WASHINGTON, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The Global Smart Packaging Market size is expected to reach over USD 33.00 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 12% during the forecast period from the year 2021 till 2028. The said market stood at a revenue of USD 13.88 Billion in the year 2021.
Market Synopsis
Increasing smart packaging use to expand the shelf life as well as traceability of food items is likely to see a positive impact on industry growth overall in the coming years. Smart packaging is an amalgamation of science, technology, and specialized materials that improves the packaging functionality by engineering intelligent and active packaging in traditional packaging. It also helps to prevent spoilage of food, improve food product nature such as taste, flavor, and aroma and it helps in premium pricing, brand protection, and waste reduction further, states Vantage Market Research, in a report, titled “Smart Packaging Market by Technology (Physical Tests, Spectroscopy & Photometric-Based, Chromatography-Based), by End-user Vertical (Food, Beverage, Healthcare, Personal Care), by Region (North America, Europe, Asia Pacific, Middle East & Africa), by Type (Physical, Chemical, Microbiological), by Material (Glass, Plastic, Paper, Metals) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Smart Packaging Market:
- Bureau Veritas SA (France)
- SGS S.A. (Switzerland)
- Eurofins Scientific SE (Luxembourg)
- Intertek Group Plc. (U.K.)
- Mérieux NutriSciences Corporation (U.S.)
- TÜV SÜD AG (Germany)
- ALS Limited (Australia)
- National Technical Systems, Inc. (U.S.)
- Microbac Laboratories Inc. (U.S.)
- EMSL Analytical Inc. (U.S.)
- Campden BRI (U.K.)
Market Dynamics:
Driver: Increasing Need for Eco-Friendly Products
Increasing need for eco-friendly sustainable goods on account of rising demand from pharmaceutical and food & beverage industries is likely to drive the market over the next decade. Also, increasing Research and Development (R&D) investment to minimize the carbon footprint is expected to drive growth in the coming years. Furthermore, increasing demand for ready to serve and eat food products due to changing the lifestyle of the urban population is expected to have a good impact over the forecast period.
Moreover, a recent shift like growing use of wireless technologies coupled with smart packaging in the food & beverage sector to provide users with real-time conditions of the perishable items is expected to fuel the industry demand. Additionally, increasing use of smart packaging in the healthcare and pharmaceutical industry on account of its improved flexibility, lightweight, and durability properties is expected to drive market growth.
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Restraint: High Prices of Raw Material for Manufacturing Flexible Plastics
However, high cost of intelligent and active packaging is likely to hinder the market growth for smart packaging globally. Huge raw material costs for manufacturing flexible plastics are expected to hinder the market growth in the coming years. Increasing investment in emerging intelligent packaging with sensing equipment such as RFID (radio-frequency identification), NFC (near-field communication), and smart labels is likely to create fresh opportunities for sector development in near future.
Moreover, huge cost of capital for security issues, instalment, new techniques for fabricating like, indicators and sensors which are compatible with recent packaging standards and knowledge among people are key challenges and restraints for the market growth.
Regional Trends
Asia Pacific is expected to account for the largest share of the Smart Packaging market across the globe. The U.S. occupies the biggest share of the market value in the region, followed by Canada. The rising demand for improved and interactive packaging solutions, rising working population account for the anticipated growth in the Smart Packaging market in the region.
The food and beverage demand has increased markedly, owing to the rising population (both, from within and due to immigration). To meet the extensive demands of the food sector, there has been a substantial rise in the volume of the imported food from several regions globally, thus, fuelling the demand for the market in the region.
Recent Developments
- April, 2019: Tetra Pak launched a connected packaging platform, which will transform milk and juice cartons into interactive information channels, full-scale data carriers, and digital tools. For retailers, it will offer greater supply chain visibility enabling distributors to track stock movements and real-time insights.
- Feb, 2019: Sealed Air acquired MGM’s (MGM is a prominent packaging company that provides flexible food packaging materials for consumer-packaged goods markets in Southeast Asia) the flexible packaging division. The acquisition is majorly aimed at enhancing its presence in Asia-Pacific and improving its printing and lamination capabilities.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Smart Packaging Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Smart Packaging Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Smart Packaging Market?
- How will the Smart Packaging Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Smart Packaging Market?
- What is the Smart Packaging market drivers and restrictions?
- What will be the CAGR and size of the Smart Packaging Market throughout the forecast period?
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This market titled “Smart Packaging Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 13.88 Billion |
| Projected Market Size in 2028 | USD 33.00 Billion |
| CAGR Growth Rate | CAGR of around 12% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Technology • Physical Tests • Spectroscopy & Photometric-Based • Chromatography-Based End-user Vertical • Food • Beverage • Healthcare • Personal Care • Other End-user Verticals |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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