Press release
Smart Packaging Industry Leading Market Players 3M Company, TempTime Corporation, PakSense Inc., American Thermal Instruments, Avery Dennison Corporation
Market Scenario:
The key drivers for the growth of the smart packaging market are the increased awareness about health & safety, increased demand from food & beverages and pharmaceutical industries. Food & Beverage industry has adopted smart packaging extensively across the world due to the some additional features such as retention of nutrients of food products and prevent food spoilage, enhance attributes such as look, taste, and aroma, along with increased shelf life. Moreover, Smart packaging is being used across pharmaceutical industry for threat detection, diagnostics and for effective drug delivery. It can also provide patients, pharmacists and healthcare professionals with valuable information. The global smart packaging market is expected to reach market size of USD 46.74 billion by the end of 2022. It is expected to grow at 5.16% CAGR during the forecast period.
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Key Players
The key players of the global smart packaging market include- 3M Company, TempTime Corporation, PakSense Inc., American Thermal Instruments, Avery Dennison Corporation, R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso, Huhtamaki Group and Smartrac N.V.
Factors attributed to the growth of the market are improved health & safety, changing lifestyle, easy implementation and reduced counterfeiting. On the basis of application, Food & Beverage dominates the market. However, high research & development costs and lack of sustainable e-packaging products are hampering the growth of the market. The global smart packaging market size is expected to cross USD 40 Billion at CAGR of approximately 5% by 2022.
Regional Analysis of Global Smart Packaging Market:
North America is expected to lead the smart packaging market, followed by Europe and Asia-Pacific. North America accounts for the largest share of 42.72% in the global smart packaging market in 2016. The region has witnessed increased investment in the R&D and product innovation as far as packaging is concerned. APAC is expected to experience the fastest growth during the forecasted period due to the economic growth of China and India. The region offers flourishing market for such technological advanced packaging solutions.
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Personal care is the fastest growing sector
Global Smart Packaging Information by Technology (Active, Intelligent and MAP), by Application (Food & Beverages, Automotive, Healthcare, Personal Care and others), and Region - Forecast to 2022
Personal Care segment is expected to grow fast over the forecasted period due to rising awareness about health safety. However, Food & Beverage segment dominates the market, majorly due to increased safety with low cost and increased shelf-life.
The report for Global Smart Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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