Printed Electronics
Key Market Drivers
· Increasing Demand from Food & Beverage Industry
· Increasing Demand from pharmaceutical industry
· Stringent government policies on food safety
Smart Packaging Market Players
The major players in Smart Packaging Market are Amcor, Thinfilm, 3M, Aptar, RR Donnelly, Dupont, Avery Denison, Sealed Air, Cortec Corporation, Huhtamaki, Westrock, Toppan Printing, Sonoco, Graphic Packaging, Temptime Corporation, and BASF.
The worldwide smart packaging market is seeing an increase in the use of freshness indicators, germ and pathogen growth indicators, devices that can detect gas accumulation (a fantastic sign of microbial development), and time-temperature indicators in packaging. This is anticipated to be a key factor in the growth of the smart packaging industry.
This kind of packaging is required by the pharmaceutical and food processing sectors. Another significant factor expected to contribute to the growth of the smart packaging market is the ongoing marketing of newer and better goods by businesses in these two sectors.
Opportunities
The market's higher CAGR is encouraging for several businesses in the smart packaging sector. They are further lured in by the market's general profitability. In order to create a new generation of technologies that would enable them to create and commercialise smart packaging that is environmentally friendly, they are substantially investing in research and development. This is predicted to significantly increase future demand for this kind of packaging.
Future packaging produced by these businesses will be more hygienic and safer thanks to improved printing technology. This is a significant chance for them.
Restraints
The fact that many supermarket and retail chain stores were compelled to limit in-store shopping due to the pandemic is a significant barrier that businesses in the smart packaging sector must overcome. This inspired plenty of individuals to look into online grocery purchasing options.
Challenges
The ability to incorporate pricey new technology into the packaging while maintaining the same or lower pricing for customers is perhaps the biggest problem faced by businesses in the smart packaging sector. The creation of innovative manufacturing processes for technologically sophisticated sensors that can adhere to current packaging regulations and teaching customers about the advantages of this kind of packaging are additional hurdles.
Technology Analysis
An important American business in the worldwide smart packaging market is Avery Dennison Corporation. By making significant investments in research and development, it rose to become one of the most significant companies in the smart packaging business. As a result, it was able to create the long-lasting competitive edge it required to achieve and maintain financial success.
Key Findings in the Smart Packaging Market
The worldwide smart packaging market is divided into three categories based on packaging technology: modified atmosphere packaging (MAP), active packaging, and intelligent packaging. The smart packaging market's highest market share in 2020 belonged to the modified atmosphere packaging category. One of the main factors anticipated to propel this market is the rising demand for fresh & high-quality packaged food goods. In addition, an increasingly mobile lifestyle, a preference for manageable and practical packaging, and developing economies are boosting demand for modified atmosphere packaging.
The worldwide smart packaging market is divided into applications for food & beverage, pharmaceuticals, automotive, personal care, and other industries based on application. The market for smart packaging was dominated in 2020 by the food and beverage category. The substantial proportion of this market may be ascribed to the F&B sector's increasing usage of active items as well as the increased focus on maintaining packaged goods' quality and safety from production to consumption.
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