The key purpose of smart packaging is to offer protection, convenience, communication, and containment, along with additional functionalities depending on the type of product. We have published a research report about the Global Smart Packaging Market that estimates a boost for this market at a 5% CAGR (Compound Annual Growth Rate) between 2016 and 2022.
The principal factors contributing to the growth of the global smart packaging market include demand from various industries, government commitments for providing basic health facilities, the growth of the pharmaceutical industry, increased sustainability, legislative changes, discovery or invention of new drugs, and the rise in the disposable income of consumers. Smart packaging is considered useful for diagnostics, effective drug delivery, and threat detection. However, the
The global smart packaging market has been segmented on the basis of application, technology, and lastly, region. The application-based segmentation segments this market into automotive, food & beverages, healthcare, personal care, and others. Based on technology, the market has been segmented into active, intelligent and modified atmosphere packaging (MAP).
The regional segmentation of the global smart packaging market segments the market into regional markets including North America, Europe, Asia Pacific, and the Middle East & Africa (MEA). According to the report, North America is expected to lead the global market during the forecast period, with Europe and Asia Pacific regions occupying the second largest and the third largest regional market spots respectively. In North America, the market is growing due to the extension of shelf life, increased investment in the research and development (R&D), reduction in food wastage, and product innovation in packaging. The important country-specific markets in this region are the USA and Canada.
Europe is the second largest market because of the high density of population; the government imposed laws due to environmental concerns, and the technological advancement that is second only to North America. In this region, the major country-specific markets are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Europe.
In the Asia Pacific and MEA regions, the rising industrialization is aiding the market growth. Other factors assisting the market include the easy availability of raw materials, cheaper manufacturing costs, growing demand for personal care products, growing use of radio-frequency identification (RFID) tags in the automotive industry, increasing demand for premium luxurious products, and government regulations regarding environmental concerns. In Asia Pacific, the important country-specific markets are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
The MEA region shows a limited market with slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability. In South America, the strong economies that can be ideal markets are Argentina and Brazil.
The key players in the global smart packaging market include 3M Company (USA), American Thermal Instruments (USA), Avery Dennison Corporation (USA), BASF SE (Germany), Huhtamaki Group (Finland), International Paper (USA), PakSense Inc. (USA), R.R. Donnelly Sons & Company (USA), Smartrac N.V. (Netherlands), Stora Enso (Finland), and TempTime Corporation (USA).
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