Tokyo, Aug. 24, 2022 (GLOBE NEWSWIRE) — The world smart packaging market size will reach USD 41.55 billion in 2022. Smart packaging basically refers to packaging that incorporates various technologies, such as biosensors and radio frequency identification. It is a set of state-of-the-art packaging techniques and an integration of several advanced technological techniques that can be used when packaging sensitive contents that require better traceability.
Smart packaging options give customers more information about content quality and freshness, improving convenience and safety levels, and even effectively extending the overall shelf life of content. In the coming years, the use of smart packaging to extend shelf life and improve food traceability is expected to have a favorable effect on the overall growth of the industry.
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Smart packaging is a synthesis of science, technology and specialized materials that enhances the usefulness of traditional packaging by including intelligent and active packaging. Also, it helps in higher pricing, brand protection, waste reduction and improving the nature of food products such as taste, flavor and smell. Compared to conventional packaging, smart packaging offers a variety of benefits, such as increased security at lower cost, longer shelf life and ease of installation.
Regional overviews
In North America, the United States holds the largest market share, followed by Canada. The market in the region is expected to grow owing to the expanding labor force in the region as well as the growing desire for higher quality and interactive packaging solutions. One of the hottest consumer markets, which accounts for a significant portion of the workforce, is in the United States.
Due to population expansion, there is a significant increase in demand for food and beverages (both internal and due to immigration). The volume of food imported from various parts of the world has increased significantly to meet the huge demands of the food sector, which has increased the demand for smart packaging solutions in the region. The global demand for smart packaging has increased in the North American area due to growing investment and longer shelf life of food.
Report Highlights
- The use of NFC in the telecommunications sectors is expanding astronomically. Smartphones with NFC capabilities, which can be attached to NFC tags or stickers and be programmed by NFC apps to automate operations, are expected to support the expansion of the smart packaging market over the next few years.
- The personal care industry is expected to witness a CAGR of over 11.4% from 2022 to 2030. During the forecast period, the demand for personal care products, especially biologics, is expected to increase owing to the knowledge growing health benefits of these products. on synthetic alternatives.
- The automotive segment is expected to grow at a CAGR of approximately 12.7%. Over the projected period, demand is expected to increase as RFID tags are used in the automotive sector to increase production efficiency. Additionally, the growing use of RFID tags in the automotive sector for supply chain management and asset tracking is expected to fuel the growth of the industry.
- Asia-Pacific held a large share of more than 11.5%. The increase is expected to be fueled by the rapid accessibility of raw resources combined with lower production costs. Moreover, the region is expected to grow by more than 14.6% over the forecast period.
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Report scope
| Report attributes | Details |
| Market size in 2021 | $39.42 billion |
| Revenue forecasts by 2030 | $63.25 billion |
| CAGR | 5.39% from 2022 to 2030 |
| base year | 2021 |
| forecast year | 2022 to 2030 |
| Key players | 3M, Avery Dennison Corporation, Ball Corporation, Crown, BASF SE, RR Donnelley & Sons Company, International Paper, Stora Enso, Sysco Corporation, Zebra Technologies Corp. |
Market dynamics
Drivers
Over the next ten years, the market is expected to be driven by increased demand for environmentally friendly and sustainable products from the pharmaceutical, food and beverage industries. In addition, more money invested in R&D to reduce the carbon footprint should fuel development in the years to come. Moreover, the changing lifestyles of the urban population are expected to have a positive influence on the demand for convenience and ready-to-eat foods over the forecast period.
In addition, a recent movement in the food and beverage sector, such as the increased use of wireless technology and smart packaging to give consumers real-time information on the status of perishables, is expected to boost the industry demand. Additionally, the increased use of smart packaging in the healthcare and pharmaceutical sectors is expected to fuel the expansion of the market due to its improved qualities of flexibility, lightness, and durability.
Constraints
The global smart packaging market is expected to witness slow development owing to the high cost of smart and active packaging. Over the next few years, market expansion is expected to be limited by the high cost of raw materials used in the production of flexible plastics. The growing growth prospects of the industry are expected to materialize in the near future by increasing investments in new smart packaging with sensing technologies such as RFID (radio frequency identification), NFC (near field communication) and l smart labeling.
Additionally, the high cost of capital for safety-related difficulties, installation, new manufacturing processes such as indicators and sensors that meet current packaging requirements, and public awareness are major impediments to market expansion.
Opportunities
The development of the smart packaging industry will be facilitated by advances in packaging technology. The applications have increased with the availability of various forms like fabric and plastic. The industry is driven by a number of advantages that smart packaging has over traditional packaging, including fewer counterfeits, improved shelf life and greater security. Clever packaging techniques are used in conjunction with specialized materials, science and technology to enhance the usefulness of packaging. By improving the flavor, scent and other qualities of the meal, it helps prevent food from spoiling. This helps protect the brand of companies that use smart packaging techniques to package their products.
Challenges
The smart packaging market is facing significant challenges due to the inability of smart packaging to be recycled in a sustainable way and the lack of waste generation. There is much less ongoing research into finding more environmentally friendly materials that can enable the deployment of sensor functionality in a biodegradable way.
The smart packaging market has another problem since very little research and development is done on other forms of smart packaging. It is a very difficult challenge for researchers to integrate thin-film electronics into packaging methods. Customers are not willing to spend so much on these high-tech items due to the high cost of those using smart packaging systems.
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RECENT DEVELOPMENTS
- Avery Dennison will collaborate with Schreiner MediPharm and PragmatIC in December 2020 to use near field communications (NFC) to extend the potential of smart packaging to mainstream pharmaceutical products. The patient experience can be improved and goods can gain an extra degree of security.
- For the packaging and traceability of their infant formula, Friso, FrieslandCampina has partnered with Kezzler, a manufacturer of serialization solutions, from September 2019. The ability to trace a product from farmer to consumer can soothe consumer concerns and promote product transparency.
Market segmentation
By type
- Active packaging
- Oxygen scavengers
- Humidity recuperators
- Self-venting films
- Ethylene getters and emitters
- Microwave Susceptors
- Antibacterial films
- Temperature control packaging
- Carbon dioxide scavengers/emitters
- Ethanol emitters
- Flavor/Odor Absorbers
- Antioxidants
- Smart packaging
- Indicators
- Sensors
- Data carriers
- Barcodes
- 2D matrix codes
- Quick Response Codes
- Augmented matrix codes
- RFID tags
- Barcodes
- Modified atmosphere packaging
By app
- Food and drinks
- Personal care
- Automotive
- Health care
- Others
By material
By geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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