Smart Retail Packaging Market is predicted to reach USD ~91.75 billion at a CAGR of ~4.8%. during the forecast period

Market Research Future (MRFR) has published a half-cooked research report on the “Smart Retail Packaging Market” that contains information from 2023 to 2030.

Global Smart Retail Packaging Market

Smart Retail Packaging permits transparency through an instantaneous ability to track and trace the exact location of a product in the supply chain using unique barcodes, QR codes, or RFID technology. These features enable predictive planning and more efficient inventory management.

Smart Retail Packaging Market Highlights

According to the MRFR analysis, the Global Smart Retail Packaging Market size is projected to reach USD 91.75 billion by 2030 at a CAGR of 4.8%.

In the coming years, The growth of due to changes in the lifestyle of people. Presently, people demand four basic aspects for food packaging that includes convenience, communication & marketing, containment, and protection & preservation. With growing urbanization, these aspects become major factors that are considered by people as they are more concerned about the freshness of food and protection against dust, dirt, smell, water vapors, heat, oxygen, light, insects, and microbes.

The global market has been significantly impacted by the COVID-19 pandemic. The COVID-19 pandemic has impacted every industry such as Construction and transportation activities, along with their supply chains, were hampered on a global level. This declined the manufacturing of smart packaging as well as their demand in the market, thereby restraining the growth of the smart retail packaging market. Conversely, industries gradually resumed their regular manufacturing and services. This re-started the smart packaging companies at their full-scale capacities, which helped the market to recover at end of 2022. This was mainly due to strict lockdowns in some regions and several problems, such as truck shortages, reduced deliveries, and employees contracting COVID-19. In addition, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions in Southeast Asia escalated as stricter measures were implemented by governments.

Competitive Landscape

The global market is fragmented, and a few number of producers control the majority of the share. Major businesses are putting their focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products. Although players dominate the market, a few local players with a limited market share also have a prominent presence in this market. Key players include 3M, Avery Dennison Corporation, Ball Corporation, BASF SE, Crown, International Paper, R.R. Donnelley & Sons Company, Stora Enso, Sysco Corporation, Zebra Technologies Corp.

Segmentation

By Technology

• Active Packaging: The concept of active packaging is completely associated with the quality of the packaged content. Active packaging interacts directly with the packaged product, as it is in direct contact with the product and can interact chemically or biologically with the packaged product. To improve the product's shelf life, certain components are incorporated into packaging that releases or absorb from or into the packed substance to prolong its shelf life and sustain the quality of the product. This process is termed active packaging. For this purpose, various technologies are used, which include oxygen scavengers, microwave susceptors, odor absorbers/emitters, moisture/ humidity absorbers, and anti-microbial packaging.


• Intelligent Packaging: Intelligent packaging has become a fascinating new trend for packaging manufacturers, designs, brands, and consumers alike. It allows end users to communicate the conditions of packaged products. Hence, they help in minimizing the risk of spoilage of sensitive products. Intelligent packaging can effectively sense environmental changes and inform these changes to users. Adoption of intelligent and smart packaging helps users to extend shelf life of products, monitor freshness, and enhance product and consumer safety. Rising applications across healthcare and food & beverage industries is expected to boost the global intelligent packaging industry. Most of the intelligent packaging sales remain concentrated in healthcare and food sectors. Increasing usage of intelligent packaging in logistic and consumer electronics sector will bode well for the market.

By Application

• Food & beverage: Food processing companies drive active packaging demand to keep food fresh for a more extended period and during its duration in the supply chain, reduce food waste, and promote more convenient packaging for consumers. This rise in the demand for fresh food is significantly contributing to the need for oxygen scavengers, as they react with the oxygen in the package and protect the product from degradative oxidation reactions, keeping them fresh. As consumers in the region are inclined towards products containing fish, meat, and vegetables, which are mainly retort-packed to keep them shelf-stable, readymade meals gained increased popularity. The increasing trend of online purchasing further buoyed their popularity. Consumers have been shifting towards healthier and hygienic products, and they have been demanding healthy beverages, fruit drinks, etc. Along with bottled water, some fruit drinks are also being made in smaller sizes for travel and mobility purposes. Simultaneously with the increasing demand for healthier beverages, consumers are fascinated by carton packaging, providing environmental sustainability and recyclability. This has been attracting milk and beverage producers to adopt carton packaging for liquids.


• Personal care: Packaging as an personal care industry has evolved at a rapid pace over the last decade. Nowadays, the design as well as the packaging of every product decides consumer behavior, as it defines how much the product appeals to the consumer. Be it a chocolate box or a new mobile phone or a cosmetic product, packaging plays a vital role in impacting consumers’ perception and influences their buying pattern. In an era of lean and sustainable manufacturing, the packaging industry has taken a quantum leap towards implementing smart ways of packing to lure consumers. It also paves the way for reduction in wastes and tonnage, which enables cost-effectiveness for businesses. Smart or intelligent or interactive packaging, as it may be called, covers the entire ambit of the methodology of packaging, which shall bring about significant transformation in the ease of doing business, thereby impacting consumer behavior in a positive way.


