Smart Packaging Technology Market: 2021 Share, Growth and Forecast to 2027
Smart Packaging Market -Overview
The evolution of packaging to meet the need of customers is expected to benefit the smart packaging market 2020. The packaging and transport industry reports are produced by Market Research Future, which highlights market options for expansion. A 5.32% CAGR is predicted to define the development of the market in the coming period.
The need to extend the shelf life of products due to the lengthening of distribution channels is anticipated to benefit the smart packaging market. The surge in demand for smart packaging, especially from the food & beverage and pharmaceutical sectors is expected to motivate the market in the forecast period.
Segmental Analysis
The segmentation of the smart packaging market has been conducted on the basis of region, technology, and application. The technology basis of segmenting the smart packaging market has comprises of intelligent packaging, active packaging, and modified atmosphere packaging. The application basis of segmenting the smart packaging market has been segmented into automotive, healthcare, food & beverage, personal care, and others. Based on the regions, the smart packaging market has been segmented into Europe, Asia-Pacific, North America, and the rest of the global regions.
Detailed Regional Analysis
The regional review of the smart packaging technology market comprises of regions such as Europe, Asia-Pacific, North America, and the rest of the global regions. The North American region held the major stake in the smart packaging market, shadowed by the European and Asia-Pacific region in 2018. Additionally, the Asia Pacific region is the fastest mounting region and is anticipated to record an elevated CAGR in the forecast period. The North American regional market has witnessed advanced growth owing to augmented R&D investment and product improvement with regards to packaging. In addition, the strict food safety guidelines in the nations of the US and Canada are driving the need for smart packaging in the food & beverage sector, especially.
Competitive Analysis
The streamlining of the distribution channels is expected to create better supply chains and lead to a more positive effect on the global market. The inclusion of some aspects of functionality in production facilities is likely to create better supply potential for the overall market. The effect of global currencies is expected to have a significant effect on market growth. The upsurge in exports is expected to create a constructive situation for expansion in the coming period. The influence of global trade policies by various administrations is expected to further enhance the market expansion potential in the forecast period. The momentum of change in the market is predicted to create new opportunities for growth in the forecast period. The availability of new sources of raw material is likely to induce more opportunities for growth in the market. The inventions being discovered or attempted in the market are also considered to provide further opportunities for growth in the coming period.
The foremost companies in the smart packaging market are 3M (US), Stora Enso (Finland), TempTime Corporation (US), Thin Film Electronics ASA (Norway), BASF SE (Germany), American Thermal Instruments (US), Huhtamaki (Finland), AVERY DENNISON CORPORATION (US), and R.R. Donnelly Sons & Company (US).
Industry Updates:
Mar 2020 India-based pharmaceutical company Lupin Limited has partnered with Aptar Pharma, which is part of AptarGroup to make The Adhero metered-dose inhalers in a smart packaging format. The packaging was launched initially in India, in which Adhero attaches to the top of an inhaler. As per Aptar Pharma, Adhero is India’s primary “connected device” for metered-dose inhalers.
Mar 2020 Greatview’s ground-breaking Smart Packaging solution has provided a lucrative improvement for Oman’s most well-liked juice brand TopFruit. Each juice carton had been printed with one Omani landmark image, as well as an exclusive, smartphone-readable QR codes.
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