Pre and Post COVID-19 Market: Smart Packaging Market Worth $43.6 billion by 2027 at a CAGR of 5.2%

The smart packaging market is expected to reach $43.6 billion by 2027, at a CAGR of 5.2% during the forecast period of 2020 to 2027. The increasing demand for advanced packaging solutions from the food processing & pharmaceutical sector, growing consumer concern for food wastage reduction, and rising demand for smart & functional packaging are the major factors driving the growth of this market. Moreover, the growing E-commerce market and rising industrialization coupled with strong demand for superior logistics and supply chain management are likely to create lucrative opportunities for players operating in this market.

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The growth in this market is backed by a growing proportion of older people and changes in consumer lifestyles, increasing demand for advanced packaging solutions from the food processing and pharmaceutical sector, growing consumer concern for food wastage reduction, and demand for smart and functional packaging. Moreover, the growing e-commerce market and rising industrialization in the emerging economies, including India and China, coupled with strong demand for superior logistics and supply chain management, are likely to drive the industry over the forecast period. However, the high cost and unwillingness of brand owners to pay an additional cost of smart packaging are expected to hinder the growth of this market to some extent.

The overall smart packaging market is mainly segmented by packaging technology (modified atmosphere packaging (MAP), active packaging, and intelligent packaging), application (food & beverages, pharmaceuticals, automotive, personal care, and others), and geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa).

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Based on packaging technology, the modified atmosphere packaging segment is estimated to command the dominant share of the overall smart packaging market in 2020. The dominant position of this segment is mainly attributed to the increasing demand for fresh and high-quality packaged food products such as bread, fruits and vegetables, processed meat, fish, seafood, and dairy products. Further, on-the-go lifestyle, shift towards easy-to-handle & convenient packaging, and emerging economies propel the demand for modified atmosphere packaging in the market.

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However, the cost of gas packaging machinery and packaging materials used in modified atmosphere packaging is high. This can hinder the growth of modified atmosphere packaging market. Further, the intelligent packaging segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the increasing demand for packaged food, rising inclination towards food safety from chemicals and contamination by food manufacturers, and increased prevalence of the drugs that have high moisture sensitivity. In addition, growing advances in packaging technology and investments in research and development are some of the major market drivers, fueling the market growth in the forecast period.

Based on application, the food & beverage segment is estimated to hold the largest share of the overall smart packaging market in 2020. The large share of this segment is mainly attributed to the rising use of active products in the food & beverage industry coupled with growing emphasis to preserve the quality and safety of packaged products from manufacturing to the time the food is consumed. Further, consumers demand healthy, safe, and higher‐quality foods, with long shelf‐life, and growing demand for self-heating and cooling packaged products in the beverage industry is expected to fuel demand for such products in North America and Europe over the forecast period. However, the pharmaceutical segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the growing aging population, increasing integration of barcodes, RFID, and sensors technology in the pharmaceutical industry to monitor the details about medicines' expiry date, consumption, dosages, and the rising advances in the pharmaceutical industry.

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Geographically, North America is estimated to command the largest share of the global smart packaging market in 2020. The leading position of North America in the global smart packaging market is primarily attributed to the rise in the adoption of smart packaging solutions due to the rising demand for packaged and frozen foods, increased food safety concerns within the population, and changing lifestyle due to urbanization. Further, 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 North America. However, the high cost of smart packaging is projected to hamper the global smart packaging market growth. Moreover, Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The fast growth of this region is primarily attributed to the changing lifestyles of people, increasing demand for packaging solutions with longer sustainability, and growing demand for fresh and quality food. Further, an increase in counterfeit products in developing countries such as India and China has also compelled companies to use technologies like RFID during packaging. However, security and privacy issues in the case of intelligent packaging systems are expected to challenge the market’s growth over the forecast period.

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the smart packaging market over the last four years. The key players operating in the global smart packaging market are 3M, Avery Dennison Corporation, American Thermal Instruments, Temptime Corporation, Smartrac N.V., BASF SE, Thin Film Electronics ASA, Stora Enso, International Paper, Amcor plc, Emerson Electric Co., R.R. Donnelly & Sons (RRD) Company, Sealed Air Corporation, and Smartglyph Ltd. among others.

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