Active, Smart and Intelligent Packaging Market Worth USD 42.73 billion to 2031 | InsightAce Analytic Study

Pune, Feb. 22, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Active, Smart and Intelligent Packaging Market Size, Share & Trends Analysis Report By Packaging Type (Active, Smart, and Intelligent Packaging), Application (Food & Beverage, Pharmaceuticals, Cosmetics, Others)- Market Outlook And Industry Analysis 2031"

The global smart packaging market is estimated to reach over USD 42.73 billion by 2031, exhibiting a CAGR of 8.11% during the forecast period. 

Smart packaging integrates different technologies like biosensors and radio frequency identification technology. Smart packaging is anticipated to see a major increase in popularity over the coming years as technological proliferation in the packaging industry increases substantially. As smart packaging features gain traction among consumers, there is expected to be a hike in demand during the forecast period. The number of technologically advanced innovations presented by the major market players provides profitable opportunities for market growth.

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Besides, investments in research and development for a cost-effective manufacturing method can help manufacturers attract new customers. Furthermore, smart packaging disposal is challenging for customers, with regulatory barriers impeding market expansion.

Additionally, changing lifestyle trends of the general population are expected to be a major factor propelling smart packaging market growth over the upcoming years. Growing sales via online channels and e-commerce are expected to provide lucrative opportunities for the smart packaging market growth over the forecast period. However, the Lack of awareness amongst the various consumers, resulting in a lack of preference for these smart solutions, is projected to further dampen the market growth rate over the upcoming years.

List of Prominent Players in the Active, Smart and Intelligent Packaging Market:

• Multisorb Technologies (US)
• Sealed Air Corporation (US)
• Ball Corporation(US)
• Amcor limited (Australia)
• Timestrip PLC (UK)
• Sysco Corporation (U.S)
• Paksense Incorporated (US)
• Eastman Chemical Company
• M&G USA Corporation

Market Dynamics:

Drivers-
The expansion of printing technologies across numerous industries has further fueled this market. The functionality of printed technologies in processing and showing data on paper and other surfaces has been demonstrated. As a result, there has been a large amount of recent scientific study on printable electronics and RFID innovation, establishing the foundation for the future development of applications for smart packaging. The market is expanding due to research into various F&B nanoparticle possibilities, the desire for shelf-stable and sustainable paper packaging among alcoholic beverage makers and retailers, and rising packed food intake.

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Challenges:
The expensive cost of capital for installation, security concerns, novel construction techniques for such instruments and signals compatible with come-in-place standards, and customer awareness. The biggest challenge for companies in the smart packaging industry is figuring out how to put expensive new technology into the packaging without raising or cutting customer prices. Another issue facing the market for smart packaging is the scant amount of research and marketing on the different varieties of smart packaging. Incorporating thin film electronics into packaging techniques is a highly challenging task for academics. Consumers are unwilling to pay as much for these cutting-edge products because those that employ smart packaging techniques are expensive.

Regional Trends:
The North America smart packaging market is expected to register a major market share in revenue and is projected to grow at a high CAGR soon. The United States holds the largest market value share in North America, followed by Canada. The predicted increase in the market in the area is due to the rising working population and the rising need for interactive and enhanced packaging solutions. The consumer market in the United States, which makes up a sizeable portion of the labor force, is one of the busiest. Because of the expanding population, there is a noticeable increase in the need for food and drink (both from within and due to immigration). This is ascribed to the changing lifestyle, increasing demand for packaging solutions with longer sustainability, and growing demand for fresh & quality food are the factors driving the growth of this regional segment. Besides, the Asia Pacific region is growing at a whopping rate in the global Active, Smart and Intelligent Packaging market and undergoing a rapid transformation over the upcoming years. This is due to the m existing infrastructure availability for smart warehousing, changing lifestyle trends, and increasing demand for packaging solutions with longer sustainability, logistics and packaging.

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Recent Developments:

• In September 2021-Avery Dennison Corporation introduced its AD Maxdura Tire Tag for the tire sector. The new solution makes identifying tires at warehouses and dealerships simpler and allows tracking and tracing along the logistic chain.

• In August, 2021-After a successful trial on Coco Pops boxes with U.K. grocer Co-op, Kellogg's officially modified all cereal boxes for blind and nearly blind consumers. The accommodating cereal boxes are coded on the outside so cellphones can read the labeling and allergen data and play it back to the consumer.

Active, Smart and Intelligent Packaging Market Report Scope:

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Segmentation of Active, Smart and Intelligent Packaging Market-

By Technology:

• Active packaging
  • O2 Scavenging Sachets
  • MAP
• Smart & Intelligent Packaging
  • TTI Labels
  • Freshness Indicators
  • RFID Tags

By Applications:

• Food & Beverage
  • Meat, Poultry & Seafood
  • Fruits & Vegetables
  • Dairy Products
  • Bakery & Confectionary
  • Processed Food
  • Others
• Pharmaceuticals
• Cosmetics
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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