The global smart packaging market is experiencing remarkable growth, with a projected valuation of US$ 24.6 billion in 2023 and an estimated CAGR of 4.5% from 2023 to 2033, ultimately reaching US$ 38.3 billion. This surge in demand for smart packaging is primarily attributed to evolving consumer lifestyles, advancements in printing technologies, and the growing emphasis on sustainable packaging solutions.
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Key Factors Driving the Smart Packaging Market
Smart packaging, a combination of specialized materials and technology, enhances conventional packaging by incorporating active and intelligent features. Key factors driving the demand for smart packaging include:
- Consumer Demand for Authenticity and Safety: Evolving consumer lifestyles and increasing concerns about food safety and authenticity are driving the adoption of smart packaging solutions, particularly in the food processing and pharmaceutical sectors.
- E-commerce Expansion: The growing e-commerce industry is fueling demand for secure and efficient packaging solutions, driving the adoption of smart packaging technologies for better logistics and supply chain management.
- Advancements in Printing Technologies: Innovations in printing technologies, including printed electronics and RFID technology, are driving the development of smart packaging solutions, offering better data processing and presentation capabilities.
- Sustainable Packaging Surge: The global emphasis on sustainable packaging solutions is driving market growth, with smart packaging offering opportunities for waste reduction and improved supply chain efficiency.
Opportunities and Key Trends
- Advanced Technology for Real-time Tracking: The integration of advanced technologies such as RFID and sensors enables real-time tracking and monitoring in smart packaging, enhancing supply chain efficiency and product safety.
- Consumer Demand for Personalized Experiences: Smart packaging solutions offer personalized marketing messages and interactive experiences through augmented reality (AR) and virtual reality (VR), driving consumer engagement and brand loyalty.
- Focus on Anti-counterfeiting Measures: With a growing emphasis on anti-counterfeiting measures, smart packaging solutions with unique identification elements provide enhanced security and authenticity.
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Catalysts of Smart Packaging Market Evolution
- Customers’ Evolving Lifestyles: Rapid urbanization and increasing demand for innovative single-use personal products are expanding the smart packaging market, particularly in developing geographic areas.
- Advancements in Printing Technologies: The advancement of printing technologies, including printed electronics and RFID technology, lays the groundwork for future smart packaging applications.
- Nanotechnology Research and Development: Research into nanotechnology applications for food and beverage packaging, along with the need for sustainable packaging choices, contributes to the growth of the smart packaging industry.
Rising Demand for Smart Packaging in the Food Industry Drives Market Growth
Smart packaging can be used in the food and beverage industry to track a product’s location during transportation, monitor its quality and freshness, and provide the consumer with information on its ingredients and nutritional value. This could improve the quality and safety of the goods and the shopping experience.
The desire from consumers for packaging that controls temperature and preserves food safety and freshness is driving the growth of the smart packaging industry further.
Recent Developments
Following a successful trial period with Co-op in the UK, Kellogg’s made a permanent modification to all its cereal boxes in August 2021, ensuring enhanced accessibility for blind and partially sighted consumers. This initiative reflects Kellogg’s commitment to inclusivity and ensuring that product information is accessible to a wider audience.
In September 2021, Avery Dennison Corporation introduced its AD Maxdura Tire Tag, a cutting-edge solution tailored for the tire sector. This innovative tire tag technology is poised to revolutionize tire management, offering improved tracking and information management within the industry.
In the realm of sustainable and technologically advanced packaging, Stora Enso made significant strides in April 2021 by unveiling the world’s first microwave-safe sustainable RFID. This groundbreaking RFID technology plays a crucial role in ready-made meals and item-level labeling, showcasing Stora Enso’s commitment to providing sustainable and functional solutions in the packaging industry.
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Market Players:
- 3M
- BASF SE,
- Crown
- Avery Dennison Corporation
- Ball Corporation
- Sysco Corporation
- Zebra Technologies Corp. (Temptime Corporation)
- International Paper
- R.R. Donnelley & Sons Company
- Stora Enso
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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