Smart Packaging Market Synopsis
Smart packaging functions as protection, communication, convenience, and containment, it also offers a number of additional functionalities depending on the type of product. Changing consumer preference for safe food have led to innovations in the packaging technologies. Smart packaging includes active packaging, intelligent packaging, and MAP. The active packaging technology includes gas scavenger, corrosion control packaging, and moisture control packaging, which are primarily used for food & beverages and healthcare sector or the intelligent packaging solutions such as time-temperature indicator, gas indicator, thermochromic ink, RFID, and others. This technology drives the scope and demand for such technologies as these are widely used across various applications such as automotive and personal care. The global smart packaging market is currently estimated at USD 46.74 billion and is expected to grow at a healthy CAGR of 5.16% during the forecasted period 2017-2023.
The concept of ‘smart’ packaging is gaining momentum across industries. Its contribution to the healthcare industry, especially to the pharmaceutical segment, is unparalleled. The stringent regulation makes innovation and quality paramount to the industry. Legislative changes, new drugs, and advances in technology have required appropriate changes in the packaging. Such regulations ensure the companies increase sustainability and use environment-friendly materials, while responding to the multiplying opportunities presented by the globalization, making packaging more crucial than ever. Smart packaging is being used for threat detection, diagnostics, and for effective drug delivery. It can also provide patients, pharmacists and healthcare professionals with valuable information about expiry dates, composition, and dosages. The growth of the pharmaceutical industry on a global level has induced the demand for such packaging. The rise in the income, especially in the lower income level along with the government commitments for providing basic health facilities are expected to drive the pharmaceutical market growth and increase the investment on the packaging. According to IMS market prognosis, the U.S. is leading the market in terms of pharmaceutical spending per capita in 2016, followed by Japan and Canada.
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The smart packaging market is witnessing a remarkable growth. Consumer concern about food waste and food safety, manufacturers, focuses on increasing the shelf life of many perishable products. Recent Trend shows that Government agencies are setting food safety standards, conducting inspections, ensuring that standards are met, and maintaining strong enforcement. The Food Safety Modernization Act (FSMA), enables the Food and Drug Administration (FDA) to better protect public health by strengthening the food safety system. Whereas, high cost acting as a restraining factor for the growth of the market.
Global smart packaging market is segmented into three major segments such as technology, application and region. by technology it classified as active, intelligent and MAP, by application it includes food & beverages, automotive, healthcare, personal care and others and by geography it is segmented by North America, Europe, Asia-Pacific, and the Middle East & Africa.
Modified atmosphere packaging (MAP):
Modified atmosphere packaging (MAP) helps in extending the shelf life of fresh food products. The technology replaces the atmospheric air inside a package with a protective gas mix. The gas in the package helps to keep food fresh for a longer period of time. It has been developed to ensure that packaged food products stay fresh and attractive for long. Modified Atmosphere allows fresh and minimally processed packaged food products to maintain the visual, textural and nutritional appeal. The controlled MAP extend shelf life of the product without any addition of chemical preservatives or stabilizers. For fresh and flavorful products, processors, and marketers rely on modified atmosphere packaging and focusing on meeting the consumer’s expectation for brand quality, consistency, freshness, and in-stock availability.
Regional Analysis
The global market is segmented on the basis of geography: Asia Pacific, North America, Europe, and the Middle East & Africa. North America is expected to lead the smart packaging market, followed by Europe and Asia Pacific. Increased investment in the R&D and product innovation in the packaging, reduction in food wastage, and extension of shelf life are some the growth factors of the smart packaging market. Rising industrialization in emerging regions including the Asia Pacific and the Middle East is expected to drive the industry. Availability of raw materials coupled with cheaper manufacturing costs, growing use of RFID tags in the automotive industry, and growing demand for personal care products are pushing regional growth forward. Moreover, increasing demand for good and luxurious products, concerned about the packaging and its regulations in regions pushing the market.
Leading Players
Some of the key players in the global smart packaging market include:
- 3M Company (U.S.)
- TempTime Corporation
- PakSense Inc.
- American Thermal Instruments
- Avery Dennison Corporation
- R.R. Donnelly Sons & Company
- BASF SE
- International Paper
- Stora Enso
- Huhtamaki Group
- Smartrac N.V.
Recently in 2018 – Henkel and Selinko announced partnership for smart packaging solutions. They announced a collaboration agreement to expand and improve smart and interactive packaging solutions for FMCG market.
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Scope of Report
The report for Global Smart Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
TABLE OF CONTENTS
1 Introduction
1.1 Definition
1.2 Scope Of The Study
1.3 Assumptions
1.4 Market Structure
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Dynamics
3.1 Drivers, Restraints And Trends Of Global Smart Packaging Market
3.2 Drivers
3.2.1 Increased Demand From Food & Beverage Industry
3.2.2 Growing Demand From Pharmaceutical Industry
3.2.3 Increased Government Policies Regarding Food Safety
3.3 Restraints
3.3.1 High Added Cost Of Products
3.3.2 Lack Of Willingness From Consumers And Retailers
3.3.3 Lack Of Marketing
3.4 Opportunities
3.4.1 Advances In Printed Electronics
Continued……
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