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Smart Packaging Market: Description
Smart packaging refers to a method of packing embedded with sensor technology used for wrapping food, pharmaceutical items and many other products. The umbrella term is used to define packaging with advanced functionality via technology. The smart packaging comprises of sensors to determine the freshness or quality of the product. Smart packaging technology is usually used to enhance the shelf life of the product.
For the conventional packing industry, modern packaging system would have been unimaginable. The consumer packaging industry is endlessly involved into demand driven business, where novel packaging methods are being developed. Although the industry is demand driven, yet, with technological advancement playing its role in shaping the direction of industry leading to breakthroughs like smart packaging. Smart packaging has been a part of packing since a decade ago. Smart packaging also known as interactive packaging or intelligent packaging enhances dimension to its functionality.
As the name suggests smart packaging proposes extended functions that are beyond the conventional system, to protect the consumer goods while transportation. It involves all sorts of packaging methods that intends to achieve more than mere packaging. This leads to consumer satisfaction and companies producing products alike.
Source: WMR
Smart Packaging Market: Overview
The Smart Packaging Market is expected to demonstrate a substantial upswing with a CAGR of 8.91% during the forecasted period of 2023 to 2030. The Smart Packaging Market was valued at USD 6,650 million in 2022 and is estimated to display a significant improvement to reach USD 14,520 million by 2033.
With the advancement in technology, the self-heating food packaging techniques are making it easy for consumers to have a snack and a beverage at preferred temperature. It also helps to monitor the quality of food. Due to rapid urbanisation and expanded industrialisation, life of people has changed drastically. Customers demand for innovative packaging is driving the market growth. In addition, the demand from undiscovered geographical locations is fuelling the market. Moreover, with the innovation of nanotechnology in food and beverage industry, and growing demand to increase the shelf-life of the food product, it is necessary to bring in sustainable packaging solutions. This another factor is fuelling the market growth.
Furthermore, development in printing processes has also given boost to the market. Advanced printing processes in packaging sector for promotion purpose has led to the growth of the market. Recently, there has been a lot of scientific research on printed technology and RFID technology to create a background for the development of smart packaging. However, with the extensive costs required for capital investment along with advanced techniques required for installing such x that are compatible to current packaging system, the market is expected to witness a slope in growth.
Source: WMR
Smart Packaging Market: Key Trends
Technological progression in packaging to boost the growth.
Smart packaging refers to packaging systems embedded with sensor technology. There has been rise in applications with respect to the availability of several forms such as fabric and plastic. Several benefits offered by smart packaging over the traditional packaging with reduced counterfeiting, increased shelf-life, improved safety is driving the market. Smart packaging is the combination of specialised material, science and technology to enhance the packaging functionality by implementing intelligent packaging methods. This helps to prevent food spoilage, enhancing the food attributes such as the aroma, taste and flavour of the food item. This also helps in brand protection.
Intelligent Packaging in Healthcare Industry is expected to propel growth.
Smart packaging in Health care industry plays a vital role. Certain equipment and health care drugs require special packaging and temperature-controlled transportation. This has led to rise in demand for smart packaging. In addition to this, due to rising geriatric population and as a result prevalence of chronic diseases the demand for over-the-counter drugs has increased which has led to rise in smart packaging service.
Covid-19 impact on Smart Packaging Market
The recent Covid- 19 pandemic has spread across the world with an alarming speed infecting millions and bringing economic activity near to stand-still due to Covid related confinement bars world-wide. The initial wave of Covid-19 caused an unprecedented contraction in economic activity and a collapse of overall logistics that brought the supply chain to a halt. As a result, the packaging market experienced a downward slope in demand. Due to slowdown in production in various industries and improper supply chain and logistics the smart packaging industry faced adverse impact of Covid-19. However, with the ease in restrictions the market is expected to show substantial growth.
