Smart Packaging Market is anticipated to reach USD 26.7 billion by 2024. Smart Packaging is also known as “Intelligent Packaging” or “Active Packaging”. Smart packaging is used for personal care, food & beverages, automotive and healthcare products. They provide extended shelf life, monitor freshness, ensure safety and improve suitability.
The
factors that propel the growth of the market include changes in lifestyle
patterns owing to surge in consumption of cosmetics and beauty products, rapid
urbanization, and technological development in the packaging. On the other
hand, there are factors that may hamper the growth of the market including
intelligent packaging and high cost. Smart Packaging industry is anticipated to
grow at a significant CAGR of 10.6% of in the upcoming period as the scope, product
types, and its applications are increasing across the globe.
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The
industry may be explored by type, end users, technology type, driver, and
geography. The market may be explored by type as industry verticals as
Automotive, Food & Beverages, Personal Care, Healthcare, and Others. The
“Food and Beverages” segment led the Smart Packaging Market in 2016 and is
anticipated to maintain its dominance by 2024.
The
market could be explored based on end users as Food & beverage, Logistics,
Automotive, Healthcare, Personal care, and Others. The “Food & Beverage”
segment led the Smart Packaging Market in 2015 and is anticipated to maintain
its dominance by 2024 owing to increasing use of active products in the food
& beverage industry coupled with rising importance to preserve the safety
and quality of packaged products from manufacturing to the time the food is
consumed is expected to drive the development of market.
The
industry may be analyzed by technology type as Intelligent, Active, and MAP.
The “Active packaging” segment led the smart packaging industry in 2015 and is
anticipated to maintain its dominance by 2024 owing to high use in
pharmaceutical, food and beverage, and personal care sector due to its
corrosion protection and superior moisture control properties. The market may
be analyzed by driver shelf life, brand protection and safety.
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North
America accounted for the major share of the Smart Packaging Market Size in
2015 and will continue to lead in the forecast period. The factors that could
be attributed to the growth includes fast development in the industries such as
pharmaceutical, food & beverage, logistics, automotive, and manufacturing
coupled with stable recovery from economic recession is anticipated to propel
the demand over the forecast period. Increasing expenditure ability of
consumers coupled with rising concerns on improving the general health in the
region is anticipated to propel the smart packaging industry over the
forthcoming period.
Some
of the key players that fuel the growth of the smart packaging industry
comprise Constar International Inc., Crown Holdings Inc., Bemis Company, Inc.,
Ball Corporation, Ampacet Corporation, Multisorb Technologies, Graham Packaging
Company Inc., Sysco Corporation (Fresh Point Services), Rexam PLC, and
Timestrip, PLC. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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