Intelligent Packaging is defined as the technologies and packaging techniques used on order to provide the different products from major end-user industries such as electronics products, food and beverages with optimum protection and increased shelf life.
According to the report, the Intelligent Packaging Market is projected to increase at a CAGR of 10.59% over the forecast period 2019-2025.
The market is expected to surge over the forecast period owing to the fact that there has been a rise in the disposable income among the low-income and the middle-income population, which has resulted in the increase in their propensity to spend on convenience food and processed food items. This is increasing the requirement of utmost care with proper and effective packaging solutions in order to keep the quality of the end-product reaching the consumer intact and maintaining the shelf life of the product, in turn, increasing the demand and adoption of intelligent packaging solutions and augmenting the market growth over the forecast period.
In addition, the demand for Intelligent Packaging is further increasing from different industries like food and beverage, pharmaceuticals, electronic products and cosmetic a personal care, in order to comply with the stringent regulations and guidelines in place. This is being done by incorporating technological solutions in the packaging such as RFID tags, Freshness indicators, among others, is also a factor that is acting as driver for the intelligent packaging market growth over the forecast period.
Furthermore, with the new players entering the market in order to cater to the burgeoning demand of such solutions. In conjunction, the steps and initiatives being taken by the existing players in form of product offerings, product launches investments among others, in order to maximise their profits and gain a competitive edge over their rivals, and contribute to the market growth.
Geographically, the North American region is expected to hold a significant market share on account of the well-established Food and Beverage Industry and the growing investments in the R&D of techniques and new formulations in the pharmaceutical industry. In addition, the Asia Pacific region is expected to hold a considerable share and increase its share over the forecast period owing to the fact that the disposable income of the middle income and lower income population is increasing and allowing them to spend more of premium products. In conjunction, the well-established electronics industry in countries such as China is contributing to the position of this region in the intelligent packaging market.
The major players covered as part of the report are Amcor plc, MAKA RFID, Tetra Pak International S.A., and DuPont de Nemours Inc., among others.
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This report has segmented the Intelligent Packaging marketon the basis following terms: