Key Market Overview:
Smart Packaging Market size was valued at USD 39.4 Billion in 2022, registering a CAGR of 5.4% during the forecast period (2023-2030), and the market is projected to be worth USD 63.2 Billion by 2030.
Smart packaging is a type of packaging that uses advanced technology and materials to enhance the consumer experience, improve product safety, and extend shelf life. It involves the integration of various features and technologies such as sensors, data analysis, and active ingredients into the packaging material. One of the key advantages of smart packaging is the ability to monitor the freshness and safety of packaged food through the use of sensors and data analysis. This helps to ensure that consumers receive a high-quality product that is safe to consume. Additionally, smart packaging also helps to reduce waste by providing accurate information about the product’s expiration date and storage conditions. For instance, BASF SE is partnering with pioneers to continually deliver innovative solutions for today’s flexible packaging needs. Replacing solvents with water-based inks translates into reducing VOCs, improving health and safety in production, and contributing to sustainable development.
Smart packaging is widely used in various industries, including food and beverage, pharmaceutical, and cosmetics. Companies operating in these industries are investing in research and development to bring new and innovative smart packaging solutions to the market, providing ample opportunities for growth and expansion.
Market Dynamics:
Driver:
Increasing demand for safe and fresh food is driving the demand for smart packaging solutions in the food and beverage industry as smart packaging helps to extend the shelf life of food products and ensure that they are safe for consumption. Additionally, consumers are becoming more environmentally conscious and are demanding eco-friendly packaging solutions, surging the smart packaging market. Furthermore, the pharmaceutical industry is a major adopter of smart packaging solutions due to the need for temperature-sensitive products and the increasing demand for medication adherence packaging. Hence, surging the demand for smart packaging in the market.
Restraint:
The implementation of smart packaging solutions requires a significant investment, which serves as a barrier for small and medium-sized enterprises. The high cost of raw materials used in the production of smart packaging also presents a challenge for businesses. Additionally, the disposal of used smart packaging is complex as it contains electronic components that are difficult to recycle, leading to additional costs for waste management.
Opportunities:
In the coming years, nanotechnology is anticipated to revolutionize the smart packaging market, particularly due to growing concerns about safety in packaging. This cutting-edge technology can help regulate the release of active components using sensors that are integrated into the packaging system. This innovative approach presents promising prospects for the smart packaging market and leads to a range of lucrative opportunities.
Smart Packaging Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 63.2 Billion |
| CAGR (2023-2030) | 5.4% |
| By Type | Active Packaging (Antimicrobial, Gas Scavengers, Moisture Control, Corrosion Control, and Others), Intelligent Packaging, Interactive Packaging, Controlled Permeability Packaging, and Others |
| By Technology | Indicators, Sensors ( Biosensors and Gas Sensors), and Data Carriers |
| By Packaging Functionality | Protection and Contaminant |
| By End User | Food & Beverage, Pharmaceutical, Personal Care, Automotive, Logistics, and Others. |
| By Geography | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Players | NXP Semiconductors N.V., Impinj, Inc., Zebra Technologies Corporation, BASF SE, Stora Enso, R.R. Donnelley & Sons Company, Avery Dennison RBIS (Retail Branding and Information Solutions), Checkpoint Systems, Inc., Crown Holdings, Inc., and Ball Corporation. |
Market Segmentation:
By Type
The type segment is categorized into active packaging, intelligent packaging, interactive packaging, controlled permeability packaging, and others. The intelligent packaging segment dominated the market in terms of value. The growing demand for food safety and traceability is driving the adoption of intelligent packaging solutions that provides real-time information about the product’s condition and history. Additionally, the rise of the Internet of Things (IoT) and the increasing use of mobile devices have made it easier for consumers to access information about the products they purchase, further boosting the growth of intelligent packaging. Moreover, the active packaging segment is projected to dominate the market over the forecast period due to the increasing awareness about food waste and the environmental impact of packaging as active packaging solutions extend the shelf life of perishable products and reduce food waste.
By Technology
The technology segment is categorized into indicators, sensors, and data carriers. The indicators segment holds the major share of the smart packaging market in terms of revenue. Indicators are devices that change color or display a message to indicate the condition of the product. For instance, a color-changing indicator is incorporated into the packaging to show the consumer when the product is fresh or past its prime.
Furthermore, sensors are anticipated to register the fastest-growing CAGR in the smart packaging industry. The growing demand for food safety and traceability is driving the adoption of intelligent packaging solutions that provides real-time information about the product’s condition and history. Sensors are particularly well-suited for this task, as they are connected to a wireless network or mobile device to provide real-time information to consumers, producers, and supply chain managers.
By Packaging Functionality
The packaging functionality segment is divided into protection and contaminants. The protections segment holds the major share of the smart packaging market in terms of revenue in 2022. Consumers are becoming increasingly concerned about the quality and safety of perishable products such as food, pharmaceuticals, and cosmetics. This is driving the demand for smart packaging solutions that helps to protect these products from external factors such as temperature, moisture, and light, helping to ensure that they are kept at the correct temperature and preventing spoilage.
The contaminants segment is anticipated to show significant growth in the terms of CAGR over the forecast period. The demand for smart packaging solutions that helps to prevent contamination is expected to continue to grow as consumers become more concerned about food safety and the environmental impact of packaging.
By End User
The end-user segment is divided into food & beverage, pharmaceutical, personal care, automotive, logistics, and others. The demand for smart packaging solutions that helps to extend the shelf life of food and beverage products is growing, as consumers become increasingly concerned about food safety and the environmental impact of packaging. Moreover, the pharmaceutical segment is expected to show substantial growth over the forecast period due to the requirement of packaging solutions that help to protect sensitive products such as medicines and medical devices from external factors such as temperature, moisture, and light. The demand for intelligent packaging solutions that helps to ensure the quality and safety of these products is growing, driven by factors such as increasing regulations and the need for greater supply chain efficiency.
By Region
The smart packaging market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America holds the largest share of the smart packaging market due to the presence of a large number of food and beverage manufacturers and a high demand for convenience and high-quality products.
Furthermore, Europe is expected to witness significant growth over the forecast period. This is due to the presence of a large food and beverage industry and high investment in research and development. Additionally, the European Union’s focus on sustainability is also boosting the growth of the smart packaging market in the region.
Smart Packaging Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. These players are continuously focusing on expanding their market presence and product portfolios through strategic partnerships, collaborations, and acquisitions. They are also investing in research and development activities to develop innovative and cost-effective smart packaging solutions. The following are the key players:
- NXP Semiconductors N.V.
- Impinj, Inc.
- Zebra Technologies Corporation
- BASF SE
- Stora Enso
- R. Donnelley & Sons Company
- Avery Dennison RBIS (Retail Branding and Information Solutions)
- Checkpoint Systems, Inc.
- Crown Holdings, Inc.
- Ball Corporation
Recent Developments:
- In December 2022, StePac Ltd and BASF SE teamed up to develop sustainable packaging solutions, specifically for the fresh produce industry. BASF SE will supply StePac Ltd with their chemically recycled polyamide, Ultramid Ccycled, and will also offer support in advancing eco-friendly contact-sensitive packaging within the framework of a circular economy.
- In February 2021, LivingPackets SA and NXP semiconductors N.V. teamed up on the LivingPackets’ new and intelligent shipping parcel, THE BOX. The technology is reinventing smart packaging through an extremely durable, connected, and sustainable way to ship packages. THE BOX showcases a successful integration of NXP’s trustworthy edge and connectivity technologies, resulting in more streamlined e-commerce operations with increased traceability for a better consumer experience, all while minimizing its impact on the environment and society.
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