Global smart packaging industry, as a newly-emerged and tech-driven segment in the global packaging market, has witnessed a promising growth over the recent years, mainly driven by the growing demand of innovative packaging solutions for different functions, such as package tracking, an extension of the shelf-life, maintaining or monitoring food quality and safety etc.
According to the report from Research and Markets, the global smart packaging industry was valued at around US$12.6 billion in 2016, while the market is likely to reach US$19.8 billion by 2021, representing a CAGR of 9.4% during the five-year period. The application of smart packaging in different industries, such as food and beverage, healthcare, electronics and automotive has witnessed a strong and steady growth.
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Smart packaging refers to three major categories, including active packaging, intelligent packaging, and modified atmosphere packaging solutions. Factors such as rising need for fresh food packaging solutions, allowing consumers to know more about the packaged product, and efforts on extending products鈥� sustainability are driving the demand for smart packaging by various end-use industries. Moreover, smart packaging solutions not only provide an improvement in products visual appearance but also effectively maintain the products quality and tracking ability during the logistic process.
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Currently, personal care and automotive are two of the largest sectors that are using smart packaging solutions. Grand View Research reports that the application of smart packaging in personal care and automotive sectors is expected to register a CAGR of 10% and 12% respectively from 2016 to 2024. In the automotive industry, growing use of RFID tags for asset tracking and supply chain management is expected to witness an impressive growth over the next few years.
When it comes to regional markets, North America and Europe are leading the global smart packaging industry. However, Asia Pacific is projected to have the fastest growth rate of over 14% from 2016 to 2024, thanks to the region鈥檚 ready availability of raw materials coupled with cheaper manufacturing costs. In emerging markets like China, Japan, India, and Brazil, rising aging population is also driving the demand for growth of smart packaging solutions in healthcare, personal care, and food industries.
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The global smart packaging market is highly competitive today. Some of the largest smart packaging manufactures include 3M, BASF, Du Pont, Avery Dennison Corp., Amcor Limited, Sealed Air Corporation and International Paper.
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