Global Smart Packaging Market - by active packaging type (gas scavenger, moisture control, corrosion inhibitors), by intelligent packaging type (Sensors and indicators,) by appplication vertical (Food and beverages, automotive, healthcare, personal care, others), by geography, trends, forecast - (2017 - 2022)
Market Insights The Global Smart packaging market is valued at USD 31.94 billion in 2016 and is expected to reach a value of USD 41.64 billion by the end of 2022, growing at a projected CAGR of 4.52% during the forecast period of 2017 – 2022. With research showing that at least 30% of the total food production of around four billion tons going to waste around the world, the demand for appropriate packaging to increase the shelf life of products is increasing. There are two different types of smart packaging, active packaging, which includes the interaction of the packaging with the product and intelligent packaging, which adds extra functionality to the packaging with RFID sensors, LED displays, electronic microphones to convey important information regarding the product. Market Dynamics The drivers of the smart packaging market are the wide range of applications it provides, time-temperature indicators to identify ideal conditions for storage, freshness indicators, temperature sensors, RFID tags, thermochromic displays etc. With the rising number of geriatric population, rapid expansion of the healthcare industry, and the need for safe and properly packaged products, the growth of this market is inevitable. However, the cost of applying smart packaging techniques to the packaging industry could impede this industry. The Active and Intelligent Packaging Industry Association (AIPIA) made up of leading companies in the packaging market have set focus on reducing food waste, and investment in R&D to find cost-effective and efficient ways to integrate smart technology in packaging. Market research indicates, that the US has the highest market share and it is predicted that the North American region shall lead the market propelled by rapid advances in newer and emerging technologies, such as quick, mobile marketing codes and printed electronics on packaging. Market Segmentation The global smart packaging market has been segmented by technology (gas scavenger, moisture control, corrosion inhibitors, indicators); application vertical (food & beverages, automotive, healthcare, personal care and others), and by geography. Key Market Players The report also considers key trends that shall impact the industry and profiles of leading companies with majority market share. Some of the top companies mentioned in the report are: American Thermal Instruments BASF Avery Dennison 3M (Minnesota Mining and Manufacturing Company) TempTime Corporation Thin Film Electronics ASA Smartrac N.V. Report Offerings Market definition for global smart packaging market along with identification of key drivers and restraints for the market. Market analysis for the global smart packaging market, with region specific assessments and competition analysis on a global and regional scale. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the macro and micro factors that affect the global smart packaging market on both global and regional scales. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.