Transforming Industries: Track & Trace Packaging's Vital Role in Catapulting the Intelligent Packaging Market 2.4 Times Beyond Current Valuation by 2033

The Intelligent Packaging Market is on a rapid trajectory, projected to reach $23.6 billion in 2023 and soar to an impressive $56.0 billion by 2033. With a robust annual growth rate of 9.0% over the next decade, this industry showcases dynamic evolution. Interactive packaging and active solutions are set to dominate, accounting for 72% of the market share, driven by the demand for user-friendly experiences and premium product quality.

Notably, the food and beverage sector's increasing reliance on track and trace packaging bolsters intelligent packaging sales. This sector's imminent expansion to 2.4 times its current value underscores its pivotal role in reshaping industries.

The Intelligent Packaging Market is experiencing significant growth as technology advances and consumer demands evolve. Intelligent packaging refers to packaging solutions that incorporate technologies such as sensors, RFID tags, and smart labels to provide real-time data, enhance product safety, and improve consumer engagement.

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Key points:

-Product Quality and Safety: Intelligent packaging enables real-time monitoring of factors like temperature, humidity, and freshness, ensuring product quality and safety throughout the supply chain.
-Supply Chain Efficiency: Intelligent packaging solutions optimize inventory management, reduce waste, and improve logistics by providing accurate tracking and real-time visibility.
-Consumer Engagement: Interactive features like QR codes and NFC-enabled packaging enhance consumer engagement, providing product information, promotions, and personalized experiences.
-Counterfeit Prevention: Intelligent packaging includes anti-counterfeiting features like tamper-evident seals and authentication labels, protecting brands and ensuring product authenticity.
-Sustainability: Intelligent packaging can contribute to sustainability goals by enabling better inventory management, reducing food waste, and supporting recycling efforts.
-Market Expansion: Advancements in technologies like IoT, AI, and printed electronics are driving the adoption of intelligent packaging across industries such as food and beverages, healthcare, and consumer goods.
-Regulatory Compliance: Intelligent packaging solutions help companies comply with regulations related to traceability, labeling, and product safety.
-Data-driven Insights: Intelligent packaging generates valuable data, providing insights into consumer behavior, supply chain efficiencies, and product performance for informed decision-making.
-Innovation and Collaboration: The market fosters collaborations between packaging manufacturers, technology providers, and brands to develop and integrate intelligent packaging solutions.
-Future Potential: With continuous technological advancements and increasing consumer expectations, the intelligent packaging market is poised for further growth and innovation, transforming the way products are packaged, delivered, and experienced.

On the basis of the level of packaging, primary packaging is anticipated to continue dominating the market, growing at a robust CAGR of 9.6% through 2031. Increasing emphasis on adopting interactive and attractive packing solutions to improve the first impression of the product is a key factor driving sales in the segment.

"Greater inclination for contactless purchase and contactless delivery among present-day consumers will tip scales in favor of intelligent packaging. Introduction of innovative packaging technologies such as anti-microbial and nanotechnology also will accelerate the growth in the market," says an FMI analyst.

Key Takeaways from Intelligent Packaging Market Study

-The U.S. is expected to hold the largest share in the North American market, accounting for nearly 85% of regional sales through 2031.
-Germany is projected to emerge as one of the most remunerative markets in Europe, contributing around 1/5th of the overall revenue share in the region by 2031.
-India is estimated to dominate the South Asia intelligent packaging market, accounting for more than 45% of the regional demand through 2031.
-The market in Japan is forecast to witness swift growth, expanding at an impressive CAGR of 11.2% CAGR from 2021 to 2031.
-In terms of technology, interactive/data carrier packaging is anticipated to hold the dominant share, accounting for 44% of the sales by 2031.

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Key Drivers

Increasing demand for smart packaging with advanced features such as easy tracking and detecting using quick response (QR) codes from the e-commerce industry is spurring the sales of intelligent packaging.
Implementation of stringent regulations regarding storing and transporting various food & beverages and healthcare products to ensure product safety is propelling the demand for active packaging such as oxygen scavengers and ethylene absorbers.

Key Restraints

High cost of intelligent packaging compared to traditional packaging is a primary factor hampering the growth in the market.
Rising concerns regarding the environment and implementation of several regulations about the use of plastics for packaging are restraining the growth in the market.

Competitive Landscape

Leading manufacturers are emphasizing on launching next-generation packaging solutions, integrated adopting advanced technologies to expand their product portfolio. Also, some of the players are aiming at expanding their production capacity to cater to the increasing demand from various industries.

In 2021, JRI Company, an American company, announced expanding its production capacity by integration of the Labguard 3D equipment into its JRI-MySirius solutions.
In December 2020, DeltaTrak Inc., a leading innovator of cold chain management and temperature monitoring solutions, announced launching customized vaccine temperature monitoring solutions, which are compatible with the three temperature profiles required for the handling, transport, and storage of COVID-19 vaccines.

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Intelligent Packaging Market Segmentation

-By Technology:

Indicators
Time-Temperature Indicators
Gas & Integrity Indicators
Freshness Indicators
Sensors
Interactive Packaging/Data Carriers
Quick-response (QR Codes)
Barcodes
Radio Frequency Identification (RFIDs)
Near Field Communications (NFCs)
Bluetooth Low Energy (BLE)
Active Packaging
Oxygen Scavengers
Ethylene Absorbers
Moisture Scavengers
Anti-microbial Packaging

-By Level of Packaging:

Primary Packaging
Secondary Packaging
Tertiary Packaging

-By Application:

Bottles and Jars
Blisters
Trays & Clamshells
Cans
Boxes & Cartons
Vials, Ampoules, & Prefilled Syringes
Bags & Pouches
Films & Wraps
Mailers
Labels, Tapes, & Tags

-By End Use:

Food
Meat, Poultry, & Seafood
Fruits & Vegetables
Dairy Products
Bakery & Confectionary
Processed Food
Ready to Eat Food
Other Food Products
Beverage
Healthcare
Medical Devices
Medical Supplies
Pharmaceuticals
Cosmetics
Logistics & Transport
Consumer Electronics
Personal Care & Homecare
Other Consumer Goods

-By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa

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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.