Smart Packaging Market: Segmentation Analysis
Market has been segmented into sections namely, Product type, Packaging Technology, Packaging Component, Packaging Function, End-user, and Regional outlook
Smart Packaging Market by Product Type:
Active Packaging
Gas Scavenger
Corrosion Control Packaging
Moisture Control Packaging
Intelligent Packaging
Time temperature Indicator
Gas Indicator
Thermochromic Ink
RFID & Barcode
NFC
Among all the mentioned segments, active packaging segment has emerged as a dominant segment with 72.2% of the revenue share in overall industry. This segment has dominated the market due to its superior moisture control and corrosion protection properties. Growing industrialization coupled with strong demand for supply chain and logistics in regions such as China and India is anticipated to drive the market.
Smart Packaging Market by Application:
With the advancement of technology in food & beverage sector, held a largest share in revenue of 47.4%. Rising use of preservative agents in food and beverage to increase their shelf life twinned with quality and safety of the packaged products from manufacturing till the time food is consumed is likely to propel the segment growth.
Food & Beverage
Healthcare
Personal Care
Automotive
Others
Source: WMR
Smart Packaging Market by End-user: Analysis
By End-user the market is sub-divided into
Personal care industry
Food and beverages industry
Pharmaceuticals industry
Automotive industry
Smart Packaging Market by Packaging Function: Analysis
By Packaging Function segment the market is divided into
Protection
Containment
Communication
Convenience.
Smart Packaging Market: Regional Segmentation Analysis
Based on the geographical view, the market occupies regions as
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America dominated the market and continue to do the same during the forecasted period. Due to rapid growth in industries such as food and beverage, pharmaceutical, automotive, logistics and so on twined with steady recovery from economic recession is expected to drive the market.
Smart Packaging Market: Competitive Landscape
The key trend of merger and acquisitions in Smart Packaging Market are developing, is the vital strategy adopted by major companies. The Smart Packaging Market is a highly competitive market due to the presence of multiple regional and multinational markets with wide range of products. Some of the prominent players are 3M, BASF, Du Pont, Avery Dennison Corp., Amcor Limited, Sealed Air Corporation, and International Paper. Avery Dennison, is a leading market player in labelling and packaging industry.
Report Scope:
Smart Packaging Market Forecast Years: 2023-2033
Smart Packaging Market Historical Years: 2020-2021
Smart Packaging Market 2022: USD 6.65 billion
Smart Packaging Market 2033: USD 14.52 billion
Smart Packaging Market CAGR: 8.91%
Key Segments: Product type, Packaging Technology, Packaging Component, Packaging Function, End-user, and Regional outlook.
Key Regions & Countries: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
1. Global Smart Packaging Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Smart Packaging Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2022 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million)
1.4. Global Smart Packaging Market Scope and Market Estimation
1.4.1. Global Smart Packaging Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Smart Packaging Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Smart Packaging Market Segmentation
1.5.1. Packaging Technology of Global Smart Packaging Market
1.5.2. Packaging Component of Global Smart Packaging Market
1.5.3. Packaging Function of Global Smart Packaging Market
1.5.4. End-user Vertical of Global Smart Packaging Market
1.5.5. Key Regions of Global Smart Packaging Market
2. Global Smart Packaging Market - Executive Summary
2.1. Global Smart Packaging Market Summary & Snapshot
2.2. Global Smart Packaging Market, By Packaging Technology (US$ Million)
2.3. Global Smart Packaging Market, By Packaging Component (US$ Million)
2.4. Global Smart Packaging Market, By Packaging Function (US$ Million)
2.5. Global Smart Packaging Market, By End-user Vertical (US$ Million)
2.6. Global Smart Packaging Market, By Geography (US$ Million)
2.7. Global Smart Packaging Market Outlook & Future Opportunities
3. Smart Packaging Market Trends, Outlook, and Factors Analysis
3.1. Global Smart Packaging Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Smart Packaging Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Smart Packaging Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. The presence of various indicators in Smart Packaging like temperature, pathogenic growth indicators and gas sensing indicator
