26 C
New York
Monday, June 24, 2024
HomeResearchSmart Packaging Market Projected to Reach USD 36.36 Billion by 2031 Driven...

Smart Packaging Market Projected to Reach USD 36.36 Billion by 2031 Driven by Advancements in Technology and Increasing Demand for Sustainability

Date:

Related stories

spot_imgspot_img


“According to the SNS Insider report, the Smart Packaging Market was worth an estimated USD 24.8 billion in 2023. According to SNS Insider forecasts market is expected to reach USD 36.36 billion by 2031.

What are the key factors impacting the demand element of the market?  

According to SNS Insider 68% of consumers are willing to pay a slight premium for packaging that reduces food waste. Rising concerns about product safety and counterfeiting are promoting the use of tamper-evident features and smart labels. These features can improve brand protection and consumer trust.  In conclusion, the Smart Packaging Market is responding to a unique blend of factors that prioritize informed consumers, environmental responsibility, and brand security.

Smart Packaging Market
Smart Packaging Market

Get a Free Sample PDF Copy of  the Latest Research @ https://www.snsinsider.com/sample-request/4240 

Major Players Listed in this Report are:

  • Avery Dennison Corporation
  • BASF SE
  • Ball Corporation
  • Sysco Corporation
  • Zebra Technologies Corp. (Temptime Corporation)
  • International Paper
  • Donnelley & Sons Company
  • 3M
  • Crown
  • Stora Enso

Integrating sensors, RFID tags, and other technologies can inflate production expenses by up to 30%.

This disproportionately impacts smaller businesses who lack the economies of scale to absorb these costs. Furthermore, consumer awareness presents another obstacle. SNS Insider research suggests that up to 40% of consumers are unfamiliar with smart packaging, limiting its perceived value and hindering widespread adoption. Finally, concerns around data privacy and security pose a complex challenge. Smart packaging often collects and transmits product information, raising questions about how this data is managed and secured.

Opportunity Analysis:

Imagine bioplastics embedded with freshness indicators that alert consumers to food spoilage, reducing waste. This aligns perfectly with the growing global concern for eco-friendly solutions, as reported in a 2023 study which found that 72% of consumers in APAC are willing to pay more for sustainable packaging. Secondly, the rise of e-commerce creates a demand for smart packaging that enhances logistics and combats counterfeiting.  Imagine temperature-monitoring tags on perishable goods during shipment, ensuring product quality upon arrival.

Smart Packaging Market Key Segments:

By Material

  • Solid
  • Liquid

By Technology

  • Active Packaging
  • Intelligent Packaging
  • Modified Atmosphere Packaging+By Functionality
  • Tracking & Tracing
  • Temperature Monitoring
  • Freshness Indication
  • Security
  • Others

By Application

  • Food & Beverages
  • Healthcare
  • Personal Care
  • Automotive
  • Others

The food and beverage sector dominates, claiming the largest market share due to its extensive use of active and intelligent packaging.

Here, oxygen scavengers, gas indicators, and sensors play a crucial role. These technologies extend shelf life, enhance product quality, and prevent food waste.  For instance, a study revealed that intelligent time-temperature indicators on meat packaging can reduce spoilage by up to 20%, translating to significant cost savings.

Meanwhile, the healthcare industry leverages smart packaging for medication adherence and anti-counterfeiting purposes. Smart pill bottles with integrated reminders ensure patients take their medication as prescribed, while sensors embedded in packaging can detect tampering or product authenticity.

North America, with its established infrastructure and strong emphasis on convenience, currently dominates.

The region boasts a well-developed cold chain network, making it ideal for the adoption of temperature-monitoring sensors in food and beverage packaging. However, Asia Pacific is rapidly catching up, driven by an expanding middle class with rising disposable incomes and a growing demand for premium products. China, in particular, is witnessing a rise in smart packaging adoption across various industries, with a focus on anti-counterfeiting and brand protection technologies.

Do you have any specific queries or need any customization research on Smart Packaging Market, Enquire Now@ https://www.snsinsider.com/enquiry/4240 

Recent Developments:

In February 2024, Avery Dennison Corporation unveiled a new intelligent label solution that utilizes radio frequency identification (RFID) technology. This advancement allows for real-time temperature monitoring during pharmaceutical shipments, ensuring product integrity and reducing spoilage.

BASF, a chemical giant, announced a significant investment in bio-based and compostable materials for food packaging in April 2024. This provides to the growing consumer demand for sustainable solutions and reduces environmental impact.

Multinational conglomerate 3M recently partnered with a leading cloud platform provider to develop a comprehensive smart packaging data management system. This cloud-based solution offers valuable insights into product freshness, tampering attempts, and logistics efficiency throughout the supply chain.

Key Takeaways:

  • Active packaging utilizes innovative materials to absorb oxygen, extend freshness, and even indicate spoilage. Intelligent packaging integrates sensors and trackers to monitor product conditions during transport and storage, providing real-time data on temperature, freshness, and potential tampering.
  • This empowers both businesses and consumers. Businesses gain valuable insights into their supply chains, reducing waste and optimizing logistics.
  • Consumers benefit from increased confidence in product quality and safety, with smart packaging acting as a digital bridge, offering access to information about the product’s origin and journey.  Furthermore, the rise of e-commerce fuels the demand for smart packaging, ensuring product integrity during transit and delivery.

Table of Contents – Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
  5. Value Chain Analysis
  6. Porter’s 5 forces model
  7. PEST Analysis
  8. Smart Packaging Market Segmentation, By Material
  9. Smart Packaging Market Segmentation, By Technology
  10. Smart Packaging Market Segmentation, By Functionality
  11. Smart Packaging Market Segmentation, By Application
  12. Regional Analysis
  13. Company Profiles
  14. Competitive Landscape
  15. Conclusion

Continue….

Purchase  the Latest Version of this Report @ https://www.snsinsider.com/checkout/4240 

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Contact Us:

Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

Phone: +1-415-230-0044 (US)

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img