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Increasing quality standards set by regulatory authorities for packaging and rising demand for smart packaging for extending shelf life of food products Smart Packaging Market Size – USD 24.87 Billion in 2022, Market Growth – at a CAGR of 5.1%, Market Trends – Increasing awareness about packaging wastes globally” - Emergen Research
VANCOUVER, BC, CANADA, May 26, 2023 /einpresswire.com / -- The Global smart packaging market size was USD 24.87 Billion in 2022 and is expected to register a steady revenue CAGR of 5.1% during the forecast period, according to latest analysis by Emergen Research. Increasing quality standards set by regulatory authorities for packaging and rising demand for smart packaging for extending shelf life of food products are key factors driving market revenue growth.
Development of active and intelligent packaging technologies along with smart packaging systems opened up new possibilities for improving the quality and safety of food products. Implementation of a dynamic shelf-life approach in the supply chain is made possible by smart packaging components. Using Radio Frequency Identification (RFID) technology in conjunction with smart packaging might greatly enhance product traceability throughout the food supply chain. This can enhance user satisfaction and improve customer engagement and companies can earn greater brand loyalty. This is expected to rise demand for smart packaging and hence drive revenue growth of the market.
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Major companies are increasingly considering smart packaging to alter supply chains, integrity, and consumer experience. These packaging systems can trace a product from its point of origin to its destination, monitor temperature, prevent rotting, increase shelf life, and identify contamination. In addition, these systems can also contribute to waste reduction and sustainability improvement, which is expected to drive market revenue growth over the forecast period.
However, higher cost of smart packaging and sluggish rate of adoption in developing countries are major factors, which could restrain market revenue growth.
Some Key Highlights From the Report
The Modified Atmospheric Packaging (MAP) segment is expected to account for largest revenue share in the global smart packaging market over the forecast period. This can be attributed to increasing shelf life of perishable items due to the use of MAP. MAP can regulate environmental conditions of the product to impede oxidation, which increases shelf life of the product and reduces spoilage and wastage.
The solid segment is expected to register steadily fast revenue growth rate in the global smart packaging market during the forecast period. This is because solid packaging is tough and resilient, which can prove to be beneficial in transportation of food items for long distances. Solid packaging can retain its structure and protect the product under harsh circumstances.
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The Food & Beverage segment is expected to account for significantly large revenue share in the global smart packaging market during the forecast period. This is due to rising consumer demand and increasing awareness about brands and ingredients.
The North America market accounted for largest revenue share in the global smart packaging market in 2022. This is due to rapid growth in the packaging industry in this region and rising quality standards set by regulatory authorities for packaging.
On 20 December 2020, Ball Corporation launched a new temperature reactive technology. The most recent Thermochromic Reveal technology responds to changes in the outside temperature. When beverages are at their ideal temperatures, the new cans can notify retailers or customers, and when the can is opened and eaten, the design will expose secret graphics and messaging as temperature varies.
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Emergen Research has segmented the global smart packaging market on the basis of type, material, end use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Modified Atmospheric Packaging (MAP)
Material Outlook (Revenue, USD Billion; 2019-2032)
End User Outlook (Revenue, USD Billion; 2019-2032)
Food & Beverage (F&B)
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Regional Outlook (Revenue, USD Billion; 2019–2032)
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
What Questions Should You Ask before Buying a Market Research Report?
How is the Smart Packaging market evolving?
What is driving and restraining the Smart Packaging market?
How will each Smart Packaging submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?
How will the market shares for each Smart Packaging submarket develop from 2022 to 2030?
What will be the main driver for the overall market from 2022 to 2030?
Will leading Smart Packaging markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?
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