Smart Packaging Market Worth $43.6 billion by 2027

Smart Packaging Market by Packaging Technology (Modified Atmosphere Packaging, Active Packaging {Ethanol Emitters}, Intelligent Packaging {Indicators}), by Application (Food & Beverages, Pharmaceuticals, Automotive), Geography – Global Forecast To 2027

Meticulous Research® – Leading global market research company published a research report titled “Smart Packaging Market by Packaging Technology (Modified Atmosphere Packaging, Active Packaging {Ethanol Emitters}, Intelligent Packaging {Indicators}), by Application (Food & Beverages, Pharmaceuticals, Automotive), Geography– Global Forecast To 2027.”

According to this latest publication from Meticulous Research, the global smart packaging market is expected to grow at a CAGR of 5.2% from 2020 to 2027 to reach $43.6 billion by 2027. The growth of this market is mainly attributed to the increasing demand for advanced packaging solutions from the food processing & pharmaceutical sectors, growing consumer concern for food wastage reduction, and rising demand for smart & functional packaging. Moreover, the growing E-commerce market, rising industrialization in emerging economies, and rising demand for superior logistics & supply chain management are some of the other drivers for the growth of this market. However, the high cost and reluctance of brand owners to pay an additional price for smart packaging are expected to hinder the growth of this market to some extent.

Check complete table of contents with a list of table and figures: https://www.meticulousresearch.com/product/smart-packaging-market-5119

The global smart packaging market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of packaging technology, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on packaging technology, the global smart packaging market is segmented into modified atmosphere packaging (MAP), active packaging, and intelligent packaging. In 2020, the modified atmosphere packaging segment commanded the largest share of the smart packaging market. The increasing demand for fresh & high-quality packaged food products is one of the major factors expected to drive this segment. Furthermore, on-the-go lifestyle, shift towards easy-to-handle & convenient packaging, and emerging economies are stimulating the demand for modified atmosphere packaging.

Based on application, the global smart packaging market is segmented into food & beverages, pharmaceuticals, automotive, personal care, and other applications. The pharmaceuticals segment is expected to grow at the highest CAGR during the forecast period. Factors such as the growing aging population; increasing the integration of barcodes, RFID, and sensors; and technological advancements in the pharmaceutical industry are driving the growth of this segment.

In 2020, North America commanded the largest share of the smart packaging market. The rising demand for packaged & frozen foods, increased food safety concerns, and changing lifestyles are the major factors driving the North American market. Further, changing government regulations regarding safer food & packaging, growing food wastage, and rising demand for quality packaging are also driving the market for smart packaging in the North American region.

Key Players:

The key players operating in the global smart packaging market are 3M (U.S.), Avery Dennison Corporation (U.S.), American Thermal Instruments (U.S.), Temptime Corporation (U.S.), Smartrac N.V. (Netherlands), BASF SE (Germany), Thin Film Electronics ASA (U.S.), Stora Enso (Finland), International Paper (U.S.), Amcor plc (Switzerland), Emerson Electric Co. (U.S.), R.R. Donnelly & Sons (RRD) Company (U.S.), Sealed Air Corporation (U.S.), and Smartglyph Ltd. (U.K.).

Key questions answered in the report-

Which are the high growth market segments in terms of packaging technology, application, and countries/regions?
What is the historical market for smart packaging across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global smart packaging market?
Who are the major players in the global market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape in the market?
What recent developments have taken place in the global smart packaging market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high growth countries?
Who are the local emerging players in the global smart packaging market, and how do they compete with other market players?