Smart Packaging - Growing demand from pharmaceutical and food & beverage industries has huge impact on smart packaging market
According to statistics MRC the “Global SmartPackaging Market” accounted for $28.96 billion in 2015 and is expected to reach $45.03 billion by 2022 growing at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. Advancement in printed technology is the opportunity that resides the market growth. Change in consumer lifestyle, food consumption and demand for smart packaging are some key factors influencing the market. Moreover, growing demand from the pharmaceutical and food & beverage industries has a huge impact on the smart packaging market. While smart packaging has potential applications across all industries and sectors, the pharmaceutical and food & beverage industries are currently poised to benefit the most.
Global Smart Packaging Market is segmented by technology into active packaging, modified atmosphere packaging (MAP) and intelligent packaging (IP). Among these Technologies, active packaging accounted for the largest share in the global market. This segment accounted for a significant share of demand in industries including food and beverage, pharmaceutical and personal care owing to its superior moisture control and corrosion protection properties. Also, growing application scope on account of availability in various forms including plastic, fabric, and plastic films is expected to be the key driver for the industry. Active packaging can be defined as a system in which the product, package and the environment interact in a positive way to extend the shelf life or to achieve some characteristics.
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Active packaging includes additives or freshness enhancers that are capable of scavenging oxygen; adsorbing carbon dioxide, moisture, ethylene and flavor/odor taints, releasing ethanol, sorbates, antioxidants and other preservatives to maintain temperature control. Active packaging provides functions beyond product protection and identification, such as moisture control; intelligent packaging incorporates features that indicate status or communicate product changes and other information. While many active and intelligent packaging products, such as packaged desiccants and volatile corrosion inhibitors, have a well-established presence, emerging products include antimicrobial packaging, advanced time-temperature monitors, and Smartphone-enabled interactive packaging products.
Global Smart Packaging Market is segmented by application into personal care, healthcare, pharmaceuticals and medical device packaging, food & beverages, automotive, industrial product packaging and other verticals. By Applications, food & beverage sector is the largest application segment in the global market. Rising use of active products in the food & beverage industry coupled with growing emphasis to preserve the quality and safety of packaged products from manufacturing to the time the food is consumed is likely to propel the growth. Furthermore, rising need for high quality and ready to eat food products coupled with changing consumer preferences globally is expected to drive the industry. In addition, increasing demand for packaged food products which can provide nutritional enrichment and functional benefits are expected to drive the demand in the food & beverage industry over the next eight years.
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Smart packaging depends upon the product being packaged, including food, beverage, pharmaceutical, household product, etc. It has a good potential for use in food and beverage products because of increased demand for diagnostic packaging in response to consumer desire for more information about freshness of foods, and also because of the need for track-and-trace systems. The increasing demand for fresh and quality packaged food, consumer convenience and manufacturers concern for longer shelf life of the food products is driving the market for global active and smart packaging technology for food and beverage market. The global market for active and smart packaging technology in food and beverages is expected to grow.
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This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America emerged as the largest market accounting for almost half of the global market. Rapid growth in industries such as food & beverage, pharmaceutical, automotive, logistics, and manufacturing coupled with steady recovery from economic recession is expected to drive the demand over the next few years. The rising spending capability of consumers coupled with growing concerns on improving the general health in the region is expected to drive the smart packaging industry over the forecast period.
Moreover, China will remain the largest manufacturer of the Smart Packaging products and will also stay as the most important market in the APAC region. Furthermore, Europe is expected to witness a significant share of demand on account of rising emphasis by the government to reduce the toxic content in packaging material.
Some of the key players in the market include BASF SE, E. I. Du Pont De Nemours and Company, Amcor Limited, RR Donnelley, Multisorb Technologies Inc., Sealed Air Corporation, Stora Enso OYJ, Huhtamaki Group, MeadWestvaco Corporation, Reynolds Group Holdings, Bemis, Rexam PLC, ACREO, Graham Packaging Company INC., Blue Spark Technologies, Crown Holdings Inc., Timestrip Plc., Novalia and Ball Corporation.