Intelligent Packaging Market - Forecasts from 2024 to 2029

Intelligent Packaging Market - Forecasts from 2024 to 2029

The intelligent packaging market is evaluated at US$7.403 billion for the year 2022 growing at a CAGR of 8.28% reaching the market size of US$12.916 billion by the year 2029.

The need for machine-readable data to be incorporated into packaging has given rise to the introduction of intelligent or smart packing systems. Intelligent packaging is a part of the communication system that is capable of providing knowledge and information about a product. The complexity of products, advances in packaging technology, and investments in research and development are some of the major market drivers. North America and Europe are expected to hold a significant market share due to the stringent government regulations regarding food and beverage packaging along with a high adoption rate of technological advancements. On the other hand, the Asia-Pacific region is experiencing fast growth in the global intelligent packaging market. These solutions offer benefits like convenience, tamper-proofing, and theft resistance, among others. The demand for these solutions is expected to witness maximum growth due to the increasing penetration of technologies and a focus on curbing counterfeit products.

The growing consumer preference for convenience foods is driving the demand for intelligent packaging solutions

There is a growing preference for the consumption of convenience and ready-to-eat foods owing to the increasing urbanization where there is an increasing shift from rural to urban areas that has brought in changes in dietary conditions as well. In countries like India, citizens have started moving away from the traditional form of food consumption, which includes cooking at home and eating together. Nowadays, there has been a shift in the trend where there is an adoption of a busy lifestyle and women have also started working, leading to a growing preference for convenience foods and beverages. This has further increased the per capita income and has led to an increased level of affluence among the middle-income group, bringing a change in food habits. In developed regions like North America, many people have adopted individual lifestyles. Furthermore, a high disposable income has raised the limit of expenditure further leading to consumer unwillingness to spend more time on food preparation and have shown a preference for leisure activities instead. Thus, promoting the consumption of convenience foods, where intelligent packaging is expected to provide detailed information about the food product to a wide range of consumers. This creates a high market demand among well-educated consumers in developed regions, as well as other parts of the world.

North America is expected to grow at a high rate during the forecast period.

In the North American region, there are favourable opportunities for the intelligent packaging market to thrive in the forecast period and the upcoming years. This is due to the early adoption of technological advancements and innovations. Furthermore, the presence of stringent government regulations regarding food and beverage packaging is driving the market demand in these regions. In pharmaceuticals, the integration of intelligent packaging technologies like NFC (Near Field Communication) is a novel technology that is adding high value to the development of smart pharmaceutical labels. Additionally, with the diffusion of digital technologies in almost every business in these regions, the digital identification of pharmaceuticals is further adding to the market’s growth at present and in the upcoming years. Some of the applications of intelligent packaging technology include dosing advice, optimization of internal logistics processes, and protecting brand identity, among other applications, providing convenience to a wide range of patients in these regions. Furthermore, a high health expenditure coupled with a high prevalence of chronic diseases and a growing geriatric population is driving the market demand owing to the increased patient compliance during the treatment course, which can be effectively monitored because of intelligent packaging technology. This feature of smart or intelligent packaging for use in drug compliance can be seen as an opportunity for the market to thrive in the upcoming years.

Market key launches
In May 2022, the development, design, and production of Wiliot tags, along with the integration of atma.io, will enable the creation of an intelligent and completely connected Internet of Things. Avery Dennison also announced a strategic partnership with Wiliot, a developer and provider of digital ID technologies.
In April 2022, Amcor PLC invested in building new thermoforming capabilities for medical packaging at its healthcare packaging facility in Sligo, Ireland. The multi-million dollar investment would support Amcor's sterile packaging business growth and provide clients in North America and Europe with an additional location offering complete healthcare solutions.

Segmentation:

By Packaging Technology
RFID Tags
Temperature Indicators
Freshness Indicators
Others
By Application
Food and Beverages
Pharmaceutical and Healthcare
Electronic Products
Cosmetics and Personal Care
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
UAE
Saudi Arabia
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Others