Smart Retail Packaging Market Size

Market forces have a big impact on the size of the Smart Retail Packaging Market and what makes it grow and move. These include enhanced customer engagement or interactive shopping experiences as the main drivers for this market (Smart Retail Packaging). Consequently, there is need for smart retail packaging whose function would be to integrate technology into retail environment in order to meet personalization needs of customers during their purchases in which they can use mobile money or get loyalty points through e-vouchers (Smart Retail Packaging). Thus some packages are embedded with QR codes, AR features, NFC tags among others so as to foster a more captivating linkage between consumer and product.

The smart retail packaging scene has been largely shaped by technological advancements. In fact, Internet of Things (IoT) technology has revolutionized Retailers’ RFID (Radio-Frequency Identification) systems used for online monitoring of stock levels. This enhances supply chain management where inventory carrying costs are significantly reduced resulting into decreased stockouts and overstocking (Smart Retail Packaging). Furthermore, through sensors and smart labels it provides traceability of authenticity hence assuring quality; an aspect dictated by globalization.

This paper examines various smart retail packaging markets sizes such as USD 63.05 billion in 2022. According to the information provided in Table 1, Smart Retail Packaging could reach USD 91.75 billion by 2030 at an estimated CAGR (Compound Annual Growth Rate) of around 4.8%, from USD 66.08 billion recorded in 2023

On the other hand, environmental sustainability movement has also played a critical role in driving adoption of smart retail packaging since consumers require eco-friendly products with recyclable package materials only. In addition, these intelligent packages reduce waste as they provide real-time data concerning shelf life besides freshness minimized waste (Smart Packaging). As such many retailers are adopting these solutions not just because they want their clients’ satisfaction but also due to increased demand for universal sustainable practices.

However, high initial costs of implementing smart packaging technologies and standards are some of the challenges that prevent market growth. Moreover, these small firms have to set aside huge sums of money if they wish to transit to smarter retail packaging (Smart Retail Packaging). In addition, because there are no uniform protocols in place for these technologies therefore this makes implementation complex leading to issues of inter-operability.