Global Smart Packaging Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027

The smart packaging market was valued at US$ 6.87 Bn in 2018 and expected to grow at a CAGR of 8.3% during the forecast period from 2019 to 2027.

Market Insights
Rising needs for environment-friendly sustainable products from various industries will upgrade the market growth during the forecast period

Increasing consumer’s awareness of environmental problems raise the concern to adopt an eco-friendly packaging system. Additionally, companies are required to invest in new, sustainable, and innovative packaging materials. For instance, chitin nanowiskers is a plant-based renewable packaging material widely used in packaging industries across the globe. Moreover, the government of developed regions such as North America and Europe focused on waste management and resource efficiency, thereby driving the demand for smart packaging systems across the region. For instance, the European government offered various guidelines and norms like “Fost Plus – PreventPack”, “Pack4Ecodesign”, “Eco-Innovation LT”, and “Sectorial Ecodesign Guidelines” towards to small and medium enterprises (SMEs) for introducing sustainable products and its packaging systems. Furthermore, demand for personalized materials or designs for precise applications unlocks innovation opportunities particularly for retailers and manufacturers, is likely to expand the market for smart packaging.

Growing R&D activities coupled with rising investments in packaging technology will ramble the smart packaging market

The development of research and innovations in the field of smart packaging is likely to built-up up a wide range of opportunities for consumers and large retail outlets, thereby boosting up the market on a global scale. Moreover, the wide-scale implementation of innovative technologies like RFID chips will prolong the opportunities for smart packaging. In addition, intelligent packaging also accomplishes automation, information, protective or marketing functions through LEDs, barcodes, augmented reality, loudspeakers, NFC, and radio chips. For instance, For example, ERP software giant SAP utilized its “Touchcode’s connected packaging technology” to pointer out around 100% fair trade chocolate to the clients.

Industrial Developments

• In October 2019, Tetra Pak collaborated with European Commission named “Graphene Flagship” - a scientific research initiative to explore possible future applications of graphene in food & beverage packaging industries.
• In September 2019, DHL released its Rethinking Packaging system, a new trend that offers a widespread aspect along with the upcoming technological trends in the logistics packaging industry.

Key Market Movements:

• Globally, the smart packaging market is rising at a CAGR of 8.3% for the estimated period from 2019 to 2027.
• North America emerged as one of the leading markets accounting for smart packaging, owing to Swift growth in industries like pharmaceutical, food & beverage, logistics, automotive, and manufacturing coupled with sturdy recovery from economic slump projected to drive the demand in the coming years. In addition, countries like the U.S. and Canada are the key consumer of smart packaging, owing to the rising importance of local government towards packaging quality.
• Rising health awareness among consumers in the Asia Pacific region particularly in emerging countries like India and China, coupled with increasing disposable income of consumers will boost the pharmaceutical market, thereby driving the demand for smart packaging over the forecast period.
• An increasing number of government plans and initiatives, up-gradation in technological development, and increasing technological investments in packaging material in the emerging nations will drive the overall demand.

List of Companies Covered:

• 3M Co
• BASF India Ltd
• DuPont
• Avery Dennison Corp
• Amcor PLC
• Sealed Air Corp
• International Paper Co
• Huhtamaki Oyj
• Thin Film Electronics ASA
• Insignia Technologies Ltd

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