30th December 2019 – Global Smart
Packaging Market is anticipated to reach USD 26.7 billion by 2024.
Smart Packaging is also known as “Intelligent Packaging” or “Active Packaging”.
Smart packaging is used for personal care, food & beverages, automotive and
healthcare products. They provide extended shelf life, monitor freshness,
ensure safety and improve suitability.
The factors that propel the growth of
the market include changes in lifestyle patterns owing to surge in consumption
of cosmetics and beauty products, rapid urbanization, and technological
development in the packaging. On the other hand, there are factors that may hamper
the growth of the market including intelligent packaging and high cost. Smart
Packaging industry is anticipated to grow at a significant CAGR of 10.6% of in
the upcoming period as the scope, product types, and its applications are
increasing across the globe.
The industry may be explored by type,
end users, technology type, driver, and geography. The market may be explored
by type as industry verticals as Automotive, Food & Beverages, Personal
Care, Healthcare, and Others. The “Food and Beverages” segment led the Smart
Packaging Market in 2016 and is anticipated to maintain its dominance by 2024.
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The market could be explored based on
end users as Food & beverage, Logistics, Automotive, Healthcare, Personal
care, and Others. The “Food & Beverage” segment led the Smart Packaging
Market in 2015 and is anticipated to maintain its dominance by 2024 owing to
increasing use of active products in the food & beverage industry coupled
with rising importance to preserve the safety and quality of packaged products
from manufacturing to the time the food is consumed is expected to drive the
development of market.
The industry may be analyzed by
technology type as Intelligent, Active, and MAP. The “Active packaging” segment
led the smart packaging industry in 2015 and is anticipated to maintain its
dominance by 2024 owing to high use in pharmaceutical, food and beverage, and
personal care sector due to its corrosion protection and superior moisture
control properties. The market may be analyzed by driver shelf life, brand
protection and safety.
North America accounted for the major
share of the Smart Packaging Market Size in 2015 and will continue to lead in
the forecast period. The factors that could be attributed to the growth
includes fast development in the industries such as pharmaceutical, food &
beverage, logistics, automotive, and manufacturing coupled with stable recovery
from economic recession is anticipated to propel the demand over the forecast
period. Increasing expenditure ability of consumers coupled with rising
concerns on improving the general health in the region is anticipated to propel
the smart packaging industry over the forthcoming period.
Some of the key players that fuel the
growth of the smart packaging industry comprise Constar International Inc.,
Crown Holdings Inc., Bemis Company, Inc., Ball Corporation, Ampacet
Corporation, Multisorb Technologies, Graham Packaging Company Inc., Sysco
Corporation (Fresh Point Services), Rexam PLC, and Timestrip, PLC. The leading
companies are taking up partnerships, mergers and acquisitions, and joint
ventures in order to boost the inorganic growth of the industry.
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