The report intends to uncover the growth trajectory of the global intelligent packaging market and provide an insightful analysis of key developments and upcoming market trends over the course of the next few years.
Market Analysis in Brief
In its nascent stages of development, intelligent packaging is taking the world by storm. Significantly, greater acceptance of intuitive, precise, and well-connected packaging solutions is assuring influential growth across the global intelligent packaging market. During the projection timeframe, calls for protecting sensitive products whilst storage and transportation are expected to bolster growth prospects. Furthermore, the demand for security and tracking solutions is likely to build on the market momentum. Drastic shifts towards future-driven packaging solutions, for instance, antimicrobial packaging, have increased sales prospects.
Next-generation innovations and the development of advanced packaging solutions with sustainable features shall further accelerate the intelligent packaging market advancement. It's worthwhile to note that manufacturers, designs, brands, and consumers in the packaging space are greatly impressed by intelligent packaging solutions. This can be attributed to the ability to interact and get to know the conditions of packaged products, minimising the risk of spoilage of sensitive products.
Key Report Findings
Strict Packaging and Transport Norms Regarding Healthcare Supplies, and Drugs
The recent years have been favorable for over-the-counter (OTC) drugs, recording all-time high sales. The growing geriatric population and pervasiveness of several chronic ailments are primary factors driving growth of the intelligent packaging market. Research and development efforts by pharmaceutical giants underpinned by the advancements in medical science have made drugs more accessible, enabling effective treatment. Advanced medicinal drugs and equipment need to be packaged and delivered safely. This is posing immense logistical challenges for manufacturers and supply chain partners. To be more specific, all novel life-saving drugs and vaccines need specific packaging and temperature-controlled transportation.
To this end, the World Health Organization has updated the transportation laws for various medicinal drugs and supplies, mandating the adoption of intelligent packaging for manufacturers and logistical partners. This is fostering a favorable environment enabling the sophistication of the intelligent packaging industry. Embedding advanced intelligent packaging facilitates risk-free global movement of complex medicinal supplies, easing the burden on the pharmaceutical supply chain. Stringent packaging regulations to promote hassle-free export of medicinal supplies around the world are paving new pathways for the players in the intelligent packaging market.
Adoption of Track and Trace Packaging
Manufacturers, logistical partners, and various stakeholders are liable to produce, supply, and deliver quality products to the final consumer. During the process, the packaged food and beverages are exposed to various conditions that might hamper the quality and spoil the content. Eminent brands are wrestling with major financial setbacks caused by the penetration of counterfeit products in the intelligent packaging market. To address the challenges of traditional packaging solutions, next-generation packaging solutions are being leveraged by leading entities across the globe.
Domestic and international players in the food and beverages industry are actively adopting intelligent packaging solutions. For instance - Coca-Cola has recently moved to intelligent packaging by offering electronically printed near field communication (NFC) labels. Brands are increasingly opting for technology-based packaging, specifically in the fresh foods and FMCG domains. In this context, intelligent packaging solutions have gained tremendous popularity in contrast to conventionally used packaging solutions.
Overview of Key Segments
Emphasis on Consumer Engagement Elevates Interactive Packaging
On a technology basis, the interactive packaging or data carriers’ segment is expected to hold the largest share of the intelligent packaging market and shall expand at a steady pace throughout the projection timeframe. An array of industries is leveraging technology-based packaging to attain safer, traceable, and interactive packaging. Not only this, interactive packaging has significantly raised the levels of consumer engagement. This ensures that the consumers are well-informed about the product and helps in building better customer-brand relationships.
Application in F and B Gains Momentum
On an application basis, the intelligent packaging market is segmented into food and beverages, automotive, pharmaceuticals, electronics, and others. The food and beverages segment is poised to be on an upward trajectory. Greater calls for safety, freshness, and quality of products across the supply chain are promoting the incorporation of intelligent packaging solutions by the food and beverages industry.
Utilizing state-of-the-art technologies and sensors, intelligent packaging ensures effective monitoring of factors including temperature, humidity, and pressure. Additionally, it facilitates the provision of real-time data and alerts and assures that products are stored, transported, and delivered under favorable settings. The cumulative force of these factors is setting the stage for a robust expansion of the intelligent packaging market.
Growth Opportunities Across Regions
North America Holds Promising Prospects
The forecast period points towards the accrual of the intelligent packaging market in North America. Based on the report, the United States, and Canada are expected to be the most revenue-generating countries across the region. Packaged and frozen food products have become popular among the substantial cohort within the population due to the hustle and bustle of lifestyles.
Governments in these regions are determined to assure food safety and packaging, concurrently, exponentially rising the demand for quality packaging. This is also expected to increase the shelf-life of the product, resulting in low food wastage. The region also comprises the major market players providing intelligent packaging solutions, promoting regional market expansion.
Eminent Participants in Intelligent Packaging Market
Some of the most competitive players in the global intelligent packaging market are BASF SE, PakSense, 3M, American Thermal Instruments, TemTime Corporation, Thin Film, Avery Dennison, R.R Donnelly Son’s and Company, Stora Enso, International Paper, Electronics ASA, Smartrac N.V. and Huhtamki Group among others. Open innovation, merger and acquisition, and the launch of new packaging solutions are likely to remain key strategies during the projection timeframe. Growing demand for smart, connected, and intelligent solutions and intense market competition are encouraging market players to come up with novel solutions.
Regional Classification of the Global Intelligent Packaging Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Intelligent Packaging Market
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