• Automotive: The automotive sector has been swift and significant. The initial concerns over the disruption in Chinese part exports quickly pivoted to large scale manufacturing interruptions across Europe and the U.S. Further, automobile and component manufacturing plants are being shuttered around the world, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping are adding to the intense pressure on an increasingly distressed global supply base. Thus, the highly impacted automotive industry somehow affects the demand for smart packaging in the market.


• Healthcare: The packaging for medical devices creates a clean environment for their contents, and this sterility must be maintained until the box is opened for usage. The growth of the healthcare sector is attributed to an increase in the number of hospitals, producers of therapeutic equipment, and diagnostic facilities around the world. Revenue of sterile therapeutic packing are expected to increase as a result of growing environmental concerns and rising demand for microbiological packaging. Due to regionally varied increases in life expectancy, there is a rising market for medicines and medical device producers.


• Others: The others such as electronics and semiconductors industry. The need for shielding electronic devices from shocks and damages has necessitated the use of smart and active packaging technologies. Moreover, the humongous relevance of building high-end technologies for packaging across the domain of consumer goods has also aided market growth. There is little doubt about the use of high-end technologies for packaging heavy-duty equipment. This trend has also created a sound play field of opportunities for the vendors operating in the global market.

By Region

• North America: North America is expected to register a major market share in revenue and is projected to grow at a high CAGR soon. The United States holds the largest market value share in North America, followed by Canada. The predicted increase in the market in the area is due to the rising working population and the rising need for interactive and enhanced packaging solutions. The consumer market in the United States, which makes up a sizeable portion of the labor force, is one of the busiest. Because of the expanding population, there is a noticeable increase in the need for food and drink (both from within and due to immigration). This is ascribed to the changing lifestyle, increasing demand for packaging solutions with longer sustainability, and growing demand for fresh & quality food are the factors driving the growth of this regional segment. Besides, the Asia Pacific region is growing at a whopping rate in the global Active, Smart and Intelligent Packaging market and undergoing a rapid transformation over the upcoming years. This is due to the m existing infrastructure availability for smart warehousing, changing lifestyle trends, and increasing demand for packaging solutions with longer sustainability, logistics and packaging.


• Europe: In Europe, due to this rise in the demand for fresh foods in the region significantly contributed to the need for oxygen scavengers. They react with the oxygen in the package and protect the product from degradative oxidation reactions, keeping them fresh. The increasing urban population in the United Kingdom is contributing significantly to the growth of the market studied. The altering patterns in lifestyle, including the decreasing amount of time spent on the preparation of meals, is leading to a shift toward more processed, easily-packed, and pre-prepared foods and snacks, which is expected to propel the growth of the market studied.


• Asia-Pacific: The Asia-Pacific Smart Retail Packaging market region includes India, China, Japan, South Korea, and Others. The growing geriatric population, rising number of chronic ailments, and increased demand for over-the-counter pharmaceuticals contribute to the Healthcare segment's growth. Active packaging solutions are becoming more popular as pharmaceutical packaging rules become more stringent. The market for active packages is expected to grow throughout the projected period, owing to the increasing complexity of products that must be stored or transferred to remote locations while keeping their integrity.


• Middle East & Africa: The opportunities for Smart Retail Packaging companies are impressive in the Middle East and Africa. An increased focus on natural skincare treatments, non-invasive beauty procedures, and the growing influence of beauty and lifestyle bloggers has contributed to steady growth in the Middle Eastern personal care sector. Many experts opine the upswing in the UAE's personal care segment is fueled by the lifestyle that it is associated with. Medical specialists recommend proper skincare and personal care products to both genders, especially in the harsh climate of the UAE. Moreover, according to Zawaya, Saudi women are the biggest spenders for beauty and personal care products globally, who rack up USD 909 (3,350 UAE dirhams) in yearly bills. The increasing adoption of personal care products due to the increase in disposable income in the country is further expected to stimulate the value of the aesthetic value and safety of these products. Also, the increasing penetration of social media and e-commerce websites in the country is proliferating the demand for personal goods products, hence, stimulating the adoption of personal care product packaging using active and intelligent packaging.


• South America: According to the Brazilian government, by the year 2021, the retail sales in packaged food in Brazil are anticipated to reach USD 116.6 billion, a growth rate of 32.2% since 2016. High growth rates in the forecast include ready meals, breakfast cereals, baby food, sauces dressings and condiments, processed meat, and seafood and soup. Such growth rates are expected to increase the demand for active and intelligent packing solutions. Furthermore, Brazil is witnessing increased food delivery applications that allow personnel to order food at doorsteps. The increase was witnessed amid the pandemic, and various initiatives such as non-contact deliveries are driving the use of applications. Thus, the need for intelligent packaging increases as it allows customers and understand how the package arrived at their doorstep and enables them to know that the product is safe to consume. Read Full Information about this Report: Smart Retail Packaging Market Share