The smart packaging market may be worth USD 24.6 billion in 2023 and USD 38.3 billion in 2033. The smart packaging industry is expanding at a CAGR of 4.5% over the anticipated time frame. Increasing the shelf life and traceability of food products through the use of smart packaging may have a favorable effect on the market growth for smart packaging throughout the projected period.
Smart packaging is a synthesis of specialized materials, science, and technology that improves the functioning of conventional packaging by including active and intelligent packaging.
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The smart packaging business is anticipated to develop due to the increasing demand for environment-friendly, sustainable products from the food and beverage and pharmaceutical industries. Rising research and development spending to lessen carbon footprints may escalate market expansion for smart packaging.
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.
Packaging in the Age of E-commerce: Capitalizing on New Possibilities
The development of technological advances aimed at improving client security and safety results from the growing e-commerce industry. Shipping applications are among these breakthroughs. They offer features including precise product tracking and information on the manufacturing facilities, delivery partners, and shipper’s warehouses.
Online shopping is rising in developed, developing, and developing nations. Intelligent packaging solutions that include information about shipment monitoring and how product delivery benefits customers and offers attractive market potential. Moreover, smart packaging manufacturers can expect to benefit from the expanding E-commerce industry, great industrialization, and strong demand for large supply chain management.
The Effect of High Prices on Mass Applications: Market Growth Restraints
Better packaging is expensive compared to normal packaging due to the cost of sensors and radio frequency identification (RFIDs). This cost factor is one of the reasons why mass applications for packaging systems have failed.
Better packaging is costly as compared to traditional forms of packaging because of the expense of the sensors and radio frequency identification (RFID) utilized for packaging applications, causing problems over the mass applications for packaging systems.
Key Takeaways: Smart Packaging Market
- The United States smart packaging market to expand at a CAGR of 3.4% between 2023 and 2033, it will hit USD 6 billion by 2033.
- Between 2023 and 2033, the United Kingdom’s smart packaging industry is to reach USD 1 billion by 2033.
- By 2033, China’s smart packaging market is expected to be worth USD 9.7 billion.
- From 2023 to 2033, Japan’s smart packaging industry is expected to secure a CAGR of 4.7%.
- China’s smart packaging market may expand at a CAGR of 5.9% from 2023 to 2033.
- Japan’s smart packaging industry may have a value of USD 6 billion in 2033.
- South Korea’s smart packaging businesses are anticipated to expand at a CAGR of 4.9% during the projection period.
- By 2033, South Korea’s smart packaging market is expected to be worth USD 2.3 billion.
- The United Kingdom’s smart packaging market is to see a 3% CAGR between 2023 and 2033.
- The modified atmosphere packaging segment of the type category in the smart packaging industry is predicted to develop at a CAGR of 4.4% by 2033.
- The food & beverage segment is to expand at a CAGR of 4.3% in the end-user category in the smart packaging business between 2023 and 2033.
Competitive Landscape
Leading smart packaging manufacturers are investing heavily in R&D to extend their product offerings, which may drive market growth for smart packaging. With substantial industry changes such as product releases, partnerships, mergers and acquisitions, investments, and collaboration with other organizations, market participants are engaging in a variety of strategic initiatives to broaden their footprint.
To thrive and excel in a more competitive and developing market scenario, smart packaging sector participants must offer cost-effective solutions. The leading smart packaging manufacturers are heavily investing in their product lines, which is driving the market expansion for smart packaging. Furthermore, smart packaging producers in the sector must deliver affordable solutions in order to thrive and prosper in a highly competitive and expanding market.
Essential Key Smart Packaging Manufacturers
- 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
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