Intelligent Packaging Market Size, Share, Opportunities, COVID-19 Impact, 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 2022 To 2027
- Published : Nov 2022
- Report Code : KSI061610043
- Pages : 130
The intelligent packaging market is projected to grow at a CAGR of 8.06% to reach US$10.992 billion by 2027, from US$6.389 billion in 2020.
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 that is capable of providing knowledge and information about a product.
The complexity of products, advances in packaging technology, and investments in research and development are some of the major market drivers. North America and Europe are expected to hold a significant market share due to the stringent government regulations regarding food and beverage packaging along with a high adoption rate of technological advancements. 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.
The growing consumer preference for convenience foods is driving the demand for intelligent packaging solutions, fueling the market growth in the forecast period.
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 that have 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 where there is an adoption of a busy lifestyle and 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 up to 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 consumer unwillingness on spending more time on food preparation and have shown a preference for leisure activities instead. Thus, promoting 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, as well as other parts of the world.
Geographically, North America and Europe are considered to hold a significant market share in the global intelligent packaging market during the forecast period.
In the North American and European regions, there are favorable opportunities for the intelligent packaging market to thrive in the forecast period and in the upcoming years. This is due to the early adoption of technological advancements and innovations. Furthermore, the presence of stringent government regulations regarding food and beverage packaging is driving the market demand in these regions. In pharmaceuticals, the integration of intelligent packaging technologies like NFC (Near Field Communication) is a novel technology that is adding high value to the development of smart pharmaceutical labels. 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. 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, a high health expenditure coupled with a high prevalence of chronic diseases and a growing geriatric population is driving the market demand owing to the increased patient compliance during the treatment course, which can be effectively monitored because of 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.
- Sealed Air Corporation, a packaging company based in the US, launched a digital packaging brand PrismiqTM in April 2022. The new Prismiq brand enables the user to see inside the package with the help of smartphones. Furthermore, the brand offers three solution categories to the end users which includes smart packaging, design services, and digital printing.
- In March 2021, Amcor Plc. and JD Farm jointly launched NFC (Near Field Communication) enabled packaging in China. The collaborative product has the potential to revolutionize the way consumers interact with the packaging because the new NFC-enabled packaging allows consumers to access information about the quality, safety, and origin of the JD farm’s product.
- In April 2021, Stora Enso Intelligent Packaging launched a sustainable RFID tag for microwave-safe use. The company expanded its sustainable ECO RFID-product family with its new ECO Meal RFID tag. The tag is designed for item-level tagging and tracking of ready-made meals.
COVID-19 Impact on Intelligent Packaging Market
The COVID-19 pandemic had a positive impact on the intelligent packaging market owing to the rising awareness among consumers about buying properly packed goods. Furthermore, the demand for smart packaging has increased in the last two decades due to the increasing focus on health. Moreover, consumers have understood that smart packaging food products are safer in contrast to products that are sold without proper packaging. Additionally, the spread of the virus coupled with food security concerns has propelled the global intelligent packaging market during the pandemic.
Intelligent Packaging Market Scope:
|Market Size Value in 2020||US$6.389 billion|
|Market Size Value in 2027||US$10.992 billion|
|Growth Rate||CAGR of 8.06% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Packaging Technology, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||DuPont de Nemours, Inc., Amcor plc, Water.IO, MAKA RFID, ScanTrust SA, Tetra Pak International S.A., Sealed Air|
|Customization Scope||Free report customization with purchase|
- By Packaging Technology
- RFID Tags
- Temperature Indicators
- Freshness Indicators
- By Application
- Food and Beverages
- Pharmaceutical and Healthcare
- Electronic Products
- Cosmetics and Personal Care
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Introduction
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Intelligent Packaging Market Analysis, by Packaging Technology
5.2. RFID Tags
5.3. Temperature Indicators
5.4. Freshness Indicators
6. Intelligent Packaging Market Analysis, by Application
6.2. Food and Beverages
6.3. Pharmaceutical and Healthcare
6.4. Electronic Products
6.5. Cosmetics and Personal Care
7. Intelligent Packaging Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. DuPont de Nemours, Inc.
9.2. Amcor plc
9.4. MAKA RFID
9.5. ScanTrust SA
9.6. Tetra Pak International S.A.
9.7. Sealed Air
DuPont de Nemours, Inc.
Tetra Pak International S.A.
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