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Global Smart Packaging Market Overview
Smart Packaging Market Size was valued at USD 43.09 Billion in 2023. The Smart Packaging industry is projected to grow from USD 45.29 Billion in 2024 to USD 73.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.21% during the forecast period (2024 - 2032). Most companies are only now starting to recover. Well, the companies in the smart packaging industry suffered the exact opposite fate. Many people were staying at home. They were ordering food items online. Hence, the need for smart packaging increased since people expected their food items to be packaged in as sanitary packaging as possible are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Packaging Market Trends
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Increasing Demand from Food & Beverage Industry to boost market growth
The increasing demand from the food and beverage industry is one of the key drivers of the smart packaging market. Smart packaging is a type of advanced packaging technology that incorporates various features such as sensors, indicators, and labels that can provide information about the product inside the package. In the food and beverage industry, smart packaging can be used to monitor the freshness and quality of the product, track its location during transportation, and provide information about the nutritional value and ingredients to the consumer. This can help to improve the safety and quality of the product and enhance the consumer experience.
Furthermore, the increasing demand for convenience and sustainable packaging solutions is also driving the growth of the smart packaging market. Smart packaging can be used to create innovative and eco-friendly packaging solutions that are both functional and attractive to consumers. Therefore, such factors related to Smart Packaging have enhanced the Smart Packaging market CAGR across the globe in recent years.
Smart Packaging Market Segment Insights
Smart Packaging Technology Insights
The Smart Packaging market segmentation, based on technology, includes Active Packaging, Intelligent Packaging and Modified Atmosphere Packaging. The Intelligent Packaging segment held the majority share in 2022 of the Smart Packaging market revenue. Intelligent Packaging refers to packaging technology that incorporates features such as sensors, RFID tags, and printed electronics to provide real-time information about the product inside the package.
Smart Packaging Application Insights
Based on application, the Smart Packaging market segmentation includes Food & Beverage, Healthcare, Automotive, Personal Care and Others. The Food & Beverage segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. This is due to the increasing demand for smart packaging solutions that can help to improve the safety and quality of food products, reduce waste, and enhance the consumer experience. The use of smart packaging in the food and beverage industry can help to ensure that products are fresh and safe to consume, reduce spoilage and waste, and provide consumers with information about the product's origin, ingredients, and nutritional value. These all factors for Smart Packaging positively impact the market growth.
Figure 2: Smart Packaging Market, by Technology, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Packaging Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to enjoy the highest growth in the smart packaging market during the forecast period. The increasing demand for food and beverage products in the region, the growing e-commerce industry, and the rising adoption of advanced packaging technologies in various end-use industries. Furthermore, the Asia-Pacific region is home to several major economies such as China, India, Japan, and South Korea, which are expected to drive the growth of the smart packaging market in the region. These economies have a large population, increasing disposable income, and a growing middle class, which is driving the demand for packaged food and beverage products.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: SMART PACKAGING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Smart Packaging market accounts for the third-largest market share. This is due to the increasing demand for innovative and eco-friendly packaging solutions in the region, driven by the growing consumer awareness about sustainability and the environment. Moreover, the presence of several major players in the region, including Amcor plc, Smurfit Kappa Group, and Sonoco Products Company, is also contributing to the growth of the smart packaging market in Europe. Further, the Germany Smart Packaging market held the largest market share, and the UK Smart Packaging market was the fastest-growing market in the European region.
North America, Smart Packaging market, is expected to grow at the fastest CAGR from 2023 to 2030. The report attributes this growth to several factors, including the increasing demand for sustainable packaging solutions, the growing e-commerce industry, and the adoption of advanced packaging technologies in various end-use industries. Moreover, the U.S. Smart Packaging market held the largest market share, and the Canada Smart Packaging market was the fastest-growing market in the North American region.
Smart Packaging Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Smart Packaging market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Smart Packaging industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Smart Packaging. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Smart Packaging industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Smart Packaging industry to benefit customers and expand the market sector. Major Smart Packaging market players, including Stora Enso, AVERY DENNISON CORPORATION, BASF SE, TempTime Corporation, Thin Film Electronics ASA, Huhtamaki, American Thermal Instruments, Zai Urban Winery's, 3M, and R.R. Donnelly Sons & Company, and others, are attempting to increase market demand by funding R&D initiatives.
Stora Enso is a Finnish-Swedish company that operates in the renewable materials industry, producing products such as pulp, paper, and packaging materials. Stora Enso's product portfolio includes a wide range of sustainable packaging solutions, including corrugated packaging, paper-based packaging, and biodegradable materials.
Avery Dennison Corporation is a manufacturer and distributor of labeling and packaging materials, adhesive solutions, and RFID tags. Avery Dennison's product portfolio includes a wide range of labeling and packaging materials, including pressure-sensitive labels, graphics and reflective materials, and packaging solutions. The company is committed to promoting sustainability in its operations and products, and its sustainability strategy is focused on four areas: responsible sourcing, eco-innovation, energy and emissions, and social responsibility.
List of the Key Companies in the Smart Packaging market includes
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AVERY DENNISON CORPORATION
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BASF SE
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TempTime Corporation
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Thin Film Electronics ASA
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American Thermal Instruments
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3M
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Zai Urban Winery's
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R.R. Donnelly Sons & Company among others
Smart Packaging Industry Developments
In May 2023, a global player in the design and manufacture of environmentally friendly packaging products, Amcor PLC, announced that it had signed a definitive agreement to acquire ModaSystems. ModaSystems is one of the suppliers of the latest automated protein packaging machines. For meat, poultry and dairy sectors, Moda has developed, assembled as well and provides maintenance services for flexible, high-performance vacuum packaging solutions.
June 2023 saw some significant advancements in smart packaging showcased at the AIPIA World Congress, including Wiliot's groundbreaking battery-free IoT pixels using RFID technology. These pixels can power themselves using ambient radio waves, unlike other electronic devices that require external power supply sources such as batteries. This advancement represents a major breakthrough toward sustainable smart packing by increasing its functionality without the need for traditional power like batteries.
Jun 20th, 2022, sees the digitalization of Sealed Air’s Prismiq suite of technologies for printings, smart packs and designs, revolutionizing how flexible packing is enhanced through better connectivity and integration.
April 2021 signifies Bostik’s innovation into the industry by introducing an intelligent blister pack solution for pharmaceutical goods that is essential for this sector’s development. It shows how our company can adapt to the current trends in our industry as well as meet the recent requirements of the pharmaceutical market. This smart blister packaging solution utilizes cutting-edge technology to improve safety, convenience and functionality for both patients and healthcare providers. Bostik’s offer is enriched by incorporating smart functions throughout product life cycle.
In September 2023, a French company specializing in natural and sustainable perfumes called Bastille Parfums partnered with Avery Dennison to develop RFID (radio frequency identification) labels that will allow them to track their products through the entire supply chain. The move aims at enhancing inventory control as well as mitigating counterfeit products in its system. Then this enhances inventory control also reducing threats from fake productions, while Avery Dennison’s Radio Frequency Identification (RFID) sensor technology allows item identification within each level of Bastille Parfums’ supply chain.
Smart Packaging Market Segmentation
Smart Packaging Technology Outlook
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Intelligent Packaging
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Modified Atmosphere Packaging
Smart Packaging Application Outlook
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Food & Beverage
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Healthcare
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Automotive
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Personal Care
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Others
Smart Packaging Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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