Active Smart and Intelligent Packaging Market Trends and Forecast by 2026
Thursday, February 13, 2020
Active, smart, and intelligent refer to packaging systems used with foods, pharmaceuticals, and several other types of products. They help extend shelf life, monitor freshness, display information on quality, improve safety, and improve user convenience. It is used by the packaging producers to retain nutrient value and product freshness at competitive pricing. New technologies such as intelligent packaging, active, smart packaging, and modified atmosphere packaging are replacing traditional methods such as canning.
Today, active, smart, and intelligent packaging market growth is gaining traction driven by the advanced transport facilities available across the globe. Escalating demand for active, smart, and intelligent packaging in consumer goods, food and beverages, and pharmaceuticals sectors can be attributed to growing need for promotion, advertisement, marketing, branding, and publicity activities in these sectors. Furthermore, massive need for elongating shelf life of the food items will further impel the growth and scope of the business.
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Besides this, smart and active packaging also eases the process of bulk transportation. The food industry in particular, which is currently at its peak, is the primary growth driver of the global active, smart, and intelligent packaging market. However, the growth of the market is likely to be restrained by the massive high costs of implementation due to the huge money being invested in the research and development of better products. To address this issue, the key players are focusing on product development with the minimum cost incurred and ensuring high-quality service delivery.
The global active, smart, and intelligent packaging market can be classified based on packaging type and application. Based on the packaging type, the market can be sectored into active packaging and smart & intelligent packaging. Application wise, the active, smart, and intelligent packaging market can be classified into food & beverages, pharmaceuticals, cosmetics, and others.
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Some of the key players in active, smart, and intelligent packaging market are Amcor Ltd., Graham Packaging Company Inc., Landec Corp., Ball Corp., Timestrip, plc, VIP Packaging, Sealed Air Corp., SYSCO Corp., and Mitsubishi Gas Chemical.
North America is leading the market for advanced packaging system owing to the increased health awareness among population and increasing urban lifestyles. Europe is the second largest region after North America in terms of revenue generation due to rising demand for stringent regulations and sustainable packaging. However, APAC is anticipated to witness high growth rate with increasing lifestyle of people in this region particularly, in India and China and increasing paying capacity of people demanding hygiene and good quality products. Also, with the rise in population, the demand for packaged food is increasing, leading to the growth of advanced packaging market.
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