Report Title: “Global Smart Packaging Market – Segmented by Active Packaging, Intelligent Packaging, Modified Atmosphere Packaging (Horizontal & Vertical Flow Packaging, Deep-Drawing Machine) and Geography – Growth, Trends and Forecasts (2018 – 2023)”
Global “Smart Packaging Market” (2018 – 2023) Report Provides Overall study of Approximate CAGR, Leading Manufacturers, Key Development, Market Dynamics and SWOT analysis for Key Players. The Smart Packaging market is expected to register a CAGR of approximately 4.28% during the forecast period of (2018 – 2023)
Smart Packaging Market Report Covers Leading Manufacturers: Sealed Air Corporation, Bemis Company Inc., Winpak Limited, Point Five Packaging LLC, Dansensor A/S, Praxair, Inc., Berry Global Inc, Ball Corporation, Desiccare Inc., Linpac Packaging Limitied, Coveris Holdings S.A., BASF SE, Huhtamaki Group, Amcor Limited
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The global smart packaging market is expected to register a CAGR of 4.28% during the forecast period, 2018-2023. The report discusses the types of packaging technologies and its segments in detail, while the regions considered in the scope of the report include North America, Europe, and various others. The study also focuses on various trends in the market, such as the increasing demand for longer and sustainable packaging products, which affect the same.
The terms ‘Active’, ‘Intelligent’, and ‘Smart’, are often used interchangeably in the case of packaging materials. As per the study scope, the smart packaging market comprises of active, intelligent, and modified atmosphere packaging (MAP) technology. Active and intelligent systems are a branch of packaging that is truly innovative and offers exciting opportunities for food safety, quality, and convenience. Many active and intelligent packaging concepts are commercially available, globally. The demand for longer shelf lives of food products and the increasing emphasis on reducing the use of preservatives in food products have spurred the demand for smart packaging solutions. Additionally, the need for minimally processed products is on the rise, and this has resulted in the need for new and innovative packaging solutions.
As food & consumer product market is expected to have a large growth margins over the forecast period, this may proportionally influence the increase of expenditure on packaged goods, and in particular food and personal care products, thus, driving the smart packaging market forward.
Growing Need for Longer Shelf Life of Food Products and Changing Lifestyle expected to Drive the Market
The demand for packaged food products with an extended shelf life and sterility has increased. In addition, growth in the consumption of frozen and chilled food products is also expected to drive the demand. Moreover, delivery strategies and increasing competition are observed within the market segments of supermarket, fast food, and convenience stores. This, in turn, is expanding the foodservice operations in an attempt to provide quality fresh foods that rival, and at times, exceed their fast food competitors. Also, a growth in the spending power of people in the developing countries, such as India and China, has also increased the demand for ready-to-eat food products, which is driving the demand for smart packaging solutions.
Oxygen Scavenger Technology Expected to Lead the Market
Oxygen scavengers is the most used technology for active packaging. There are two types of oxygen scavengers based on different concepts, self-adhesive labels to be included in packaging and active systems included in the packaging material. Oxygen scavengers are agents that react with oxygen to reduce its concentration. Ferrous oxide is the most commonly used scavenger. Most packages have a triggering mechanism to initiate the scavenging. It is widely used for the meat industry. In addition, increasing deployment in the food and pharmaceutical industries is expected to drive the demand during the forecast period. Also, stringent standards and regulations are playing a significant role in the deployment of this technology.
North America Expected to Lead the Market
The United States occupies the lion’s share of the market value in North America, followed by Canada. Growing working population and increasing demand for interactive and improved packaging solutions account for the expected growth in the market in the region. The United States is home to one of the busiest consumer markets, which forms a major part of the workforce. The demand for foods and beverages has risen markedly, due to the growing population (both, from within and due to immigration).To meet the huge demands of the food industry, there has been a significant increase in the volume of import of food from different regions across the world, thus, driving the demand for the smart packaging solutions in the region.
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Reasons to Purchase Smart Packaging Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months analyst support along with the Market Estimate sheet (in excel).
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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