The smart packaging market will experience rapid growth due to the increasing demand for smart packaging as international trade is anticipated to increase during the forecast period.
Newark, May 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 35 billion in 2022 global smart packaging market will reach USD 68.85 billion by 2032. The rising population of China and India are fuelling the market for various items, including automobiles, consumer goods, and pharmaceuticals. Adopting automated technologies for intelligent logistics is the best way to effectively meet the rising market need. Other developing nations are experiencing a boom in e-commerce, which is driving consumer demand for packaged goods in the food and beverage, personal care and cosmetics and pharma industries, which will augment the growth of the smart packaging market. RFID technology which provides real-time data on inventory stocking levels, stocks, transportation, and storage space, has increased in the market. The ability to track products in real-time shortens the sales cycle, saving time and energy and enhancing customer satisfaction has contributed to its rising popularity. Similar sensors, IoT and packaging materials innovations will drive the market's growth and development.
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Key Insight of the global smart packaging market
Asia Pacific is expected to rise the fastest during the forecast period.
The development of efficient, smooth, and quicker supply chain operations is credited for driving the growth of the Asia Pacific smart packaging market. Consumer demand is rising in the region due to the region's expanding population, which is mostly driven by China and India, as well as the population's rising disposable income. The markets for things like autos, consumer goods, and medicines are all being stimulated by China and India's massive populations. The necessity for effective logistics has arisen due to the rise in demand.
In 2022, the modified atmosphere packaging segment dominated the market with the largest market share of 47% and market revenue of 16.45 billion.
The type segment is divided into active packaging, intelligent packaging and modified atmosphere packaging. In 2022, the modified atmosphere packaging segment dominated the market with the largest market share of 47% and market revenue of 16.45 billion.
In 2022, the food and beverages segment dominated the market with the largest market share of 40% and market revenue of 14 billion.
The end-user segment is divided into food and beverages, automotive, personal care, pharmaceuticals and healthcare, and others. In 2022, the food and beverages segment dominated the market with the largest market share of 40% and market revenue of 14 billion.
Advancement in Market
March 2023 – The urgent need to reduce food waste by enhancing food preservation and protection in safe, economical ways has become clear during the past ten years. New nanotechnology solutions for food packaging can reduce food and packaging waste. Numerous nanomaterials are suitable, such as titanium nitride nanoparticles, silver nanoparticles, nano-zinc oxide, nano-clay, and nano-titanium dioxide. These serve as useful food packaging ingredients. Active packaging, which is made to limit germs growth after the box is opened, is one of the technology's most promising applications.
Driver: The E-commerce sector's astronomical development.
The increased use of smart connected gadgets due to rising disposable income levels and improved data connectivity made possible by the global telecom boom has increased accessibility to e-commerce. Given the convenience, accessibility, and affordability that online shopping for groceries, food, clothing, and other consumer items offered, the lockdowns brought on by the COVID-19 pandemic enhanced its popularity. The epidemic prompted several enterprises to switch to online e-commerce platforms to support business growth. The expansion of independent e-commerce websites like Amazon, Flipkart, and Myntra has also aided the market's expansion. New competitors enter the market daily, giving consumers more options, quicker services, and improved customer satisfaction. The e-commerce sector's expansion will fuel demand for smart packaging. Smart packaging will allow users to streamline logistics, cut costs, manage products and the supply chain efficiently, offer quick delivery, and boost customer satisfaction.
Restraint: High cost of smart packaging.
The products for conventional packaging do not include technology, sophisticated devices, sensors, tags, or IoT. For real-time tracking, monitoring, controlling, and administration of products, smart packaging uses cutting-edge tools, technologies, systems, and equipment like sensors, RFIDs, and IoT. They also use innovative packaging materials to preserve the freshness and original quality of the items while extending shelf life. These goods or materials are more expensive than those used in standard goods. Not every participant in the market can afford the new technology. Therefore, smart packaging's high price will constrain the market's expansion.
Opportunity: The growing adoption of new technologies.
Technological developments and product breakthroughs have made economic units more efficient and productive with global digitalization and automation. The packaging industry is also implementing new products and technology to enhance its operations. The packaging industry can adopt new approaches, systems, and tools given the ongoing technology innovation and improvements, which also help supply chain logistics to improve management and accessibility. One example is the rise in demand for automated systems that carry out smart logistics with little to no human participation. The sensors used to track the objects offer real-time inventory data. RFID enables inventory tracking and remote asset management. A range of industries, including banking, financial services, aerospace, and defence, can use it because of its precision, dependability, real-time monitoring, low human involvement, and security features. These novel applications will present attractive prospects for industry participants in the worldwide smart packaging market in the foreseeable years.
Challenge: data privacy, security and safety concerns.
The automation and digitization of supply chain logistics also involve acquiring consumer data. The data might include personal and sensitive details of consumers along with their behaviour patterns while shopping or ordering. In the face of inadequate data security and privacy laws in several nations, there is a greater risk to data privacy and security. The e-commerce and delivery platforms can use consumers to manipulate user choices, tastes and preferences. The risk of data theft or leakage is also high. Therefore, data privacy and security concerns will challenge the market's growth in the forecast period.
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Some of the major players operating in the global smart packaging market are:
• Amcor Plc
• Avery Dennison Corporation
• Ball Corporation
• BASF SE
• Huhtamaki PPL Ltd
• International Paper
• Sealed Air Corporation
• Sysco Corporation
• Zebra Technologies Corporation
Key Segments cover in the market:
By Product Type
• Active Packaging
• Intelligent Packaging
• Modified Atmosphere Packaging
• Food and Beverages
• Personal Care
• Pharmaceuticals and Healthcare
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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