Smart Packaging Market to Reach 36.2 billion USD by 2022 - IndustryARC

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Growing consumer concern for food wastage and sustainability to drive the market; estimated to reach $36.2 billion by 2022 

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Smart Packaging which goes beyond regular packaging combined with traditional printed features applicable to primary, secondary, or tertiary packaging can be termed as smart packaging. Smart packing can be classified into three major types namely: active, intelligent and modified atmospheric packaging. Packaging is changing at rapid pace owing to the growing customers and product manufacturer's requirements. Presence of variety of packaging type at retail store, supermarkets are failing to engage the customers. Smart packaging includes a responsive feature along with usage of more sustainable and recyclable material thus serving the packaging requirements and delivering a more compelling value proposition to the consumer. Smart packaging thus incorporates mechanical, chemical, electrical and electronic forces within the package. The global smart packaging market is segmented based on type, application and geography.

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The global smart packaging market is estimated to be $25 billion in 2016. Smart packaging has been playing a significant role in meeting the growing packaging needs of global trade. Sustainability, extended shelf life, traceability, counterfeiting are addressed efficiently and effectively through smart packaging. Modified atmosphere packaging is estimated to hold the major share in 2016, whereas intelligent packaging is projected to witness fastest growth during the forecast period. Scavengers in active packaging segment whereas safety & quality indicators in intelligent packaging segment are estimated to hold largest share in 2016 in smart packaging market. Consumer concerns over food safety, food wastage and sustainability are the major drivers of the smart packaging market.

North America held the major share in the market mainly driven by rising demand for packaged and frozen food.Changing government regulations regarding safer food and packaging, growing food waste and rising demand for quality packaging to extend shelf life is driving the market for smart packaging in the APAC region. Countries such as China, South Korea and India are estimated to foster the market growth in the APAC region making it the fastest growing region during 2017-2022.

The Key Players in this Market Include 

• Bemis Company Inc.
• Amcor Limited.
• E. I. Du Pont De Nemours and Company
• Mitsubishi Gas Chemical Co.
• Paksense Incorporates

Global smart packaging market is highly fragmented and competitive. Low cost of technology and low entry barriers for new players in the industry make the industry highly fragmented allowing the small players to push their products in the market. Agreement, expansion and acquisitions are the key strategies adopted by the companies to enhance their market share.

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SOURCE IndustryARC