Global Smart Packaging Market: Overview
A packaging system which is intended to protect, monitor, interact, and maintain the quality and safety of the food products, pharmaceuticals, and various other products is known as smart packaging. The major advantages of utilizing smart packaging methods are the reduction of cost, prevention of sickness due to consumption of spoiled food, reduced human errors, and rejuvenating the brand. The recognition of the degraded food and communication of the materials is based on various physical properties such as electrical, chemical, electronic, and mechanical. Smart packaging methodology is seen as the future of the packaging system owing to highly efficient properties and reliable output.
Global Smart Packaging Market: Segmentation
The global smart packaging market is basically segmented based on their functionality into two types as intelligent packaging and interactive packaging. Interactive packaging controls the growth of the bacteria, and is also capable of internal gas release and maintain the freshness of the food or other products. Intelligent smart packaging is designed to communicate with consumers as well as to notify them about the expiry of the products, ingredients values, and various other information in order to avoid misguiding and consumption of healthy food with assembled sensors and communication features. Moreover, on the basis of the end-products, the global market is classified as label sensor, RFID, thermochromic inks, in-pack and on-pack sensors, coding and marking, and visual displays. Based on the end-user application, the global smart packaging market is segmented as food and beverages, pharmaceuticals and medical, personal care, and others.
Global Smart Packaging Market: Growth Factors
Rising utilization of smart packaging to boost the shelf life and retain the product quality is expected to drive the smart packaging market. Strict government protocol on reducing the usage of plastic has boosted the demand for an ecological material in packaging, which in turn has propelled the demand for smart packaging. Further, constant development in packaging standard and technological innovations which are intended to identify the quality of the food and interact with consumers are other developmental factors that have resulted in consumers readily spending more on these premium products, hence boosting the growth of smart packaging market. Huge demand from electronics and healthcare industry for precise packaging in order to avoid damage is also a key factor responsible for the growth of the smart packaging market.
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Global Smart Packaging Market: Regional Analysis
Geographically, North America is leading the global smart packaging market owing to rising demand from food and beverage, logistics, and pharmaceuticals industries. Europe is expected to grow rapidly on the ground of research and development activities in the pharmaceuticals industry.
Global Smart Packaging Market: Competitive Players
Some of the major players contributing to development of the smart packaging industry with their services and innovations are 3M, BASF SE, I. Du Pont De Nemours and Company, MeadWestvaco Corporation, Sealed Air Corporation, Amcor Limited, Avery Dennison Corp., Avery Dennison Corp., Huhtamaki Group, International Paper, RR Donnelley, Smartrac N.V., Sonoco Products Company, and Stora Enso OYJ. Some other participants in the global market include Thin Film Electronics ASA, UPM-Kymmene Corporation, American Thermal Instruments (ATI), and Multisorb Technologies.