Report ID: SQMIG15Q2004 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 61 | Figures: 77Global Household Paper Market
Report ID: SQMIG15Q2005 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 64 | Figures: 77
Smart Packaging Market size was valued at USD 237.29 billion in 2021 and is poised to grow from USD 252 billion in 2022 to USD 383.95 billion by 2030, at a CAGR of 6.2% during the forecast period (2023-2030).
The market is driven by increasing demand for packaged products, as well as a growing focus on sustainability and eco-friendly packaging solutions. From 4.3 kilogrammes per person per year in FY10 to 8.6 kg per person per year in FY20, India's packaging consumption has increased by 200% over the past ten years, according to the Indian Institute of Packaging (IIP). Comparatively speaking to other developed countries around the world, this business still has a tonne of room for expansion despite the dramatic increase over the past decade. Due to changes in substrate preferences, the opening of new markets, and shifting ownership dynamics, the global packaging industry has grown steadily over the past 10 years. Flexible packaging, high-barrier films, and stand-up retort pouches may continue to displace conventional packaging for a variety of food goods, challenging rigid pack forms including metal tins and glass jars. Numerous suppliers of flexible plastic packaging are responding to the growing demand for sweets and confectionery by providing packaging solutions that especially meet this need, which is further boosting their sales and income. For instance, the US Census Bureau projects that the US candy manufacturing business would generate USD 10.89 billion in revenue by FY 2023. The market is anticipated to experience growth due to rising demand for environmentally friendly sustainable products from the food and beverage and pharmaceutical industries. Over the projection period, growth is also likely to be fuelled by growing R&D spending to minimise carbon footprint.
US Smart Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Smart Packaging Market is segmented on the basis of material, end use and region. By technology, the market is segmented into active, intelligent, modified atmosphere. By end use, market is segmented into food & beverages, personal & household care, consumer goods, industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Packaging Market Analysis by Technology
With 72.2% of the industry's total revenue in 2022, the active packaging segment has established itself as a dominating one, and it is predicted that this dominance will last throughout the projection period. Given its outstanding moisture control and corrosion protection capabilities, the market is predicted to grow. Over the projected period, the industry is expected to be driven by rising industrialization in emerging economies like China and India and by increased demand for supply chain and logistics management.
When it comes to revenue share in 2022, intelligent packaging is anticipated to expand at the fastest rate. In 2022, the product segment held a 27.8% share of the market. Enhanced human interface and the capacity to make fast product changes are further benefits.
Smart Packaging Market Analysis by End Use
During the projection period of 2023–2030, the Food & Beverages segment, which dominated the market in 2022, is anticipated to develop at a quicker rate. In the food and beverage business, packaging is extremely important since it maintains the products' safety and quality while also protecting them during storage and transportation. In the food and beverage business, a broad variety of packaging materials are used, including flexible packaging, rigid plastic packaging, paper and board packaging, and metal packaging, among others. All of these packaging-related aspects have a favorable effect on market expansion.Over the projected period, the revenue growth rate for the personal and household care application category is anticipated to exceed 4.4%. Because consumers are becoming more mindful of grooming and cleanliness, this industry has experienced substantial growth. Over the course of the forecast period, segment growth is anticipated to be significantly influenced by rising consumer interest in clean label or plant-based cosmetics as well as growing health and wellness awareness in developing nations.
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With the biggest market share in the smart packaging industry, Asia-Pacific is currently the largest packaging market in the world. The region's huge and expanding population, rising consumer expenditure, and growing urbanization are a few reasons for this. The demand for packaged goods is increasing along with the population in the Asia-Pacific region, particularly in the food and beverage and healthcare sectors. The emergence of organized retail and e-commerce sectors in the area as a result of the rapid urbanization has also increased the demand for packaging solutions. Additionally, a lot of businesses in the packaging sector have relocated their production operations to Asia-Pacific due to the region's affordable labor and welcoming business environment.
North America is a sizable market for Smart packaging, with a focus on eco-friendly packaging options and cutting-edge packaging technologies. In particular in the food and beverage, healthcare, and consumer goods industries, the area is a large consumer of packaged goods and is home to numerous top packaging companies. Due to a shift in consumer behavior towards online shopping and home delivery services, the pandemic has increased the need for packaged goods. This has led to an increase in demand for packaging materials, particularly in the e-commerce and food & beverage sectors. In The North American region, the U.S. Smart Packaging market had the biggest market share, and the Canada Packaging market had the quickest rate of growth.
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Smart Packaging Market Drivers
Rise in E-Commerce is Bolstering Market Growth
Smart Packaging Market Restraints
Transportation and Logistics Uncertainty to Hinder Market
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The key market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also pursuing a variety of strategic actions to increase their global footprint. In order to grow and remain in a market that is becoming more and more competitive, competitors in the packaging sector must provide affordable products.
Top Player’s Company Profiles in Smart Packaging Market
Smart Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global Smart packaging market is a rapidly growing industry that plays a vital role in protecting and preserving products during storage, transportation, and display. The market is driven by increasing demand for packaged food and beverages, pharmaceuticals, and consumer goods, as well as a growing focus on sustainability and eco-friendly packaging solutions. In addition to traditional packaging solutions such as plastic, paper, and metal, the market is also seeing increasing demand for eco-friendly and sustainable packaging solutions. This includes biodegradable and compostable materials, as well as innovative packaging designs that reduce waste and minimize environmental impact. The global packaging market is expected to continue to grow in the coming years, driven by increasing demand for packaged products and a growing focus on sustainability and eco-friendly solutions. Companies that are able to offer innovative and cost-effective packaging solutions that meet these demands are likely to see continued success in the industry.
|Market size value in 2021||USD 237.29 billion|
|Market size value in 2030||USD 252 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Smart Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG15Q2005