Smart and Intelligent Packaging Market : Segmented by Technology (Smart packaging, Intelligent packaging); by End-User Vertical (Food, Beverage, Healthcare, Personal Care, Other End-user Verticals) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
(170+ Pages Research Report) Smart and Intelligent Packaging market to surpass USD 30.5 billion by 2030 from USD 18.01 billion in 2020 at a CAGR of 7.89% in the coming years, i.e., 2021-30.
The demand for packaged, frozen, and ready-to-eat food has increased significantly in recent years as a result of changing urban lifestyles and worldwide population patterns. The packaging business has been concentrating on developing solutions that give maximum food security while retaining nutritional content at competitive rates, since supply of exotic fruits and vegetables, meat products, and frozen meals has crossed global boundaries. Packaging systems utilized with foods, medicines, and a variety of other items are referred to as intelligent packaging or smart packaging. It aids in the extension of shelf life, the monitoring of freshness, the presentation of quality information, the improvement of safety, and the improvement of convenience. Smart packaging protects the product from the material while the Intelligent systems offer more information on the cover in electronic or non-electronic formats
Global Smart and Intelligent Packaging market is expected to project a notable CAGR of 7.89% in 2030
One of the main reasons driving the market's growth is Customers' changing lifestyles as a result of rapid urbanization and increased usage of unique personal goods combined with enhanced integrated innovation. Furthermore, untapped geographic areas with massive open doors for market participants are relying on to drive the global packaging market business. The investigation of nanotechnology into various F&B applications, need for shelf-stable and sustainable packaging solutions among food and beverage retailers and producers, and rising consumption of packaged food products are all contributing to the market's growth.
Recent highlights in the Global Smart and Intelligent Packaging Market
In April 2019, Tetra Pak has announced the development of a linked packaging technology that would turn milk and juice cartons into interactive information channels, full-scale data carriers, and digital tools. It will provide improved supply chain visibility for retailers, allowing distributors to watch stock movements and gain real-time information.
Intelligent packaging segment to grow with the highest CAGR during 2020-30
Global Smart and Intelligent Packaging market is segmented by technology into Smart packaging and Intelligent packaging. Intelligent packaging is the most recent innovation in the packaging industry. In the food industry, this technology is advancing at a quicker rate, with great potential to enhance customer convenience. The condition of the outer packaging may be reported, and the quality of the product within the box can be immediately measured. Biosensors for pathogen or hazardous identification, which is a major problem in the food and intelligent packaging industries, are assisting in this by attaching antibodies to a plastic attaching surface, which may offer customers a false sense of security. The use of printed electronics for intelligent packaging and smart labelling is becoming more popular. Printed electronics is one of the key components of the intelligent packaging revolution, and it has the potential to be a game-changing technology for cost reduction and capability expansion. Technological advancements are fueling the demand for intelligent packaging.
Food and Beverage segment to grow with the highest CAGR during 2020-30
Global Smart and Intelligent Packaging market is divided by End-User vertical into Food, Beverage, Healthcare, Personal Care, Other End-user Verticals. The two main categories contributing to the packaging technology are food and beverage. These two sectors account for the majority of the market share in terms of consumption and are susceptible to microbial assault, readily change their physical and chemical texture when exposed to air, and are subject to rigorous food safety standards. Smart and Intelligent packaging is mostly used for food packing, as it improves the flavor, taste, and color of the product. Food and beverage packaging both employ intelligent packaging.
Changing lifestyle of people boosting demand for packaged food
Increased demand for food items such as frozen food and packaged food has come from a growing sophisticated population combined with changing and busy lives in which people prefer to eat ready-to-eat commercial meals which utilize smart and intelligent packaging. Increasing health awareness and Increasing demand for exotic fruits and vegetables, frozen items, and meat across different nations have all contributed to the market's favorable expansion.
Increasing demand for attractive packaging
Advancement in packaging technologies in terms of design, features, and customization to meet the needs of customers are additional factors that plays role to increase the target market growth during the forecast period.
Higher Raw material cost
The smart and intelligent food packaging market is growing rapidly in the worldwide market, but several factors, such as the fluctuating costs of raw materials used in the food packaging sector, are limiting the market's growth. As a result of the increasing raw material costs, the rate of expansion is slowed. Furthermore, the primary material used in the food packaging business is plastic, which is a non-biodegradable substance, and the government has imposed severe limits on the market's usage in many rising nations in order to limit the market's expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Smart and Intelligent Packaging market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global Smart and Intelligent Packaging in North America held the largest market share in the year 2020. Because of rising consumer health awareness, North America is the most important market for active and smart packaging technologies. As a result, it has the biggest proportion of the worldwide Smart and Intelligent Packaging market.
Global Smart and Intelligent Packaging Market is further segmented by region into:
Smart and Intelligent Packaging Segments:
|Market size value in 2020||USD 18.01 billion|
|Revenue forecast in 2030||USD 30.5 billion|
|Growth Rate||CAGR of 7.89% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Technology, End-Use vertical, and Region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||BASF SE, Amcor Ltd., Ball Corp., Graham Packaging Company Inc., Landec Corp., Mitsubishi Gas Chemical, Sealed Air Corp., SYSCO Corp., Timestrip, PLC, VIP Packaging and Other Prominent Players.|
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