Smart Packaging Market to Demonstrate a Robust Growth Upcoming Years
As per a detailed analysis by Market Research Future (MRFR), the global smart packaging is presently estimated at USD 46.74 billion. The market is likely to demonstrate a striking CAGR of 5.16% during the forecast period (2017-2023). The changing consumer preference for safe food is resulting in innovations in packaging technologies. Smart packaging can be defined as an advanced form of packaging which offers additional features like freshness monitoring, extended shelf life, and improved safety along with protection, containment, and communication. This type of packaging is extensively adopted by several end-users to add value to their product, enhance the appeal of the consumers, and strengthen the brand image.
The prominent players operating in this region comprises TempTime Corporation, 3M Company (U.S.), American Thermal Instruments, PakSense Inc., R.R. Donnelly Sons & Company, Avery Dennison Corporation, International Paper, BASF SE, Huhtamaki Group, Stora Enso and Smartrac N.V.
Get a FREE Report Sample with Complete TOC @ https://www.marketresearchfuture.com/sample_request/1981
Market Potential and Pitfalls
Smart packaging market has witnessed a tectonic surge in the past few years. Packaging technologies have witnessed innovations due to the changing preferences of the consumers. Additive technologies like oxygen scavengers and antimicrobials are added by quality indicators based on temperature monitoring and gas detection of the products in order to reduce the contamination and deterioration of the food. Due to the surging demand for advanced packaging solution from several pharmaceutical and processing industries, the smart packaging market is witnessing a significant surge during the review period. Smart packaging market has gained momentum across industry verticals. The contribution towards the pharmaceutical segment is unparalleled. Advancements in technology, legislative changes, and new drugs require changes in the packaging. These regulations have further ensured the companies to increase the use of eco-friendly materials. This has made packaging more crucial. Smart packaging is extensively used for diagnostics, threat detection, and effective drug delivery. It also provides the patients, healthcare professionals, and pharmacists with information regarding composition, expiry dates, and dosages. The growth in the pharmaceutical sector has triggered the demand for smart packaging. With the growing concern regarding food safety and food waste, manufacturers are highly focusing to increase the shelf life of several perishable products. Government agencies are setting up food safety standards, maintaining strong enforcement, and conducting inspections. Such factors are promoting the growth of the market during the review period.
On the contrary, the high cost associated with these smart packaging is considered to restrict the growth of the market during the forecast period.
Industry News
In April 2019, Tetra Pak announced to the launch of its connected packaging platform, which will transform milk and juice cartons into interactive information channels, full-scale data carriers, and digital tools. It has the ability for tracking and tracing the history or location of any product, making it possible to monitor for market performance and any potential issues. Moreover, it will offer greater supply chain visibility and real-time insights, enabling distributors to track stock movements, be alerted when issues occur and monitor delivery performance.
May 17, 2019: HP Inc will introduce its brand-new HP Indigo 30000 digital press in India with its first-ever installation at the Parksons Packaging Plant in Daman. The digital press is one-of-a-kind digital folding carton press which assists the carton printing industry to cater to the demands coming from the end-users including personal care & cosmetics, healthcare, and F&B sectors.
Global Smart Packaging Market: Segmental Analysis
The global Smart Packaging Market has been segmented on the basis of technology and application.
The technology segment of smart packaging consists of active, MAP, and intelligent. Among these, the modified atmosphere packaging (MAP) assists in extending the shelf life of fresh food items. The technology enables the replacement of the atmospheric air inside a package along with a protective gas mix. The gas further keeps the food intact and fresh for a long time. It also allows fresh processed packaged food items on order to maintain the texture, visual, and nutritional appeal.
By mode of application, the global smart packaging market has been segmented into automotive, food & beverages, personal care, healthcare, and others. Among these, the food & beverage segment is predicted to show significant growth rate as they are extensively used to maintain the shelf life of the perishable products.
Regional Insights
Geographically, the smart packaging market has been studied under regions namely, Asia Pacific, Europe, North America, and the Middle East & Africa.
Considering the global scenario, the North American region is anticipated to lead the global smart packaging market due to the extension of shelf life, surging investment activities in R&D, product innovation, and reduction of food waste the regional market is gaining huge prominence. Canada and the US are considered important country-specific markets in this region.
Europe bags the second position in the global market due to the high population density. Government imposed strict laws owing to environmental concerns which is triggering the demand for smart packaging in this region. Germany, France, Spain, Italy, and the UK are the major country-specific markets in this region.
The Asia Pacific region is witnessing a significant growth due to the surging industrialization, Factors such as easy availability of raw materials, rising demand for personal care products, cheaper manufacturing costs, and rising use of RFID tags in the automotive industry has spurred the growth in this region. Moreover, strict regulations from the government associated to environmental concerns and high demand for premium luxury products are promoting the growth of smart packaging in this region.
Browse Complete Report “Smart Packaging Market Research Report – Global Forecast 2025” @ https://www.marketresearchfuture.com/reports/smart-packaging-market-1981
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………
List of Tables
Table 1 Global Processed Food & Beverages Sales, Growth Rate and Market Share, by Region, 2000 and 2013
Table 2 Global Smart Packaging Market, by Technology, 2014–2022 (Usd Billion)
Table 3 Global Smart Packaging Market, by Application, 2014–2022 (Usd Billion)
Table 4 Global Smart Packaging Market, by Region, 2014–2022 (Usd Billion)
Table 5 North America: Smart Packaging Market, by Country, 2014–2022 (Usd Billion)
Table 6 North America: Smart Packaging Market, by Technology, 2014–2022 (Usd Billion)
Table 7 North America: Smart Packaging Market, by Application, 2014–2022 (Usd Billion)
Continued………
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top Down & Bottom Up Approach
Figure 3 Drivers, Restraints and Trends of Global Smart Packaging Market
Figure 4 Pharmaceutical Spend Per Capita, 2016 (Usd Million)
Figure 5 Value Chain Analysis of Global Smart Packaging Market
Figure 6 Porter’s 5 Forces Analysis of Global Smart Packaging Market
Figure 7 Global Smart Packaging Market Size, by Technology, 2016-2022 (Usd Billion)
Continued………
Ask for your specific company profile and country level customization on reports.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/smart-packaging-market-1981