Intelligent Packaging Market Size, Share, Opportunities, And Trends By Packaging Technology (RFID Tags, Temperature Indicators, Freshness Indicators, Others), By Application (Food And Beverages, Pharmaceutical And Healthcare, Electronic Products, Cosmetics And Personal Care), And By Geography - Forecasts From 2024 To 2029

The intelligent packaging market is expected to grow at a CAGR of 8.28%, reaching a market size of US$ 12.916 billion in 2029 from US$7.403 billion in 2022.

The need for machine-readable data to be incorporated into packaging has given rise to the introduction of intelligent or smart packing systems. Intelligent packaging is a part of the communication system capable of providing knowledge and information about a product. Some major market drivers include the presence of products with many parts, advances that have been made in packaging technology, and investments that have taken place in research and development. North America and Europe will likely take up a lot of space due to strict government policies on food and drink packages, among others being high adopters of such practices. On the other hand, the Asia-Pacific region is experiencing fast growth in the global intelligent packaging market. These solutions offer benefits like convenience, tamper-proofing, and theft resistance, among others. The demand for these solutions is expected to witness maximum growth due to the increasing penetration of technologies and a focus on curbing counterfeit products.

Intelligent Packaging Market Drivers:

• The growing consumer preference for convenience foods is driving the demand for intelligent packaging solutions

There is a growing preference for the consumption of convenience and ready-to-eat foods owing to the increasing urbanization, where there is an increasing shift from rural to urban areas, which has brought in changes in dietary conditions as well. In countries like India, citizens have started moving away from the traditional form of food consumption, which includes cooking at home and eating together. Nowadays, there has been a shift in the trend of adopting a busy lifestyle. Women have also started working, leading to a growing preference for convenience foods and beverages. This has further increased the per capita income and has led to an increased level of affluence among the middle-income group, bringing a change in food habits. In developed regions like North America, many people have adopted individual lifestyles. Furthermore, a high disposable income has raised the limit of expenditure, further leading to consumers' unwillingness to spend more time on food preparation and their preference for leisure activities instead. Thus, it promotes the consumption of convenience foods, where intelligent packaging is expected to provide detailed information about the food product to a wide range of consumers. This creates a high market demand among well-educated consumers in developed regions and other parts of the world.

Intelligent Packaging Market Restraint:

• Potential privacy concerns with data collection methods

There are privacy implications for packaging mechanisms used for data collection that can be sensitive consumer data. This may lead to a lack of trust and vengeance, essentially interfering with market acceptance. When clients get worried about the possible misuse or compromise of their information, they are likely not to participate in interactive packaging. This kind of anxiety can reduce brand loyalty and adoption rates, which presents a problem for businesses looking to use these technologies to engage customers.

Intelligent Packaging Market Geographical Outlook

• North America is projected to grow rapidly during the forecast period

In the North American region, there are favourable opportunities for the intelligent packaging market to thrive in the forecast period and the upcoming years. An early embrace of technological advancements and innovations has caused this. Moreover, the market demand in these places is due to strict government measures on packaging materials for food and drinks. Intelligent packaging systems that come with NFC stand out among other new concepts within the pharmaceutical industry as they add considerable worth to smart drug label production. Additionally, with the diffusion of digital technologies in almost every business in these regions, the digital identification of pharmaceuticals is further adding to the market’s growth at present and in the upcoming years.

Further, some of the applications of intelligent packaging technology include dosing advice, optimization of internal logistics processes, and protecting brand identity, among other applications, providing convenience to a wide range of patients in these regions. Furthermore, high health expenditure coupled with a high prevalence of chronic diseases and a growing geriatric population drives market demand owing to increased patient compliance during the treatment course, which can be effectively monitored by intelligent packaging technology. This feature of smart or intelligent packaging for use in drug compliance can be seen as an opportunity for the market to thrive in the upcoming years.

Intelligent Packaging Market Developments:

• In May 2022, the development, design, and production of Wiliot tags, along with the integration of atma.io, will enable the creation of an intelligent and completely connected Internet of Things. Avery Dennison also made a strategic partnership with Wiliot, a developer and provider of digital ID technologies.
• In April 2022, In Sligo, Ireland, Amcor PLC built new thermoforming capabilities for medical packaging at its healthcare packaging facility. The multi-million-dollar investment would support Amcor's sterile packaging business growth and provide clients in North America and Europe with an additional location offering complete healthcare solutions.
• In July 2022, Hawk Measurement Systems (HAWK), a global leader in level, positioning, asset monitoring, and fibre optic sensing systems, designed and developed the first guided wave radar intelligent packaging in the industry with Power over Ethernet (CGR PoE) capabilities.

HAWK's CGR PoE Intelligent packaging has received numerous honours for its originality and creativity. This industry-leading product, which won the 2021 Chemical Processing Vaaler Award and the Plant Engineering Product of the Year Award, is revolutionizing the way businesses track, measure, and monitor their assets.

Key Market Segmentation:

Intelligent packaging Market is segmented and analyzed as below:

• By Packaging Technology
  • RFID Tags
  • Temperature Indicators
  • Freshness Indicators
  • Others
• By Application
  • Food and Beverages
  • Pharmaceutical and Healthcare
  • Electronic Products
  • Cosmetics and Personal Care
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Others