Smart Packaging Market by Type (Active Packaging, Intelligent Packaging, and Modified Atmosphere Packaging (MAP)), by Application (Personal Care, Food & Beverage, Healthcare, Automotive, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024

Global smart packaging market expected to reach USD 48.53 billion in 2024, growing at a CAGR of 5% between 2018 and 2024. The major benefits of using smart packaging system are the minimization of cost, prevent the people from food wastage, reduction in human errors, and rejuvenating the brand.

13-Jul-2018 | Number of pages: 110 | Report Code: ZMR-407 | Report Format : | Status : Published

Analysis

Protection, convenience, containment, and communication are the functions of the smart packaging. The smart packaging also provides various additional functionalities which depend on the product type.

Rising demand for functional and smart packaging and the increasing use of smart packaging in reducing food wastage are expected to drive the global market. Moreover, increasing purchasing power, consumer changing lifestyle and rising population are estimated to drive the smart packaging market during the years to come. However, limited availability, lack of consumer awareness, the high price of plastic materials, the low absence of integrators, high cost, and better product designers anticipate impeding the growth of the market. Nevertheless, elevation of printed technology is likely to set new wings to the global smart packaging within the years to come. 

The smart packaging market is classified into type, application, and region. In terms of type, the market is categorized into active packaging, intelligent packaging, and modified atmosphere packaging (MAP). Among the other types, active packaging type has dominated the smart packaging market in 2017 and is expected to dominate in the near future. In terms of application, smart packaging market is segmented into personal care, food & beverage, healthcare, automotive, and others. Food & beverage application segment accounted for the largest market share of around 37% in 2017 owing to rapidly increasing active product use in food and beverages industry and demand for ready-to-eat food products is anticipated to fuel the smart packaging market during the forecast period. 

Global Smart Packaging Market

North America accounted for the highest market share of the smart packaging market in 2017 followed by Europe and the Asia Pacific; it accounted for around 45% market share in 2017. Swift growth of industries such as automotive, food & beverage, manufacturing, pharmaceutical, and logistics coupled with recovery of economic slowdown is anticipated to fuel the demand for the market during the forecast period. Rising purchasing power of consumers and an increase in awareness regarding health is projected to propel the smart packaging industry within the years to come. Europe is projected to exhibit a significant growth rate owing to rising government emphasis to lower down the toxic content of packaging material. The Asia Pacific is emerging as the potential market for smart packaging and it is estimated to be the fastest growing region in the near future on an account of rising lifestyle and purchasing power of people. The Middle East & Africa and Latin America are projected to witness moderate growth rate in the coming years.

The key manufacturers in the global smart packaging market are E. I. Du Pont De Nemours and Company, Multisorb Technologies Inc., Amcor Limited, BASF SE, RR Donnelley, Sealed Air Corporation, Huhtamaki Group, PakSense Meadwestvaco Corporation, and Stora Enso OYJ.
 


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