While the onset of the pandemic led to a slight downturn in demand for active, smart, and intelligent packaging within the food & beverages and pharmaceutical sectors, the subsequent year saw a sharp increase in demand, particularly driven by the surge in need for pharmaceutical vaccines and supplies. This surge is expected to fuel the global expansion of active, smart, and intelligent packaging over the forecasted period.
Growth Drivers:
- Consumer Demand for Information and Safety: Consumers are increasingly concerned about product safety, authenticity, and information. Active and intelligent packaging solutions provide real-time data about product freshness, temperature, tampering, and expiration dates, meeting consumer demands for transparency and safety.
- Advancements in Technology: Technological advancements, particularly in sensors, RFID (Radio-Frequency Identification), NFC (Near Field Communication), and QR codes, have enabled the development of sophisticated active and intelligent packaging solutions. These technologies offer enhanced tracking, monitoring, and communication capabilities, driving market growth.
- Regulatory Compliance: Stringent regulations regarding food safety, pharmaceutical authentication, and sustainability have propelled the adoption of active and intelligent packaging solutions. These technologies help in complying with regulatory standards and ensure product integrity throughout the supply chain.
- Extended Shelf Life and Reduced Waste: Active packaging solutions, such as oxygen scavengers, moisture absorbers, and antimicrobial agents, help extend the shelf life of perishable goods, reducing food waste and spoilage. This sustainability aspect appeals to both consumers and manufacturers, fostering market growth.
- Brand Differentiation and Customer Engagement: Active and intelligent packaging solutions offer opportunities for brand differentiation and enhanced customer engagement. Interactive packaging with augmented reality features, personalized messages, and product information enriches the consumer experience, driving brand loyalty and market expansion.
Request Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5594
Industry Restraints:
- High Initial Investment: Implementing active and intelligent packaging solutions often requires significant upfront investment in research, development, and infrastructure. For small and medium-sized enterprises (SMEs) or businesses operating on tight budgets, this can be a major barrier to adoption.
- Complexity and Integration Challenges: Integrating active and intelligent packaging technologies into existing supply chain systems can be complex and challenging. Compatibility issues, data management complexities, and interoperability concerns may hinder seamless integration, slowing down market growth.
- Security and Privacy Concerns: As active and intelligent packaging solutions involve the collection and transmission of sensitive data, security and privacy concerns arise. Ensuring the confidentiality, integrity, and authenticity of data becomes paramount, especially in sectors like pharmaceuticals and personal care products.
- Limited Consumer Awareness: Despite the potential benefits, many consumers remain unaware of active and intelligent packaging technologies and their advantages. Educating consumers about these solutions, their functionalities, and benefits is crucial for market acceptance and adoption.
- Environmental Impact: Some active and intelligent packaging solutions involve the use of complex materials and electronics, raising concerns about their environmental impact and sustainability. Manufacturers need to focus on developing eco-friendly alternatives to address these sustainability challenges and mitigate negative environmental consequences.
Projected to grow at a CAGR of 9.8% from 2022 to 2027, the Global Active, Smart, and Intelligent Packaging Market is estimated to be valued at US$ 27.1 billion in 2022, with a forecasted reach of US$ 43.3 billion by 2027. This robust growth trajectory underscores the increasing adoption of advanced packaging solutions across various industries, driven by factors such as technological advancements, regulatory compliance requirements, and heightened consumer demand for product safety and information. The market’s expansion is expected to be further propelled by the surge in demand witnessed in key sectors like food & beverages and pharmaceuticals, particularly amid the COVID-19 pandemic.
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
