Rapid Urbanization Fuels Global Active, Smart, and Intelligent Packaging Market | Future Scenario 2024

The global active, smart, and intelligent packaging market is evolving rapidly, and hence is highly dynamic. One reason behind it is the constant thrust on product development by nimble players. They are seen focusing on coming up with affordable and effective wrapping solutions to stay ahead of the curve. To that end, they are investing considerably in research and development activities.

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Another noticeable trend in the global active, smart, and intelligent packaging market is the entry of new players. Excited at the prospect of a new, cutting edge smart packaging, they are foraying into the space with new products. This has made the competitive landscape fragmented, with no players holding a clear majority share.

Going forward, the global active, smart, and intelligent packaging market is expected to progress by leaps and bounds. The following are expected to catalyze the stellar growth:

• A surging urban population, with substantial spending capacity and little time, is driving up demand for packaged and ready-to-eat food. This, in turn, has majorly filliped the food and beverage industry. The latter, realizing the importance of retaining the quality of food, are increasingly shifting away from traditional packaging. Instead, they are seen opting for active, smart, and intelligent packaging solutions. As a result, the revenue in the market is growing impressively.
• Thanks to rising incomes and awareness among consumers, the demand of exotic fruits and vegetables in soaring. The demand for frozen products such as meat and fish is also increasing. These are other factors pushing up sales in the global active, smart, and intelligent packaging solutions market. The specialty covering enables to keep the freshness of the products intact. They also help retain the nutritional value.
• Posing a challenge to the global active, smart, and intelligent packaging market, on the other hand, is the high cost. It is hampering sales to an extent. The high cost is mainly due to substantial investments in research and development. Besides, steep raw material costs also adds up.
• Despite such hiccups, the global active, smart, and intelligent packaging market is set to grow impressively in near term. Proliferating trade across continents will mostly boost demand. Apart from that, mushrooming convenience stores in urban pockets, having technologically advanced points of sales, has also been a catalyst. Smart packaging brings about easy and effective tracking and monitoring.
• North America is a key region in the global active, smart, and intelligent packaging market. Primarily fuelling the market in the region is the strict rules pertaining to food and beverage packaging. Hence, there is high demand for advanced packaging solutions. A large pool of discerning consumers is also responsible for driving demand in North America.
• Going forward, Asia Pacific will likely see swift growth in active, smart, and intelligent packaging market. The spurt in consumerism in the developing and developed nations in the region is predicted to stoke sales.

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