New York, NY, July 17, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Packaging Market by Type (Active Packaging, Intelligent Packaging, and Modified Atmosphere Packaging (MAP)), by Application (Personal Care, Food & Beverage, Healthcare, Automotive, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global smart packaging market was valued at USD 37.49 billion in 2017 and is expected to reach USD 48.53 billion in 2024, growing at a CAGR of 5% between 2018 and 2024.
The major benefits of using smart packaging system are the minimization of cost, prevent the people from food wastage, reduction in human errors, and rejuvenating the brand.
Browse through 55 Tables & 30 Figures spread over 110 Pages and in-depth TOC on "Global Smart Packaging Market Size, Share, Industry Growth, Trends Analysis, and Forecast, 2017 – 2024”.
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The market is driven by various factors such as increased purchasing power and consumer lifestyle, rising population and growing demand for functional and smart packaging, and increasing consumer awareness for reduction of food wastage is estimated to drive the smart packaging market over the forecast period. However, the absence of integrators, high cost, better product designers, limited availability, lack of consumer awareness, and the high price of plastic materials are expected to impede the demand of the market. Nevertheless, elevation of printed technology is a major opportunity to the global smart packaging during the projected years.
The smart packaging market is segmented into technology, application, and region On the basis of type, the smart packaging market is divided into active packaging, intelligent packaging, and modified atmosphere packaging (MAP). Active packaging segment held the largest market share in 2017. Active packaging has some characteristic such as it controls bacteria growth, maintains food quality and freshness and is also used to release internal gas. There has been an increase in the applications owing to the availability of different forms such as plastic, plastic films, and the fabric expects to propel the industry growth. Growing industrialization in developing countries such as China and India along with rapid demand for supply chain management and superior logistics is projected to enhance demand for smart packaging in near future. Intelligent packaging is one of the fastest growing segments of smart packaging market. It has shown around 15% CAGR and has accounted for around 26% market share in 2017. Growing application in the end-user industries such as automotive OEM, food & beverage, metal wrapping, and pharmaceutical are likely to set a new wing to the smart packaging market.
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In North America, the rising purchasing power of consumers and increase health awareness are projected to propel the smart packaging industry in the years to come. North America accounted for the highest market share of the smart packaging market in 2017 followed by Europe and the Asia Pacific and it accounted for around 45% market share in 2017. Swift growth of industries such as automotive, food & beverage, manufacturing, pharmaceutical, and logistics coupled with recovery of economic slowdown is anticipated to fuel the demand during the forecast period. The U.S. dominated the smart packaging market followed by Canada. To fulfill the large demands of the food industry, imports of food from other region has significantly increased and it will be the key driver for the smart packaging market in the region.
Europe is the second largest market for smart packaging market after North America. The region is projected to exhibit a significant growth rate owing to rising government emphasis to lower down the toxic content of packaging material. Moreover, the rising working population is resulting into the increase of ready-to-eat food in the region, which is expected to boost the smart packaging market in coming years.
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The Asia Pacific is emerging as the potential market for smart packaging. It accounted for around 13% market shares in 2017 and it is estimated to be the fastest growing region in the near future on account of rising lifestyle and increasing purchasing power of people. Additionally, the aging population in the region and the presence of emerging economy are also fueling the market growth in the near future.
The Middle East & Africa and Latin America are projected to witness significant growth rate in the coming years owing to the availability of raw material in the region and rising working population thus accelerating the market growth during the forecast period.
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The key manufacturers in the global smart packaging market are E. I. Du Pont De Nemours and Company, Multisorb Technologies Inc., Amcor Limited, BASF SE, RR Donnelley, Sealed Air Corporation, Huhtamaki Group, PakSense Meadwestvaco Corporation, and Stora Enso OYJ.
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This report segments the smart packaging market as follows:
Smart Packaging Market: Type
- Active Packaging
- Intelligent Packaging
- Modified Atmosphere Packaging (MAP)
Smart Packaging Market: Application Analysis
- Personal Care
- Food & Beverage
- Healthcare
- Automotive
- Others
Smart Packaging Market: Region Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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