Rise in consumption of beauty products and cosmetics with packaging advancement technology and changing lifestyle patterns in emerging countries due to rapid urbanization have boosted the growth of the global smart packaging market.
Allied Market Research published a research report on the global smart packaging market. The findings of the report state that the global market for smart packaging generated $22.2 billion in 2020, and is expected to garner $38.6 billion by 2030, witnessing a CAGR of 5.5% from 2021 to 2030. The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
Digvijay Pawar, the Lead Analyst, Construction and Manufacturing at Allied Market Research, highlighted, “The adoption of a compliance-monitoring solution, which includes a microchip and a conducive print on the sachet or box is anticipated to boost the healthcare sector. The solution also contains a beeper that reminds the patient about the medication. In addition, to overcome the challenges against counterfeiting, companies invest heavily to integrate chipless Radio frequency identification (RFID) tags to improve tractability and prevent administration of wrong dosage. Encouraging compliance with medications will easily help in the growth of smart packaging in the pharmaceutical industry. The technology will make it easier to record time and date of every dose and improves the reliability of data collection. However, global economic growth, upgraded designs, and improvements in purchasing parity of the consumers are expected to drive the smart packaging industry.”
The report offers an in-depth analysis of drivers, restraints, and opportunities to help market players in devising strategies and capitalizing on potential market opportunities. Rise in consumption of beauty products and cosmetics with packaging advancement technology and changing lifestyle patterns in emerging countries due to rapid urbanization have boosted the growth of the global smart packaging market. On the other hand, high cost of active and intelligent packaging impedes market growth. However, untapped geographical regions are anticipated to pave the way for new opportunities in the industry.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the smart packaging market globally. The imposed and prolonged lockdown, to curb the spread of the virus negatively affected the global smart packaging market. Manufacturing operations have been interrupted or restricted. In addition, construction and transportation activities, as well as their supply chains, were disrupted on a global level. As a result, demand for smart packaging manufacturing has decreased in the market.
The report offers detailed segmentation of the global smart packaging market based on type, end-user, material, and geography. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the future.
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Based on end user, the food & beverage segment dominated the share in 2020, accounting for more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the healthcare segment is projected to register the highest CAGR of 6.2% during the forecast period.
Based on material, the solid segment held the largest market share in 2020, contributing tomore than two-thirds of the global smart packaging market, and is anticipated to maintain its leadership status from 2021 to 2030. However, the liquid segment is expected to witness the fastest CAGR of 5.9% during the forecast period.
Based on region, North America held the largest market share in terms of revenue in 2020, accounting for one-third of the market, and is estimated to continue its dominant share by 2030. Moreover, the LAMEA region is anticipated to grow at the fastest CAGR of 7.8% from 2021 to 2030.
The leading market players analyzed in the global smart packaging market report includeAvery Dennison Corporation, 3M, Ball Corporation, Crown, BASF SE, International Paper, Stora Enso, R.R. Donnelley & Sons Company, Sysco Corporation, and Zebra Technologies Corp. (Temptime Corporation).
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