29-Mar-2022 | Zion Market Research
The global smart packaging market was worth around USD 22781.7 million in 2021 and is estimated to grow to about USD 31056.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.3 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Smart packaging is anticipated to see a major increase in popularity over the coming years as technological proliferation in the packaging industry increases substantially. As smart packaging features gain traction among the consumers there is expected to be a hike in demand through 2028.
Smart packaging is a result of rising consumer awareness about the composition of products and increased demand for packaged goods. Smart packaging utilizes technology and sensors to keep the product fresh and also allows manufacturers and consumers to track the product while in transit for delivery.
Changing lifestyle trends of the general population is expected to be a major factor propelling smart packaging market growth through 2028. Growing sales via online channels and e-commerce are expected to provide lucrative opportunities for the smart packaging market growth over the forecast period.
However, the high costs of smart packaging are anticipated to act as a major restraining factor for the smart packaging market potential through 2028. Smart packaging companies are expected to invest in the research and development of more affordable smart packaging solutions to boost their revenue potential over the forecast period.
Increasing demand for sustainable packaging solutions is anticipated to be a major challenge for smart packaging companies over the forecast period. The use of sensors and other technological components make it hard for smart packaging to be completely sustainable and strict mandates against non-recyclable packaging across the world will prove to be a challenge to overcome in the long run.
The pandemic of 2020 brought along multiple restrictions and created an adverse situation for multiple markets. Smart packaging market growth was also negatively impacted in this pandemic owing to restricted manufacturing and production activities. Downtime of multiple factories resulted in huge losses for multiple smart packaging companies and they struggled to keep their business afloat in these times.
However, this trend is expected to change as vaccination drives pace up and lockdown restrictions are lifted to ensure the world returns to a normal situation. Increasing e-commerce activity and rising consumer awareness for fresh food are expected to be major trends for the smart packaging market in the post-pandemic era.
Browse the full “Smart Packaging Market By Type (Active Packaging, Intelligent Packaging, Modified Atmosphere Packaging), By Material (Solid, Liquid), By End user (Food & beverage, Personal care, Automotive, Healthcare, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/smart-packaging-market
The global smart packaging market is segregated based on type, material, end user, and region. Based on end user, the global market is distinguished into food & beverage, personal care, automotive, healthcare, and others. The food & beverage segment is projected to have a bright outlook owing to the rise in demand for fresh and healthy packaged food across the world. Use of smart packaging in healthcare and personal care industry verticals is also anticipated to see an increase over the forecast period.
Led by consumer-intensive markets of China and India, the Asia Pacific region is expected to hold a dominant share over the forecast period in the global smart packaging industry landscape. Rapid urbanization, changing consumer preferences, increasing demand for fresh packaged foods, the presence of key smart packaging manufacturers, and changing lifestyle trends are major factors guiding the smart packaging market growth in this region. Europe is also anticipated to emerge as a highly lucrative region for smart packaging market.
Key players functioning in the global smart packaging market include 3M, Avery Dennison Corporation, Ball Corporation, BASF SE, Crown, International Paper, R.R. Donnelley & Sons Company, Stora Enso, Sysco Corporation, and Zebra Technologies Corp. (Temptime Corporation).
Global smart packaging market is segmented as follows:
By End User
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