Redding, California, March 16, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled ‘Smart Packaging Market by Packaging Technology (Modified Atmosphere Packaging, Active Packaging {Ethanol Emitters}, Intelligent Packaging {Indicators}), Application (Food & Beverage, Pharmaceuticals, Automotive), and Geography - Global Forecast to 2027,’ the smart packaging market is projected to reach $43.6 billion by 2027, at a CAGR of 5.2% during the forecast period.
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The demand for smart packaging in the food processing and pharmaceutical industries is growing mainly due to factors, such as demographic and economic changes, demand for processed foods, the need to extend the shelf life of packed products, food safety issues, increasing health awareness, and the need for better management of supply chains. According to the Institute of Food Technologists, the global sales of packaged foods and drinks crossed $2.1 trillion in 2017 and are projected to increase at a compound annual growth rate (CAGR) of 2.2% through 2022. Hence, the advantages of smart packaging such as a reduction in food wastage, higher food safety, consumer convenience, better management of food supply chains, and growth in the sales of packaged foods and drinks are expected to boost the demand for smart packaging. Moreover, the applications of smart packaging are increasing in the pharmaceutical sector mainly due to challenges such as medication intake errors or counterfeit drugs. For instance, according to a survey carried out on behalf of MeadWestvaco (a U.S.-based packaging firm), 30%–50% of prescribed drugs are taken incorrectly. Smart packaging offers several benefits for pharmaceutical applications, such as smart packs that have alarms that trigger at the time of the next dosage. Besides, smart packaging protects pharmaceuticals and other medical supplies from oxygen and moisture, thereby playing an important role in ensuring that they are effective and completely safe for patients. Also, it provides information about expiry dates, composition, and dosages to healthcare professionals, pharmacists, and patients. Thus, the growing use of smart packaging in pharmaceutical applications to prevent medication intake errors, avoid counterfeit drugs, and increase leads is projected to boost the demand for smart packaging in the pharmaceutical sector.
The growing elderly population, changes in consumer lifestyles, increasing demand for advanced packaging solutions in the food processing and pharmaceutical sectors, growing consumer concerns regarding food wastage, and demand for smart and functional packaging drive the growth of this market. Moreover, the growing e-commerce market and rising industrialization in emerging economies, including India and China, coupled with strong demand for superior logistics and supply chain management, are likely to create lucrative opportunities for players operating in this market.
The smart packaging market is mainly segmented based on packaging technology, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
The Impact of COVID-19 on the Smart Packaging Market
The global impact of COVID-19 is already being felt, with the smart packaging market significantly affected in 2020. Health officials haven`t been able to determine the exact cause of COVID-19, which has affected more than 117,160,237 people and killed 2,598,892 as of 11 March 2021 (source: The European Centre for Disease Prevention and Control). Since the COVID-19 outbreak in December 2019, the disease has spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency.
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The Impact of COVID-19 on the Food & Beverage Smart Packaging Market
The Coronavirus outbreak has had a significant impact not only on public health but also on all stages of the supply chains and value chains of various industries. Food & beverage is one such industry that is currently experiencing the impacts of the pandemic. Food & beverage companies are facing significantly reduced consumption and supply chain disruptions. While due to the lockdowns, at-home consumption has been on the rise during the last 4–6 months. Thus, the high impact of the Coronavirus pandemic on the food & beverage industry has lowered the demand for smart packaging in food & beverage applications. However, with most people buying groceries online for the first time amid the pandemic, new habits are forming, with COVID-19 accelerating food e-commerce. E-commerce is expected to surpass traditional retail channels, effectively boosting the demand for smart packaging. For instance, in August 2020, Carlsberg Brewery Malaysia pinned its hopes on digital marketing and e-commerce to recover from the huge revenue losses and profit drops incurred during the COVID-19 pandemic.
The Impact of COVID-19 on the Pharmaceutical Smart Packaging Market
While the COVID-19 pandemic has impacted most sectors, some sectors, such as healthcare, are booming to the extent that they are struggling to keep up with the unprecedented demand. The dynamics of the pharma sector have been transformed by the COVID-19 pandemic, causing major shifts in pharma packaging and labeling. The initial impact of COVID-19 on the pharma supply chain revolved around material and information delays. However, governments worldwide imposed lockdowns, severely affecting the pharma supply chain and restricting the demand for smart packaging. Shopping for medicines online was still at a nascent stage in emerging countries before the outbreak of COVID-19, but due to the need for social distancing, there has been an exponential rise in this practice. Hence, there will be a need for more robust packaging to avoid any damage to products. This, in turn, has increased the need for packaging solutions that are suited for e-commerce, which will ensure more investments in packaging research, design, innovation, and practices suited to this rising trend. QR codes, holograms, and RFID tags are already being adopted in pharma packaging. Experts feel that driven by safety and quality concerns, pharma packaging will now improve focus on product authenticity and safety, which in turn, may lead to the greater adoption of smart packaging techniques using technologies like blockchain, IoT, etc., to offer consumers more information about the contents of the package, suitable environmental conditions, and efficacy.
