According to the Report “Smart Packaging Market: By Type (Active, Intelligent Packaging), By Application (Food & Beverages, Pharmaceuticals, Automotive, Personal Care, Electronic Goods, Logistics); By Geography - (2015-2021)”, published by IndustryARC, estimates the market to reach $36.2 billion by 2022.
Packaging which goes beyond regular packaging combined with traditional printed features such as alphanumeric, graphics and simple barcodes applicable to primary, secondary, or tertiary packaging can be termed as smart packaging. The smart packing can be classified in three major type’s namely active, intelligent and modified atmospheric packaging. Packaging is changing at rapid pace due to growing customers and product manufacturer’s requirements. Presence of variety of packaging type at retail store, supermarkets are failing to engage the customers. Smart packaging includes a responsive feature along with usage of more sustainable and recyclable material thus serving the packaging requirements and delivering a more compelling value proposition to the consumer. Smart packaging thus incorporates mechanical, chemical, electrical and electronic forces within the package. The global smart packaging market is segmented based on type, application and geography.
The global smart packaging market is estimated to be $25 billion in 2016. Smart packaging has been playing significant role in meeting the growing packaging needs of global trade. Sustainability, extend shelf life, traceability, counterfeiting are addressed efficiently and effectively through smart packaging. Modified atmosphere packaging is estimated to hold the major share in 2016 whereas intelligent packaging is projected to witness fastest growth during the forecast period. Scavengers in active packaging market however safety & quality indicators in intelligent packaging market are estimated to hold the largest share in 2016. Consumer concerns over food safety, food wastage and sustainability are the major drivers of the smart packaging market.
North America held the major share in the market mainly driven by rising demand for packaged and frozen quality food. Changing government regulations regarding safer food and packaging, growing food waste and mounting demand for quality packaging to extend shelf life is driving the market for smart packaging in the APAC region. Countries such as China, South Korea and India are estimated to foster the market growth in the APAC region making it the fastest growing region during 2017-2022.
Sample companies profiled in this report are:
- Bemis Company Inc.
- Amcor Limited.
- E. I. Du Pont De Nemours and Company
- Mitsubishi Gas Chemical Co.
- Paksense Incorporates
Global smart packaging market is highly fragmented and competitive. Low cost of technology and low entry barriers for new players in the industry make the industry highly fragmented allowing the small players to push their products in the market. Agreement, expansion and acquisitions are the key strategies adopted by the companies to enhance their market share.
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