The Smart Packaging Market is expected to reach USD 33.00 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12% in the forecast period from the year 2022 to till the year 2028. Factor such as rising demand for improved authenticity, safety, and better health is propelling the growth of Smart Packaging Market in coming years. Smart Packaging is a combination of modified, intelligent, and active atmosphere packaging techniques basically offered to monitor and increase shelf-life of the product. Thus, it increases the demand for Smart Packaging Market over the projected year.
- The active packaging technology segment is attributed to the significant growth of the Smart Packaging Market during the forecast period. This technology intentionally absorbs/releases compounds from the food or the headspace of food packaging in order to increase the shelf-life of the product than traditional food packaging technology.
- The personal care application segment is accelerated the lucrative growth of the Smart Packaging Market over the projected period. This surge is attributed to the high use of smart materials in the cosmetic industry to achieve packaging needs and to make products more user-friendly and impressive.
- Asia Pacific is accounted to witness the fastest growing region than other during the projected period. This growth is mainly due to the increased population and growing demand for improved packaging in this region.
The major players involved in the development of Smart Packaging Market are Bureau Veritas SA (France), SGS S.A. (Switzerland), Eurofins Scientific SE (Luxembourg), Intertek Group Plc. (U.K.), Mérieux NutriSciences Corporation (U.S.), TÜV SÜD AG (Germany), ALS Limited (Australia), National Technical Systems, Inc. (U.S.), Microbac Laboratories Inc. (U.S.), EMSL Analytical Inc. (U.S.), and Campden BRI (U.K.).
Smart Packaging nowadays uses a new technology called intelligent packaging technique in the food industry. This technology includes Artificial Intelligence, Near Field Communication (NFC), and Radio Frequency Identification (RFID). In near-field communication, the sensor has been used for inventory tracking purposes whereas RFID is used to provide accurate information such as counterfeit prevention. All these innovations are responsible to influence the growth of the Smart Packaging Market in the coming years. In addition, increasing commercialization of printed electronics for smart labels is expected to bolster the growth of the Smart Packaging Market. Furthermore, various companies are started developing their product by using advanced Smart Packaging technologies. For instance, Tetra Pak, a Swedish-Swiss multinational food packaging and processing company, introduced a connected packaging platform to supply milk and juice cartons through interactive information channels, full-scale data carriers, and digital tools.
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 sand control solutions 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.