Moreover, the COVID-19 vaccine has to be transported worldwide to various climatic zones, which will be possible only with effective packaging solutions, amongst other factors. This is also one of the major factors that will boost the demand for smart packaging.
The Impact of COVID-19 on the Automotive Smart Packaging Market
The impact of COVID-19 on the globally integrated automotive sector has been swift and significant. Initial concerns over disruptions in Chinese automotive part exports quickly escalated to large-scale manufacturing interruptions across Europe and the U.S. Further, automobile and component manufacturing plants are being shuttered around the world, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically, adding to the intense pressure on an increasingly distressed global supply base. Thus, the highly impacted demand in the automotive industry has impacted the demand for smart packaging solutions.
The Impact of COVID-19 on the Personal Care Smart Packaging Market
COVID-19 has impacted the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruptions, and by its financial impact on firms and financial markets. With extended lockdowns, international travel bans, and retail business shuttered, consumer behavior has changed dramatically across the beauty and personal care space, with declining sales across many beauty segments. This scenario has hindered the growth of the smart packaging market.
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Key Findings in the Smart Packaging Market Study:
Based on packaging technology, the smart packaging market is mainly segmented into modified atmosphere packaging (MAP), active packaging, and intelligent packaging. In 2020, the modified atmosphere packaging segment commanded the largest share of the overall smart packaging market. This segment's large share is mainly attributed to the increasing demand for fresh and high-quality packaged food products such as bread, fruits and vegetables, processed meat, fish, seafood, and dairy products. Besides, the on-the-go lifestyle, shift towards easy-to-handle & convenient packaging, and emerging economies propel the demand for modified atmosphere packaging in the market. However, the intelligent packaging segment is expected to record the highest CAGR during the forecast period.
Based on application, the smart packaging market is mainly segmented into food & beverage, pharmaceuticals, automotive, personal care, and others. The pharmaceutical segment is expected to record the highest CAGR during the forecast period. This segment's rapid growth is primarily attributed to the growing aging population, increasing integration of barcodes, RFID, and sensor technologies in the pharmaceutical industry to monitor details such as the medicines' expiry dates, consumption, and dosages and advancements in the pharmaceutical industry. However, in 2020, the food & beverage segment commanded the dominant share of the smart packaging market.
Geographically, in 2020, North America accounted for the major share of the global smart packaging market. North America’s leading position in the smart packaging market is primarily attributed to the rising demand for packaged and frozen foods, increased food safety concerns, and changing lifestyles due to urbanization. In North America, the U.S. leads the smart packaging market, followed by Canada. The major factors contributing to the country’s largest share are the rising food safety concerns among consumers due to food safety incidents and the high adoption of active and intelligent packaging due to urbanization.
The key players operating in the smart packaging market are 3M (U.S.), Avery Dennison Corporation (U.S.), American Thermal Instruments (U.S.), Temptime Corporation (U.S.), Smartrac N.V. (Netherlands), BASF SE (Germany), Thin Film Electronics ASA (U.S.), Stora Enso (Finland), International Paper (U.S.), Amcor plc (Switzerland), Emerson Electric Co. (U.S.), R.R. Donnelly & Sons (RRD) Company (U.S.), Sealed Air Corporation (U.S.), and Smartglyph Ltd. (U.K.) among others.
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Scope of the Report
Smart Packaging Market, by Packaging Technology
- Modified Atmosphere Packaging (MAP)
- Active Packaging
- Oxygen Scavengers
- Moisture Scavengers
- Self-venting Films
- Ethylene Scavengers & Emitters
- Microwave Susceptors
- Antibacterial Films
- Temperature Control Packaging
- Carbon Dioxide Scavengers/Emitters
- Ethanol Emitters
- Flavor/Odor Absorbers
- Antioxidants
- Intelligent Packaging
- Indicators
- Sensors
- Bio Sensors
- Gas Sensors
- Data Carriers
- Barcodes
- 2D Matrix Codes
- Quick Response Codes
- Augmented Matrix Codes
- RFID Tags
- Barcodes
Smart Packaging Market, by Application
- Food & Beverage
- Pharmaceuticals
- Automotive
- Personal Care
- Others
Smart Packaging Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Vietnam
- Rest of The Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Peru
- Rest of Latin America
- Middle East & Africa
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