Smart Packaging Market? ?Overview
The Smart packaging market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of such packaging is influenced by increased demand from the food & beverage industry, growing demand from the pharmaceutical industry, and increased government policies regarding food safety. However, high added cost of products, lack of willingness from consumers and retailers, and lack of marketing are expected to hinder the growth.
The food & Beverage industry has adopted smart packaging extensively across the world due to some additional functionalities such as retention of integrity of a product and preventing food spoilage, enhancing product attributes such as look, taste, and aroma, along with increased shelf life. There is seen an increased demand for smart packaging from the growing food & beverage industry, which has driven the market for global smart packaging. According to the Institutional Repository of the Pan American Health Organization, global volume sales of processed food & beverages increased from 328,005 K Tons in 2010 to 471476 K Tons in 2013.
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The stringent regulation makes innovation and quality paramount to the pharmaceutical industry. Legislative changes, new drugs and advances in technology have required appropriate changes in packaging. Such regulations ensure the companies increase sustainability and use environmentally friendly materials, while responding to the multiplying opportunities presented by globalization, making packaging more crucial than ever. The growth of the pharmaceutical industry on a global level has induced the demand of such packaging. The rise in the income especially for the lower-income level, along with the government commitments for providing basic health facilities, is expected to drive the pharmaceutical market growth and increase the investment on the packaging.
There is seen an expanding role of government and other agencies to ensure food safety on a global platform. Government agencies are responsible for setting food safety standards, conducting inspections, ensuring that standards are met, and maintaining a strong enforcement program to deal with those who do not comply with standards. The Food Safety Modernization Act (FSMA), enables the Food and Drug Administration (FDA) to better protect public health by strengthening the food safety system. The government policies have become stringent in the emerging economies due to increased awareness about food safety. This acts as a driver for the growth of smart packaging market.
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Smart Packaging Market?—?Competitive Analysis
Smart packaging industry has seen significant growth in last few years due to its application across industries, and supportive government policies on food safety. The companies such as Paksense Inc., American Thermal Instruments, Stora Enso, Huhtamaki and Smartrac N.V. have adopted the strategy of product development and partnership across the supply.
Such key strategies adopted by the major players in the global smart packaging market has been adopted to cater to the technological requirements of the smart packaging market for both active and intelligent packaging segment. The market is highly technology driven across all applications and thus demands regular product innovation and increased investment in R&D. Furthermore the partnerships with other players across the supply chain ensures the expanding client base as well as the market share for the companies.
Paksense Inc. was seen investing strategically in partnering with prominent members across the supply chain. For instance, it entered into a commercial distribution agreement with Thin Film Electronics (U.S.) in 2014 and printed sensors for the food industry in 2015.
Stora Enso sees new partnerships and collaboration with star ups and universities as a key strategy. They sees partnering with start-ups will help them to transform efficiently and also makes them better adapt to digitalization trend in the business. Stora Enso are also collaborating with Aalto University, Chalmers University of Technology and the Royal Institute of Technology in long-term joint research and innovation development.
Huhtamaki group predominantly focus on developing new products and expanding their existing operations to meet the market needs. The growth investment of the company stood at USD 337.31 million in FY2016. They have also carried out several expansion projects in their existing facilities such as in Poland, UK, Germany, Australia and China. They have also decided to direct majority of their investment in expansion of the business in the FY 2017.
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3M Company, TempTime Corporation, PakSense Inc., American Thermal Instruments, Avery Dennison Corporation, R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso, Huhtamaki Group and Smartrac N.V. are some of the prominent players at the forefront of competition in the global Smart packaging market and are profiled in MRFR Analysis.
Smart Packaging Market?—?Segments
Global Smart Packaging Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Technology : Comprises?—?Active Packaging, Intelligent Packaging, and MAP
Segmentation By Application : Comprises?—?Food & Beverages, Automotive, Healthcare, Personal Care and others
Segmentation By Regions : Comprises Geographical regions?—?North America, Europe, APAC and Rest of the World
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Smart Packaging Market?—?Regional Analysis
Global smart packaging market is projected to grow at a faster pace due to the increasing requirements of active and intelligent packaging from industries such as food & beverage and healthcare. The solutions in these sector across the supply chain is driving the market globally for such packaging.
North America accounts for the largest share in the global smart packaging market. The region has witnessed increased investment in the R&D and product innovation as far as packaging is concerned. Furthermore, the stringent food safety policies in the countries of the U.S. and Canada drives the demand of smart packaging in the food & beverage sector.
APAC is expected to experience the fastest growth during the forecasted period due to the economic growth of China and India. The region offers flourishing market for such technological advanced packaging solutions. The FDI in retail has further widened the scope of smart packaging and lures the foreign players to enter the market with new packaging solutions. This is backed by the increasing demand of packaged food and beverages in countries like China and India due to increasing disposable income.
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