Intelligent Packaging Market Synopsis:
Intelligent Packaging Market Size was valued at USD 19 Billion in 2022. The Intelligent Packaging market industry is projected to grow from USD 25 Billion in 2023 to USD 36 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 – 2030). This effective packaging methodology has seen the fastest growth owing to highly efficient properties and reliable output which act as a future trend of the packaging system.
Smart packaging includes active packaging and intelligent packaging; wherein active packaging refers to the packaging functions beyond the inert, passive containment, and protection of the product. Intelligent packaging usually involves the ability to qualify or measure attributes such as the inner atmosphere of the package, or the shipping environment. This information can be communicated to users or can trigger active packaging functions.
This packaging carries functions such as sensing, tracking, detecting, recording, communicating, and applying scientific logic coupled with long shelf life, improved quality of safety and all required information. There are various intelligent packaging systems such as indicators, radio frequency identification types, and sensors with an aim to detect and communicate information about the condition of the product.
Both active packaging and intelligent packaging involve functions that go beyond the containment and protection of a product and promise to extend shelf life, monitor freshness, and improve safety and convenience. These factors play a significant role in shaping the customer buying behavior firming up the purchase decision at the point of sale thereby directly impacting the brand equity. Whereas, the increased cost of complex packaging has not hindered the growth of the market.
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Leading Players and Industry News
Some of the key players in the global intelligent packaging market include 3M (U.S.), TempTime Corporation (U.S.), PakSense (U.S.), American Thermal Instruments (U.S.), Avery Dennison (U.S.), R.R. Donnelly Sons & Company (U.S.), BASF SE (Germany), International Paper (U.S.), Stora Enso (Finland), Thin Film Electronics ASA (Norway), Huhtamaki Group (Finland), and Smartrac N.V. (The Netherlands), among others.
Intelligent Packaging Market-By Segment
Global intelligent packaging market is segmented into product, application, and region. The product, it is categorized into gas scavengers, corrosion control packaging, moisture control packaging, susceptor packaging, QR code, and others. The scavengers segment is estimated to hold the largest share of the global market due to safety & quality indicators in the intelligent packaging. The application segment includes various industries such as food & beverages, pharmaceuticals, automotive, electronics, and others. Rising demand for packaged and frozen food is driving the food & beverage segment and is likely to continue growing in the future. By geography, it is segmented by North America, Europe, Asia Pacific, and the Middle East & Africa. North America is expected to Account for a significant share of the market due to increased purchasing power and changing lifestyle of people.
The global intelligent packaging market has witnessed the fastest growth in the food & beverage sector due to the stringent food safety policies across the globe. The demand for solutions to retain color, taste, and shelf life in packaged foods has driven the market across the application. Intelligent packaging in the food & beverage industry dominates the market. Based on the applications, the market has been divided into food & beverages, pharmaceuticals, automotive, electronics, and others industries.
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Food & Beverage:
The increasing demand for fresh and quality packaged food, consumer convenience, and manufacturers’ concern for the longer shelf life of the food products is driving the market. Growing demand for self-heating and cooling packaged products in the beverage industry for various heat beverages such as tea, coffee, and chocolate are expected to fuel the demand for such solutions in colder regions such as North America and Europe
Regional Analysis
The regional scrutiny of the intelligent packaging market consists of regions such as North America, Asia Pacific, the Middle East, Europe, and Africa. The North American region is governing the principal portion of the global intelligent packaging market owing to the mounting demand for frozen and packaged food. Furthermore, the changing government policy concerning food and packaging, growing demand for excellence in packaging to make longer shelf life, and center on relatively less food wastage are motivating the intelligent packaging market all over the globe. The contribution of countries such as South Korea, China, and India are expected to lift the intelligent packaging market growth in the Asia Pacific region for the duration of the forecast.
Scope Of Report
The report for Global Intelligent Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of the current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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