Press release
Smart Packaging MarketRising Valuation to Reach $38,662.0 million by 2030, Fueled by Strong CAGR of 5.5%
Smart Packaging Market
The global smart packaging market generated $22.2 billion in 2020, and is projected to reach $38.6 billion by 2030, witnessing a CAGR of 5.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Changing lifestyle patterns in emerging countries due to rapid urbanization and increase in consumption of beauty products & cosmetics with packaging advancement technology drive the growth of the global smart packaging market. However, Excessive cost of active and intelligent packaging restrains the growth to some extent. On the other hand, Untapped geographical regions present new opportunities in the upcoming years.
COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to global lockdown, which in turn, negatively impact the global smart packaging market.
Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This, in turn, declined the manufacturing of smart packaging as well as their demand in the market.
The report offers detailed segmentation of the global smart packaging market based on type, end user, material, and region.
Based on end user, the food & beverage segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the healthcare segment is estimated to register the highest CAGR of 6.2% from 2021 to 2030.
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Based on material, the solid segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the liquid segment is projected to register the highest CAGR of 5.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding one-third of the global aircraft tires market, and is estimated to continue its dominant share by 2030. Moreover, LAMEA region is projected to manifest the fastest CAGR of 7.8% during the forecast period.
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Leading Players:
Leading players of the global smart packaging market analyzed in the research include 3M, Avery Dennison Corporation, Ball Corporation, BASF SE, Crown, International Paper, R.R. Donnelley & Sons Company, Stora Enso, Sysco Corporation, and Zebra Technologies Corp. (Temptime Corporation).
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