3.2.1.2. The food and healthcare industries need this kind of technology most for their products.
3.2.1.3. Attractive packaging
3.2.1.4. Rising investment in logistics sector with developing Economy
3.2.1.5. Driver 4
3.2.1.6. Driver 5
3.2.2. Restraints
3.2.2.1. High cost of implementation
3.2.2.2. Plastic packaging harmful for environment and hampered the growth.
3.2.3. Opportunities
3.2.3.1. Presence of multiple advance technology and number of key players are creating more opportunity
3.2.3.2. Advanced in printed electronics.
3.2.3.3. Untouched regional markets proposing huge opportunity
3.2.3.4. Invest in R&D for environmental friendly Smart Packaging
3.2.3.5. Opportunity 5
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Smart Packaging Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Smart Packaging Market
3.9.1. By Packaging Technology
3.9.2. By Packaging Component
3.9.3. By Packaging Function
3.9.4. By Regions
4. Global Smart Packaging Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Smart Packaging Market, 2018 2021 (US$ Million)
4.2. Global Smart Packaging Market, By Packaging Technology, 2020 to 2021 (US$ Million)
4.3. Global Smart Packaging Market, By Packaging Component, 2020 to 2021 (US$ Million)
4.4. Global Smart Packaging Market, By Packaging Function, 2020 to 2021 (US$ Million)
4.5. Global Smart Packaging Market, By End-user Vertical, 2020 to 2021 (US$ Million)
4.6. Global Smart Packaging Market, By Region, 2020 to 2021 (US$ Million)
5. Global Smart Packaging Market Estimates & Forecast Trend Analysis, by Packaging Technology
5.1. Global Smart Packaging Market Share (%) Estimates and Forecasts, by Packaging Technology, 2022 & 2033
5.2. Global Smart Packaging Market Revenue (US$ Million) Estimates and Forecasts, by Packaging Technology, 2022 to 2033
5.2.1. Active Smart Packaging
5.2.2. Intelligent Smart Packaging
5.2.3. Controlled permeability Smart Packaging
5.2.4. Modified atmosphere packaging.
5.2.5. Interactive Smart Packaging
5.2.6. Others
6. Global Smart Packaging Market Estimates & Forecast Trend Analysis, by Packaging Component
6.1. Global Smart Packaging Market Share (%) Estimates and Forecasts, by Packaging Component, 2022 & 2033
6.2. Global Smart Packaging Market Revenue (US$ Million) Estimates and Forecasts, by Packaging Component, 2022 to 2033
6.2.1. Indicators
6.2.2. 2D matrix codes
6.2.3. RFID technology
6.2.4. Biosensors
6.2.5. Gas sensors
6.2.6. Augmented matrix codes.
6.2.7. Bar codes
6.2.8. Quick response codes
6.2.9. Others
7. Global Smart Packaging Market Estimates & Forecast Trend Analysis, by Packaging Function
7.1. Global Smart Packaging Market Share (%) Estimates and Forecasts, by Packaging Function, 2022 & 2033
7.2. Global Smart Packaging Market Revenue (US$ Million) Estimates and Forecasts, by Packaging Function, 2022 to 2033
7.2.1. Communication
7.2.2. Convenience
7.2.3. Protection
7.2.4. Containment
7.2.5. Others
8. Global Smart Packaging Market Estimates & Forecast Trend Analysis, by End-user Vertical
8.1. Global Smart Packaging Market Share (%) Estimates and Forecasts, by End-user Vertical, 2022 & 2033
8.2. Global Smart Packaging Market Revenue (US$ Million) Estimates and Forecasts, by End-user Vertical, 2022 to 2033
8.2.1. Food & Beverage
8.2.2. Logistics
8.2.3. Personal Care
8.2.4. Healthcare & Pharmaceuticals industry
8.2.5. Automotive industry
8.2.6. Transport
8.2.7. Electronic Goods
8.2.8. Others
9. Global Smart Packaging Market Analysis and Forecast, by Region
9.1. Global Smart Packaging Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
9.2. Global Smart Packaging Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
9.2.1. North America
9.2.2. Europe
9.2.3. Asia Pacific
9.2.4. Middle East and Africa
9.2.5. Latin America
10. North America Smart Packaging Market: Estimates & Forecast Trend Analysis
10.1. North America Smart Packaging Market Assessments & Key Findings
10.2. North America Smart Packaging Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. North America Smart Packaging Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Packaging Technology
