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 2030” the market market size is projected to be worth USD 61.91 billion by 2030, registering a CAGR of 5.87% during the forecast period (2022 - 2030), The market was valued at USD 39.82 billion in 2021.
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.)
Browse In-depth Market Research Report (138 pages) on Smart Packaging
https://www.marketresearchfuture.com/reports/smart-packaging-market-1981
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.
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.
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The new Smart Packaging Market report offers a comprehensive study of the present scenario of the market coupled with major market dynamic.
Further, this report profiles top key players and analyze their market share, strategic development and other development across the globe.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the smart packaging market include 3M, Amcor Limited, Avery Dennison Corp., BASF, DuPont, Huhtamaki Group, International Paper, Sealed Air Corporation, Smartrac N.V., and Thin Film Electronics ASA.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Smart Packaging Market Research Report" by requesting FREE Sample Copy at:https://www.valuemarketresearch.com/contact/smart-packaging-market/download-sampleMarket DynamicsGrowing usage of smart packaging across various end-use industry owing to its superior properties is driving the market growth.
Also, reducing usage of plastic packaging across the various sector is again fueling the demand of the product.
Additionally, its superior weather resistance to harsh weather is further propelling market growth.
