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Active, Smart & Intelligent Packaging Market Size & Trends 2024-2033 | Competitive Analysis
Active, Smart & Intelligent Packaging Market Size
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According to The Business Research Company's, The active, smart and intelligent packaging market size has grown strongly in recent years. It will grow from $40.50 billion in 2023 to $43.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to advancements in technology, consumer demand for freshness and safety, extended shelf life requirements, stringent food safety regulations, environmental concerns, sustainability, and supply chain efficiency.
The active, smart, and intelligent packaging market size is expected to see strong growth in the next few years. It will grow to $59.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to cost efficiency and reduction of food waste, growth of e-commerce and online retail, rising healthcare and pharmaceutical industries, consumer convenience, increase in the global trade of perishable goods, and Regulatory Standards and Compliance. Major trends in the forecast period include increased demand for freshness indicators, growth in smart packaging solutions for pharmaceuticals, advancements in Internet of Things (IoT) integration, sustainability and eco-friendly materials, rise in anti-counterfeiting technologies, and increased use of nanotechnology.
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Market Drivers and Trends:
The expansion of the food and beverage industry is expected to propel the growth of the active, smart, and intelligent packaging market going forward. The food and beverage industry encompasses the production, processing, distribution, and sale of edible goods and non-alcoholic drinks. The expansion of the food and beverage industry is driven by factors such as changing consumer preferences, population growth, globalization, and technological advancements. Active, smart, and intelligent packaging in the food and beverage industry enhances safety by monitoring freshness, detecting spoilage, and providing real-time information on storage conditions, thereby extending shelf life and ensuring product quality. For instance, in March 2022, according to the Australian Bureau of Statistics, an Australian government statistical agency, in the 2020-21 period, supermarkets, grocery stores, convenience stores, specialty food stores, and fresh food markets in Australia collectively sold 14.7 million metric tons of food and non-alcoholic beverages. This marked a 1.4% increase (equivalent to 204,100 metric tons) compared to the preceding 12 months (2019-20). Therefore, the expansion of the food and beverage industry is driving the growth of the active, smart, and intelligent packaging market.
Major companies operating in the active, smart, and intelligent packaging market are developing innovative products, such as web-based smart packaging, to revolutionize supply chain visibility, enhance product traceability, and improve consumer engagement. Web-based smart packaging refers to packaging systems equipped with sensors and connected to the internet, enabling real-time monitoring of product conditions such as temperature, humidity, and location. For instance, in October 2023, Appetite Creative Solutions, a Spain-based digital marketing agency, partnered with Tetra Pak, a Switzerland-based packaging and processing company, to introduce an interactive smart packaging experience for European fruit juice producers. This smart packaging uses a web app-based connected experience accessible via QR codes on one-liter juice packs in flavors such as orange, pineapple, and apple. The web app tracks real-time interaction data, such as buying habits, product preferences, average engagement time, age, location, scan rate, number of visitors, return visitors, and social media shares, including GDPR-compliant personal data. This data enables the brand to optimize its marketing strategies and gain a better understanding of consumers.
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Major Key Players of the Market:
BASF SE, 3M Company, WestRock Company, Amcor Limited, Smurfit Kappa Group, Dupont de Nemours Inc., Tetra Pak International S.A., Stora Enso Oyj, Mondi Group, Avery Dennison Corporation, Thinfilm Electronics ASA, Sonoco Products Company, Sealed Air Corporation, Huhtamaki Group, Checkpoint Systems Inc., Constantia Flexibles Group GmbH, Sato Holdings Corporation, Coveris Holdings S.A., Wipak Group, Bemis Company Inc., Multisorb Technologies Inc., Clondalkin Group Holdings B.V., PragmatIC Printing Ltd.
Active, Smart And Intelligent Packaging Market 2024 Key Insights:
• The active, smart, and intelligent packaging market size is expected to see strong growth in the next few years. It will grow to $59.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• The Rising Food And Beverage Industry Fuels The Active, Smart, And Intelligent Packaging market
• Enhancing Consumer Engagement Through Interactive Web-Based Smart Packaging
• North America was the largest region in the active, smart, and intelligent packaging market in 2023
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