10.3.2. By Packaging Component
10.3.3. By Packaging Function
10.3.4. By End-user Vertical
10.3.5. By Major Country
10.3.5.1. The U.S.
10.3.5.2. Canada
11. Europe Smart Packaging Market: Estimates & Forecast Trend Analysis
11.1. Europe Smart Packaging Market Assessments & Key Findings
11.2. Europe Smart Packaging Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Europe Smart Packaging Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Packaging Technology
11.3.2. By Packaging Component
11.3.3. By Packaging Function
11.3.4. By End-user Vertical
11.3.5. By Major Country
11.3.5.1. Germany
11.3.5.2. The U.K.
11.3.5.3. France
11.3.5.4. Italy
11.3.5.5. Spain
11.3.5.6. Rest of Europe (includes all other European countries)
12. Asia Pacific Smart Packaging Market: Estimates & Forecast Trend Analysis
12.1. Asia Pacific Smart Packaging Market Assessments & Key Findings
12.2. Asia Pacific Smart Packaging Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Asia Pacific Smart Packaging Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Packaging Technology
12.3.2. By Packaging Component
12.3.3. By Packaging Function
12.3.4. By End-user Vertical
12.3.5. By Major Country
12.3.5.1. China
12.3.5.2. Japan
12.3.5.3. India
12.3.5.4. ASEAN
12.3.5.5. South Korea
12.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
13. Middle East & Africa Smart Packaging Market: Estimates & Forecast Trend Analysis
13.1. Middle East & Africa Smart Packaging Market Assessments & Key Findings
13.2. Middle East & Africa Smart Packaging Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Middle East & Africa Smart Packaging Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Packaging Technology
13.3.2. By Packaging Component
13.3.3. By Packaging Function
13.3.4. By End-user Vertical
13.3.5. By Major Country
13.3.5.1. GCC
13.3.5.2. South Africa
13.3.5.3. Egypt
13.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
14. Latin America Smart Packaging Market: Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments & Key Findings
14.2. Latin America Smart Packaging Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Latin America Smart Packaging Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
14.3.1. By By Packaging Technology
14.3.2. By Packaging Component
14.3.3. By Packaging Function
14.3.4. By End-user Vertical
14.3.5. By Major Country
14.3.5.1. Brazil
14.3.5.2. Mexico
14.3.5.3. Rest of Latin America (includes all other Latin America countries)
15. Competitive Landscape
15.1. Smart Packaging Market Revenue Share Analysis (%), by Major Players (2021)
15.2. Smart Packaging Market Competition Matrix, by Leading Players
15.3. Smart Packaging List of Emerging, Prominent and Leading Players
15.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
16. Company Profiles
16.1. 3M
16.1.1. Company Overview & Insights
16.1.2. Financial Performance
16.1.3. Product / Service Portfolio
16.1.4. Geographical Footprint & Share
16.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
16.2. Amcor plc.
16.3. American Thermal Instruments
16.4. Ampacet Corporation
16.5. AVERY DENNISON CORPORATION
16.6. BASF SE
16.7. Bemis Company, Inc.
16.8. Crown
16.9. DuPont de Nemours, Inc.
16.10. Huhtamaki (Finland),
16.11. LCR Hallcrest
16.12. Mocon Denmark Holding ApS
16.13. Multisorb
16.14. Point Five Packaging, LLC
16.15. Praxair Technology, Inc.
16.16. R.R. Donnelley & Sons Company
16.17. Sealed Air
16.18. Stora Enso
16.19. TempTime Corporation
16.20. Thin Film Electronics ASA
16.21. Timestrip UK Ltd.
16.22. ULMA Group
16.23. UPM
16.24. WestRock Company
16.25. Others
17. Assumptions and Research Methodology
17.1. Data Mining
17.2. Secondary Research
17.3. Primary Research
17.4. Subject Matter Expert Advice
17.5. Quality Check
17.6. Final Review
17.7. Data Triangulation
17.8. Bottom-Up Approach
17.9. Top Down Approach
17.10. Research Flow
17.11. Key Insights from Industry Experts
17.12. Data Sources
17.13. Assumptions
17.14. Limitations
18. Conclusions and Recommendations
18.1. Key Research Findings and Conclusion
18.2. Key Insights & Recommendations from Analyst