According to Future Market Insights, the intelligent packaging market would generate US$17.8 billion in sales by 2020. The entire market is anticipated to grow at a CAGR of 9.0% from 2021 to 2031, reaching US$ 46.7 billion.
Intelligent packaging refers to the use of advanced technologies to enhance the functionality of packaging materials. This can include things like sensors, RFID tags, and smart labels that provide additional information about the product, such as its freshness or location. The market for intelligent packaging is expected to grow in the coming years, driven by a number of factors including increasing consumer demand for convenience and safety, and advancements in technology that make it more cost-effective to produce.
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One of the main drivers of the intelligent packaging market is consumer demand for convenience. With the rise of e-commerce and the increasing popularity of online grocery shopping, consumers are looking for ways to easily identify and track their products. Intelligent packaging can provide this by including RFID tags or smart labels that can be scanned to provide information about the product, such as where it was sourced and when it was packaged. This helps to increase consumer confidence in the product and can also help to reduce food waste by providing information about the freshness of the product.
Another driver of the intelligent packaging market is the increasing focus on food safety. With the rise of food-borne illnesses and the growing concern about food contamination, consumers are looking for ways to ensure that the products they purchase are safe to eat. Intelligent packaging can help to improve food safety by providing information about the product’s origin and handling history, as well as by including sensors that can detect if the product has been exposed to harmful temperatures or other conditions.
Advancements in technology are also playing a key role in the growth of the intelligent packaging market. With the development of new materials and technologies, it is becoming more cost-effective to produce intelligent packaging. This is making it more accessible to a wider range of companies and products, and is helping to drive market growth.
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The market for intelligent packaging is also being driven by the increasing use of smart devices and the Internet of Things (IoT). With the growing number of smart devices and the increasing use of the internet, consumers are looking for ways to connect their products to the internet and access information about them in real-time. Intelligent packaging can provide this by including RFID tags or smart labels that can be scanned using a smartphone or other device to provide information about the product.
Overall, the market for intelligent packaging is expected to grow in the coming years, driven by a number of factors including increasing consumer demand for convenience and safety, and advancements in technology that make it more cost-effective to produce. As technology continues to advance and the use of smart devices and the internet continues to grow, the market is likely to see even more growth in the future.
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