Global Smart Packaging Market Size, Share & COVID-19 Impact Analysis, By Type, By Material, By Application, By Region Segment Forecasts, 2024 – 2032

Global Smart Packaging Market Size, Share & COVID-19 Impact Analysis, By Type, By Material, By Application, By Region Segment Forecasts, 2024 – 2032

The global smart packaging market was valued at US $ 35.92 Billion in 2023 and is expected to reach US $ 60.49 Billion by 2032 growing at a CAGR of 5.4% during the forecast period 2024 – 2032.

The primary reason propelling the growth of the smart packaging industry is the enhancement of lifestyle. Convenience, communication & marketing, confinement, and protection & preservation are the four fundamental components that modern consumers need from food packaging. In an era of rapidly increasing urbanisation, people are considering these factors more and more as they become more concerned with food freshness and natural quality as well as protection from dirt, dust, smells, water vapour, heat, light, insects, and microbes. Additionally, buyers take note to the information shown on the packaging—nutrition statistics and preparation guidelines are only two instances. The information side may be fully monitored with smart packaging. Plastic packaging has gained popularity for beauty goods and cosmetics due to its affordability, lightweight nature, and versatility. However, it causes environmental issues. As a result, producers look for a more ecologically friendly substitute, which brings them to smart packaging, which is a more sustainable choice. Thus, more smart packaging is consumed as a result of this.

However, since sensors and radio frequency identification (RFID) devices—which are required to operate them—are more expensive than normal packaging, better packaging is more expensive than regular packing. This is because it is more difficult for packaging systems to become widely used. Additionally, this results in the collection of client information. According to the producers, this might lead to contentious and coercive situations for customers in the future, but it wouldn't assist grow the industry.

These applications have grown more sophisticated over time, and they can now send information on instruments to assist riders navigate their rides more precisely. This is due to the rapid expansion of e-commerce and other technological advancements that benefit customers as well. The use of online shopping is growing in established, underdeveloped, and developing countries. User-friendly packing solutions that track information from product delivery to shipment enhance consumer happiness and are advantageous for innovative vendors.

“Modified Atmosphere Packaging segment, by type, to be dominating market from 2023 to 2030.”

In terms of revenue share by market segmentation in 2023, modified atmosphere packaging held the greatest percentage. Based on type, the intelligent packaging sector is predicted to increase at a CAGR of 6.5% over the forecast period.

“Solid segment, by material, to be dominating market from 2023 to 2030.”

By material, in 2023, the solid category accounted for a majority share of the market; it is expected to enjoy an even higher CAGR during the forecast period.

“Asia Pacific to be fastest growing region in smart packaging market.”

Asia-Pacific is predicted to have the fastest-growing smart packaging market throughout this research period. There are two explanations for this. First of all, compared to earlier Asian immigration generations, Asians nowadays are typically considerably more educated. The second reason is that the first has made them far more aware of their health. They want to know everything about the packaging of the food they eat. They also inquire about the products' packaging. The majority of people think that food is safer when it is packaged hygienically. The population is becoming richer here as well. Customers can now purchase goods and medications that are presented in eye-catching packaging as a result. Asians also want their food and medicine to be provided in eco-friendly packaging, which is another factor.

In the forecast period, North America is anticipated to hold the greatest market share for smart packaging. People's worries about food waste have a part to play in this. Most Americans want to ensure that as little food is wasted as possible because there are a lot of hungry people in the country and hunger is becoming a major worry. This should be easy if excess food is packed tightly to preserve its freshness for as long as feasible.

Smart packaging Competitive Landscape

The competitive landscape of the Smart packaging market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart packaging technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Smart packaging market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart packaging Market include:

Major Players:

3M, Zebra Technologies Corp. (Temptime Corporation), Avery Dennison Corporation, Sysco Corporation, Ball Corporation, Stora Enso, BASF SE, R.R. Donnelley & Sons Company, Crown, International Paper

Recent Developments:

Tetra Pak introduced a connected packaging technology in April 2019 that will transform milk and juice cartons into technical instruments, substantial data carriers, and communication channels. Distributors will have better supply chain visibility for retailers, enabling them to monitor stock movements and obtain up-to-date data.

How Sealed Air acquired the MGM flexible packaging division in February 2019. Reputable packaging company MGM supplies flexible food packaging materials to Southeast Asian consumer packaged goods sectors. Increasing its footprint in Asia-Pacific and enhancing its printing and laminating capabilities are the two main objectives of the acquisition.

A Memorandum of Understanding was signed by the World Packaging Organization (WPO) and The Active & Intelligent Packaging Organization (AIPIA), advancing their cooperation on smart packaging and the research that supports it. As part of this, WPO will assist AIPIA with material science technology, which is crucial for active packaging. AIPIA will, in turn, assist WPO in advancing its goal of promoting innovative packaging that is suitable and sustainable. The two organizations have already collaborated at a number of events, such as ProPak and CPHi exhibitions in Asia, MENA, and South Asia. Going forward, they plan to create cooperative agendas wherever feasible in order to advance the development of smart packaging solutions that satisfy specific market demands as well as the objectives of the global industry.