Dublin, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The "Global Smart Packaging Market Size, Trends and Growth Opportunity, By Type, By Material, By Technology, By Packaging Functionality, By Application, By Region and forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global Smart Packaging Market was valued at USD 13.88 Billion in 2021 and is anticipated to reach at USD 32.5 billion by 2027 at a CAGR of 11.43% from 2022-2027.
The term smart packaging refers to product packaging techniques that include embedded sensor technology for use with food, medication, and many other products. It is used to enhance product and customer safety, monitor freshness, show information on quality, and extend shelf life.
Smart packaging mainly applies to packaging that has various technologies integrated into it, such as biosensors and radio frequency identification. It is a collection of reducing packaging techniques and an integration of numerous cutting-edge technology techniques that can be used when packaging sensitive contents that demand improved traceability.
Smart packaging options give customers more information on the quality and freshness of the contents, enhancing convenience and safety levels, and even effectively extending the contents' overall shelf life.
Market Drivers
Due to their temperature-sensitive contents, the food, beverage, and pharmaceutical industries are increasingly demanding temperature-controlled packaging solutions. This is fueling the market's expansion.
Labels are used by firms in this industry today to brand products and identify parts, which increases consumer demand. As a result of the environmental issues it generates, manufacturers are now looking for eco-friendly options and choosing smart packaging, which provides more eco-friendly solutions.
As a result, smart packaging is used more often. The market for smart packaging is propelled by the rise in demand for better health, safety, and authenticity. Increased shelf life, decreased counterfeiting, greater safety at a cheap cost, and simple installation are just a few of the benefits that smart packaging offers over conventional packaging.
Marker Restraints
It is anticipated that a lack of consumer knowledge would further slow the market's growth rate, which will provide obstacles for the market's expansion.
Lack of consumer preference for these smart solutions is a direct outcome of this lack of consumer awareness. Due to the costs of sensors and radio frequency identification (RFIDs) used for packaging applications, better packaging is more expensive than standard forms of packaging, which is contributing to the failure over the mass applications for packaging systems.
In addition, it results in the gathering of customer information, which, in the opinion of the producers, may in the future create manipulative and tense situations that constrain the market.
Impact of COVID-19
Construction, industrial, hospitality, and tourism businesses were severely impacted by the COVID-19 outbreak. Manufacturing operations were suspended or limited.
Globally, supply networks for the construction and transportation industries were disrupted. This reduced the production of smart packaging as well as the market's demand for them, which hindered the market's expansion for smart packaging.
On the other hand, businesses gradually began providing their usual goods and services. The smart packaging companies were able to resume operations at full capacity as a result, which assisted in the market's recovery by the end of 2021.
Regional Analysis
Because of the region's existing infrastructure for smart warehousing, logistics, and packaging, North America is anticipated to lead the smart packaging market and will maintain its pattern of dominance during the projected period.
Due to the strong demand for packaged food and related packaged items, which necessitates greater care and concern in the logistics cycle, Asia Pacific is predicted to have profitable growth.
Company Profiles
- TempTime Corporation
- PakSense
- American Thermal Instruments
- Avery Dennison
- R.R. Donnelly Sons & Company
- International Paper
- Stora Enso
- Thin Film Electronics ASA
- Huhtamaki Group
- Smartrac N.V.
Market Taxonomy
By Type
- Active Packaging
- Intelligent Packaging
- Interactive Packaging
- Controlled Permeability Packaging
- Modified Atmosphere Packaging.
By Material
- Solid
- Liquid.
By Technology
- Indicators
- Sensors
- Data Carriers.
By Packaging Functionality
- Protection
- Containment
- Communication
- Convenience.
By Application
- Food & Beverage
- Healthcare
- Personal Care
- Automotive
- Others.
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa.
For more information about this report visit https://www.researchandmarkets.com/r/ery60z
