All You Need to Know About Active, Smart and Intelligent Packaging Market
The global market for Active, Smart and Intelligent Packaging is estimated at USD 19.33 Billion in 2021 and is expected to grow with a Compound Annual Growth Rate (CAGR) of 6.2% between 2021 and 2028. Active, Smart and Intelligent Packaging involves two different things where active packaging involves product protection in key systems and smart systems adding additional information to the cover in the form of electronic or non-electronic forms. Active, smart & intelligent packaging is internationally recognized because it addresses the concerns of modern humans. It incorporates an intelligent wrapper that enhances efficiency, and reduces the waiting time for POS customers. Continuous development in the market has kept effective and smart packaging essential for the market. It is available worldwide in various kinds of products such as paper, plastic, wood, glass, etc.
Increasing urban populations, high living standards and rising incomes have led to an increase in demand for ready-to-eat, frozen, and packaged food. The growing demand for frozen fruits, vegetables, meat, and products worldwide due to the growth of global trade has led to an increase in demand for special packaging. In addition, well-developed travel destinations are expected to drive global trade, which is expected to have a positive impact on the efficient and intelligent market. Reduced tracking time and effective product monitoring are expected to drive Active, Smart and Intelligent Packaging Systems around the world in the forecast period. The large investments made by top research and development companies are expected to increase the product demand for new products in the forecast period. While a major obstacle to the growth of Active, Smart and Intelligent Packaging is the high cost of implementation. It will limit market growth due to the large amount of money invested in research and development of better products. To solve this problem, key companies focus on product development at minimal cost and ensure the delivery of quality services. The harmful effects of packaging materials and the high cost of testing are important factors that hinder market growth.
The Active, Smart and Intelligent Packaging Market can be divided based on product into paper, plastic, metal, glass and wood. The paper and plastic sector holds the market with a large market share. With strict rules set out on the types of plastic, part of the paper is expected to prove significant growth during the forecast period. Based on the application, the market is divided into food & beverages, pharmaceuticals, cosmetics & personal care, electronics, and others. Consumer demand from color storage, flavor, and shelf life in packaged foods has pushed the market forward for end users. Based on regional analysis, the Global Active, Smart and Intelligent Packaging Market is categorized in North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the market and holds the bulk of the market. Strict legislation regarding food & beverage packaging has led to an increase in the need for developed systems in the region.
Asia Pacific is expected to be the fastest growing segment due to rising inflation and changing lifestyles in the emerging economy.
Some of the key players in the Active, Smart and Intelligent Packaging Market include - Sealed Air Corporation (U.S.), Multisorb Technologies (U.S.), Ball Corporation (U.S.); Amcor limited (Australia), Sysco Corporation (U.S.), Timestrip PLC (U.K.), Paksense Incorporated (U.S.), M&G USA Corporation, and Eastman Chemical Company
Browse the full Report - Active, Smart and Intelligent Packaging Market by Active packaging type (Gas scavengers/emitters, Moisture scavengers, Microwave susceptors, Other active packaging technologies), by End-user (Food and beverage, Pharmaceuticals, Industrial, Logistics), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)