The latest market report published by Acute Market Reports “Smart Packaging Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 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.
"Rising needs for environment friendly sustainable products from various industries will upgrade the market growth during the forecast period"
Increasing consumer’s awareness towards 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 materials widely used in packaging industries across the globe. Moreover, the government of developed region such as North America and Europe focused on waste management and resource efficiency, thereby driving the demand for smart packaging system 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 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, wide scale implementation of innovative technologies like RFID chips will prolong the opportunities for smart packaging. In addition, intelligent packaging also accomplish 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.
• 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 market accounting for smart packaging, owing to Swift growth in the 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, the countries like the U.S. and Canada are the key consumer of smart packaging, owing to rising importance of local government towards packaging quality.
• Rising health awareness among consumers in 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, upgradation in technological development, and increasing technological investments in packaging material in the emerging nations will drive the overall demand.
List of Companies Covered:
BASF India Ltd
Avery Dennison Corp
Sealed Air Corp
International Paper Co
Thin Film Electronics ASA
Insignia Technologies Ltd
Browse the full report at https://www.acutemarketreports.com/report/smart-packaging-market