Smart Packaging: Global Market Outlook

NEW YORK, Feb. 9, 2023 /PRNewswire/ -- Report Scope:

This report provides a comprehensive analysis of the smart packaging industry based on three categories, technology, end-user, and regions.The technologies are segmented into three major types: active packaging, intelligent packaging, and connected packaging.

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A detailed estimate and forecast of the global market by end-user is provided under the categories of food & beverages, pharmaceutical, personal care & cosmetics, automotive, and others.The report also examines and quantifies the smart packaging market based on regions.

Further, the report analyzes the industry structure, market dynamics, and supply chain analysis of the smart packaging industry.

The report estimates the global market for smart packaging in 2021 and provides projections for the expected market size through 2027.Using 2021 as the base year, the report provides estimated market data for the forecast period, 2022-2027.

Revenue forecasts for this period are segmented based on technology, end-user, and geography. Market values have been estimated based on the total revenue of smart packaging solution providers.

Report Includes:

- 14 data tables and 5 additional tables

- A brief general outlook of the global market for smart packaging technologies

- Analyses of the global market trends, with historic market revenue (sales figures) for 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027

- Highlights of market opportunities for this innovation-driven smart packaging market, and the major regions and countries involved in market developments

- Estimation of the actual market size and revenue forecast for smart packaging market in USD million values, and corresponding market share analysis based on technology type, end user, and region

- Discussion of the major growth drivers and industry-specific challenges that will shape the market for smart packaging solutions as the basis for projecting demand in the next few years (2022-2027)

- Holistic review of the impact of the COVID-19 pandemic and the Russia-Ukraine war on the market for smart packaging products and solutions

- Identification of the major stakeholders and analysis of the company competitive landscape based on recent developments, financial performance, and segmental revenues

- Company profiles of major players within the industry, including Amcor plc, International Paper, Smurfit Kappa, Stora Enso, and WestRock Company

Summary:

Smart packaging describes packaging types that use technology to do things that go beyond product storage. Smart packaging is embedded with technology that can provide or sense information or change the internal atmosphere near the product.

Intelligent packaging is a type of smart packaging mainly used for pharmaceutical and food & beverage products.This type of packaging includes sensors that can detect the temperature or freshness of the package contents.

Another type of packaging is active packaging. Active packaging allows the package to interact with its contents to improve product shelf life or modify the quality of contents during storage.

Various materials, such as light filtering materials, ethylene absorbers, oxygen, antimicrobial surface coatings, and moisture-regulating materials, are integrated into the packaging or added separately as an insert.Connected packaging has applications in almost all retail product categories, including cosmetics, gaming, toys, and apparel.

A special code is printed on or within the product's package in connected packaging. Consumers can activate this code with a mobile device to receive exclusive content.

The global market for smart packaging was estimated to be $REDACTED in 2021.It is projected that the smart packaging market will grow at a CAGR of REDACTED% and is forecast to reach $REDACTED by 2027.

The increasing demand for advanced packaging solutions from the food processing and pharmaceutical sectors, growing consumer concern for food wastage reduction, and rising demand for smart and functional packaging are the major factors driving the growth of the smart packaging market. Moreover, the growing e-commerce market, coupled with strong demand for superior logistics and supply chain management, is likely to create significant opportunities for players operating in this market.

In this report, the global market smart packaging has been segmented based on technology, end-user, and geography.Based on technology, the smart packaging market has been categorized into active packaging, intelligent packaging, and connected packaging.

Connected packaging currently dominates the market and was valued at $REDACTED in 2021. It is estimated the smart packaging market for connected packaging technology will grow at a CAGR of REDACTED% and is forecast to reach $REDACTED by 2027.

Based on end-user, the smart packaging market has been segmented into food & beverages, pharmaceutical, personal care & cosmetics, automotive, and others.The food & beverage industry is the major end-user of smart packaging.

The changing lifestyle of consumers, increasing demand for packaged food items, need for advanced integrated packaging solutions such as shelf-stable and sustainable packaging are expected to drive the smart packaging market growth.

By geography, the smart packaging market has been divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.The North American region is currently the most dominant market for global smart packaging.

In 2021, total revenue from the North American smart packaging market reached $REDACTED, which is around REDACTED% of the global market. The existence of a large number of international and domestic players, availability of resources, advancement in technology, and surge in demand for packaging products in several end-use sectors are some of the key factors driving the North American market. Asia-Pacific is one of the key markets for

smart packaging globally. The Asia-Pacific smart packaging market was valued at $REDACTED in 2021.

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