Protection of products from harsh environment, right from the manufacturing stage to the transportation and consumption stages is an important aspect for both the manufacturer and the consumer. Smart packaging materials integrated with volatile corrosion inhibitors (VCI), radio-frequency identification (RFID), and time-temperature indicators are gaining popularity to ensure the credibility and safety of the products. According to a business analysis report by IndustryARC, the — global smart packaging market size stood at $28.90 billion in 2018, and the smart packaging market share is poised to grow at a compound annual growth rate (CAGR) of 6.80% during the forecast period 2019-2025.
The report is titled “Smart Packaging Market: By Type (Active, Interactive, Intelligent, Controlled Permeability, Modified Atmosphere Packaging); By Packaging technology (Indicators, Sensors, RFID Tags, NFC Tags); By Packaging function (Protection, Containment, Communication); By End-User industries (Personal care, Food & Beverages, Pharmaceuticals, Automotive)& Geographic Analysis - Forecast (2019-2025).” This report incorporates trends, growth drivers, financial overview, business strategies, and recent developments in the global smart packaging market. Furthermore, the smart packaging market size report also digs into the challenges that expected to affect the market and the remedies that can alleviate these challenges.
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Smart Packaging Market: Leading Segments
North America is the dominant region in the global smart packaging market, with a 34% of the total smart packaging market share. This hefty share can be attributed to the well-established packaging food industry in the continent. Additionally, the region possesses huge opportunities in the pharmaceutical sector, which can prove to be a significant growth factor for the smart packaging market.
Smart packaging in food products in undeniably essential to improve the quality of food and increase the shelf life of food. The food and beverages industry stands as the most lucrative application segment in the global smart packaging market and the demand here is estimated to increase at a CAGR of 6% through 2025.
Smart Packaging Market Industry Analysis
According to the Organization for Economic Co-operation and Development (OECD), the exchange of pirated products is worth nearly half a trillion dollars annually. With the help of smart packaging materials, the transaction of fake and pirated products can be reduced significantly.
With the rapid industrialization, the aspect of brand protection arises. Incorporating smart packaged labels will ensure credibility in the brand name, subsequently driving the smart packaging market.
Growing consumer concerns related to food safety & quality and stringent norms from the governments to minimize food wastage are flooding investments towards the global smart packaging market.
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Smart Packaging Market Trends
Bio-based Plastic: A large section of the world is working to achieve sustainability in almost every sector. Introduction of bio-degradable plastic films for packaging is one such initiation taken up by the key players and niche companies in the packaging market. Recyclable and anti-microbial packaging materials are being produced with the help of enhanced technologies in the smart packaging market.
QR Code: The innovative display artwork developed with thermochromic inks to detect product authorization is one of the latest technologies that is being employed in the smart packaging industry. These QR codes are featured on the packaging labels of the products which can be scanned to prove the credibility of the products. These codes can be read through consumers’ smartphones easily, offering brand authenticity with product details.
Global Smart Packaging Market: Competitive Landscape
Some of the key players mentioned in the report that are currently leading the smart packaging market are Amcor Limited, Bemis Company, Inc., ULMA Packaging, DuPont, Multisorb Technologies, Inc., Avery Dennison Corporation, Point Five Packaging LLC, Sealed Air Corporation, Bemis Company, Inc., Winpak Ltd., and Dansensor AS.
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