According to our latest report, titled, Active, Smart and Intelligent Packaging Market is expected to reach USD 29.45 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.10% from 2021 to 2028. The advanced packaging system is detecting high demand on account of growing convenience and ready-to-eat food needs along with strict restrictions concerning food packaging, particularly in North America and Europe. Rising demand for smart wrapping methods in demand to manage the value chain, increase efficiency, and reduce consumer waiting time at POS is also anticipated to fuel the growth of the market. The growing number of convenience shops with technologically developed points of sales has raised the demand for intelligent systems. A decrease in tracking time and efficient product control is anticipated to boost the global active, smart, and intelligent packaging systems over the projected period.
- The plastic segment is projected to expand at a significant CAGR over the forecast period owing to the increasing adoption of specialty packaging for fruits & vegetables, meat, and frozen products throughout the world due to rising global trade practices.
- The Food & Beverage segment held a substantial market share in 2021. This share is due to the rising stringent food safety policies throughout the globe and demand from customers to retain color, taste, and shelf life in packaged foods has driven the market.
- Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. This surge is attributed to the rising demand for active, smart, and intelligent packaging in developing economies such as China and India.
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
The customers’ trust related to packaged food, managed food safety rules, the threat from bioterrorism and advanced applications in ready-to-eat meals and frozen meals have formed a huge possibility for the active, smart, and intelligent packaging methods. The food and beverage packaging has changed from conventional to advanced packaging. Advanced packaging interacts internally which is active packaging and externally the intelligent packaging part with the environment and improved the visual looks of the products.
North America is expected to grow at a considerable CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The increasing health awareness in the customers and the increased requirement for sustainable packaging and stringent regulations during the pandemic period are also expected to augment the Active, Smart, and Intelligent Packaging Market growth.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Active, Smart, and Intelligent Packaging Market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
Recent Developments: -
April 2020- Aptar, a global leader in drug delivery, consumer product dispensing, and active packaging solutions, is seeking U.S. FDA Emergency Use Authorization (EUA) for a solution that allows easy disinfecting of N95 filtering facepiece respirators (N95 mask).