New York, July 19, 2021 (GLOBE NEWSWIRE) -- Smart Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Smart Packaging Market Research Report, Technology, Application and Region - Forecast till 2027” the market market size is projected to be worth USD 61.91 billion by 2027, registering a CAGR of 5.87% during the forecast period (2021 - 2027), The market was valued at USD 39.82 billion in 2020.
COVID-19 Pandemic to Positively Impact the Global Market
The COVID-19 pandemic has had a significant impact on key sectors; however, the demand for smart packaging is expected to grow. Fear about microbial strains, as well as a raging pandemic, is expected to drive demand for safe packaging solutions. Consumption of packaged and processed foods is expected to increase in the future years, which auger well for the sector. The increased awareness of the advantages of packaged goods over loose goods can increase demand for such solutions.
Restrictions on in-store buying and a preference for online purchasing can present a major opportunity for smart packaging manufacturers. Customers' need for digital experiences, as well as new ways to engage them, may fuel market demand. Brands can use the technology to appeal to customer tastes while also gaining data on their customers' patterns.
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List of the Key Companies Profiled in the Smart Packaging Market Research Report are:
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.)
R.R. Donnelly Sons & Company (U.S.)
Recent Developments
Avery Dennison is collaborating with Schreiner MediPharm and PragmatIC to use near-field communications (NFC) to bring smart packaging capabilities to daily pharma items. This can enhance the patient experience while also adding a layer of security to the products.
Friesl and Campina have partnered with Kezzler, a manufacturer of serialization technologies, to improve the packaging and traceability of its infant formula, Friso. The ability to track a product from farm to the consumer can alleviate customer concerns and increase product transparency.
iOlive has included NFC on its bottles to combat bogus claims and assure the authenticity of its olive oil bottles. The company's mobile application can catalog genuine products and protect customers against counterfeit products.
Increased Demand from Food & Beverage Industry
As the demand for processed quality food rises, the food and beverage industry is likely to boost market demand significantly. Integration of features for increasing product shelf life and preserving aroma and taste can augur well for the industry. Due to the constraints on transportation and the preference for home delivery of foods, ready-to-eat and serve products are anticipated to see a surge in demand during the pandemic. Investments in sustainable technologies, as a result of urban eating habits, will shape the worldwide smart packaging industry in the future years.
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Advancement in Printed Electronics
Printed electronics embedded in smart packaging can be used to track assets throughout the logistics chain. The addition of freshness indicators, microbial growth indicators, gas detecting devices, and other features are likely to drive its adoption by various manufacturers. According to a study conducted by the Organic Electronics Association, printed electronics are anticipated to be mass-produced by 2021. This will almost certainly result in increased demand for smart packaging solutions. The introduction of electronic standards to integrate them across verticals has the potential to benefit the global industry. The use of digitalization in the transportation sector for asset tracking may broaden the scope of opportunities for the smart packaging market.
High Additional Costs of Products
The high additional costs of products as a result of functional integration and plastics manufacturing may limit market expansion. Investments in research and development for a cost-effective manufacturing method can help manufacturers and attract new customers. Furthermore, smart packaging disposal is a challenge for customers, with regulatory barriers impeding market expansion.
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Market Segmentation
By Technology, Active Packaging to Lead the Global Market
Due to rising packaged goods demand, the active packaging segment is likely to increase rapidly throughout the projection period. This packaging is capable of controlling humidity levels, absorbing odors, and maintaining the proper conditions to prevent rotting. Rapid industrialization in India and China, along with a demand for better supply chain management, will drive up demand for active packaging in the coming years.
By Application, Food & Beverages to Dominate the Global Market
Due to the demand for fresh and healthy meals, the food and beverage industry is expected to dominate the global smart packaging market. Concerns about food shelf life and customer convenience may fuel the industry's demand for smart packaging. Compliance with the most recent food safety standards, information transparency, and brand protection are some of the perks luring food and beverage firms to the technology. The COVID-19 pandemic has functioned as a stimulus for protective food measures against hazardous microorganisms, as well as a stimulant for the demand for smart packaging.
Regional Analysis
APAC to Register Fastest Growth Rate
APAC is projected to register the highest growth rate for the forecast period owing to rising levels of health awareness among consumers. Customers' high disposable income levels, as well as their use of consumables and medicines, can increase the demand for smart packaging. RFID product integration, premiumization of categories, and environmental concerns are all expected to have a significant impact on regional market demand.
Segmentation of Market covered in the research:
Information by Technology (Active Packaging, Intelligent Packaging and Modified Atmosphere Packaging), By Application (Food & Beverage, Healthcare, Automotive, Personal Care and Others) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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