Hyderabad, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Smart Packaging Market Report (2023-2028)," the market is estimated at USD 21.17 billion in 2023. It is expected to register a CAGR of 7.12% during the forecast period.
Smart packaging involves sensor-equipped systems used with various products like food and medication. It enhances product quality, shelf life, freshness monitoring, and safety. Changing consumer lifestyles, urbanization, and individualized items are driving the growth of smart packaging. Untapped geographic areas offer growth opportunities for market competitors in the coming years. However, high installation costs, security issues, and compatibility with existing packaging standards might cause challenges. E-commerce is expected to drive future growth in the packaging sector.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 21.17 billion |
| Market Size (2028) | USD 29.85 billion |
| CAGR (2023-2028) | 7.12% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Demand for sustainably packaged organic food. |
| Growth of e-commerce. |
Who are the Top Companies in the Global Smart Packaging Market?
The intensity of competitive rivalry in the market is expected to remain moderately high in the coming years. Major players in the market are adopting strategies like partnerships, innovations, and acquisitions to enhance their product offerings and gain a sustainable competitive advantage over other players.
The significant players in the global smart packaging market are,
- Sealed Air Corporation
- Amcor PLC
- Ball Corporation
- BASF SE
- Huhtamaki OYJ
- Stora Enso
- Avery Dennison Corporation
- Zebra Technologies Corporation
- 3M Company
- International Paper Company
Other Reports That Might Be of Your Interest:
- Indonesia Folding Carton Packaging Market Report - The Indonesian folding carton packaging market size is estimated at USD 4.82 billion in 2023. It is expected to reach USD 6.29 billion by 2028, at a CAGR of 5.47% during the forecast period (2023-2028).
- Cold Chain Packaging Market Report - The cold chain packaging market size is estimated at USD 27.33 billion in 2023. It is expected to reach USD 44.08 billion by 2028, at a CAGR of 10.03% during the forecast period (2023-2028).
Key Highlights from the Global Smart Packaging Market Report:
Growth in Active Packaging
- Active packaging enhances freshness and shelf life by interacting with package contents. These packaging can adjust conditions like humidity, oxygen, odors, and flavors. Therefore, they are mainly used for food and beverages.
- Active packaging reduces food waste and loss in the supply chain. Demand for security and tracking drives growth in active and intelligent packaging.
- Packaging manufacturers and users are incorporating advanced solutions like RFID, sensors, and augmented reality. RFID tags improve food supply chain management and traceability.
Growth Potential in North America
- The smart packaging market in the United States has grown due to favorable regulations, sustainability focus, and demand from various industries, especially food and healthcare.
- The US sees significant food waste, motivating efforts to reduce waste through smart packaging. Supportive government initiatives are encouraging intelligent packaging in the US food industry.
- Canada is expected to experience growth in smart packaging due to a preference for healthier, well-packaged food among consumers. The Canadian government supports environmentally sound approaches to agricultural issues to benefit the economy and future generations.
What are the Latest Developments in the Global Smart Packaging Market?
- In March 2023, Amcor announced a joint research project agreement with NfiniteNanotechnology Inc. to validate the application of Nfinite's nanocoating technology to improve packaging that can be recycled and composted.
- In January 2023, Avery Dennison announced a major investment to expand its manufacturing capacity in the Americas region by constructing a new manufacturing facility in Queretaro, Mexico.
Mordor Intelligence has Segmented the Global Smart Packaging Market Based on Technology, End-user Vertical, and Geography.
- By Technology (Market Size and Forecast based on Value (USD billion), 2018-2028)
- 6.1.1 Active Packaging
- Intelligent Packaging
- By End-user Vertical (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Food
- Beverage
- Healthcare
- Personal Care
- Other End-user Verticals
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Smart Packaging Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Europe Flexible Packaging Market Report - The European flexible packaging market size is estimated at USD 66.39 billion in 2023. It is expected to reach USD 77.38 billion by 2028, at a CAGR of 3.11% during the forecast period (2023-2028).
- North America Corrugated Packaging Market Report - The North American corrugated packaging market size is expected to grow from USD 40.53 billion in 2023 to USD 46.26 billion by 2028, at a CAGR of 2.68% during the forecast period (2023-2028).
- United States Wine Packaging Market Report - The US wine packaging market size is expected to grow from USD 3.42 billion in 2023 to USD 4.07 billion by 2028, at a CAGR of 3.54% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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