The Smart Packaging Market size is estimated at USD 22.67 billion in 2024, and is expected to reach USD 31.98 billion by 2029, growing at a CAGR of 7.12% during the forecast period (2024-2029).
Smart packaging refers to a specific type of sensor-equipped packaging system used for various items, including food and medication. The technology used in smart packaging helps to increase product quality, shelf life, freshness monitoring, and customer and product safety. When products are packaged using intelligent technology, these systems provide details about the product's quality and freshness.
The intensity of competitive rivalry in the Smart Packaging Market studied is moderately high and is expected to remain the same during the forecast period. Some of the major players in the market are Sealed Air Corporation, Amcor PLC, Ball Corporation, BASF SE, and Huhtamaki OYJ. Players in the market are adopting strategies such as partnerships, innovations, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In May 2023, Amcor PLC, a global player in the design and manufacture of responsible packaging solutions, announced that it signed a definitive agreement to acquire ModaSystems. ModaSystems is a manufacturer of state-of-the-art automated protein packaging machines. ModaSystems develops, assembles, and supports innovative, high-performance, modular vacuum packaging solutions for the meat, poultry, and dairy industries.
In March 2023, Avery Dennison Corporation announced its latest Atma-io-connected product cloud updates to help brands transform their supply chains. The platform manages over 28 billion items for brands across apparel, retail, food, and healthcare.
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