Global Smart Packaging Market Size, Share, Growth Analysis, By Technology(Active, modified), By End Use(Food & Beverages, Personal & Household Care) - Industry Forecast 2024-2031

Global Smart Packaging Market size was valued at USD 252 billion in 2022 and is poised to grow from USD 267.62 billion in 2023 to USD 433.03 billion by 2031, at a CAGR of 6.2% during the forecast period (2024-2031).

Growing consumer demand for packaged goods and increased attention to sustainability and environmentally friendly packaging options are driving the industry. The Indian Institute of Packaging (IIP) reports that throughout the past ten years, India's packaging consumption has increased by 200%, from 4.3 kilogrammes per person per year in FY10 to 8.6 kg per person per year in FY20. Despite the sharp rise over the last ten years, this industry still has a ton of space for expansion when compared to other wealthy nations worldwide. Over the past ten years, the global packaging business has developed steadily due to changes in ownership dynamics, opening up new markets, and changes in substrate preferences. For a range of food products, flexible packaging, high-barrier films, and stand-up retort pouches may continue to replace traditional packaging, posing a threat to rigid pack forms including glass jars and metal tins. In response to the growing demand for confectionary and sweets, many providers of flexible plastic packaging are offering packaging solutions that specifically address this requirement, which is increasing their revenue and sales. For example, the US Census Bureau estimates that by FY 2023, the US confectionery manufacturing industry will bring in USD 10.89 billion. The market is expected to increase as a result of the food and beverage and pharmaceutical industries' growing desire for sustainable, eco-friendly goods. Growth is anticipated to be supported during the forecast period by rising R&D expenditures aimed at reducing carbon emissions. Smart packaging ensures product integrity and quality by facilitating real-time monitoring through the use of features like RFID tags and sensors. Particularly the food and beverage sector is a big user, using smart packaging to ensure safety and track freshness. Nonetheless, there are issues with expensive implementation and complicated technology. Continuous innovations that prioritize sustainability and engaging customer experiences define the market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Smart Packaging Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Smart Packaging Market Segmental Analysis

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.

Drivers of the Global Smart Packaging Market

The need for packing materials has grown dramatically with the development in e-commerce. The demand for strong, safe, and lightweight packaging options for goods transportation has spurred the packaging market's expansion.

Restraints in the Global Smart Packaging Market

Before products and packaging materials reach the end customers, they must be transported and kept. The profit margins of packaging companies, particularly those with global operations, can be considerably impacted by the expenses associated with transportation and logistics.

Market Trends of the Global Smart Packaging Market

Organized retail is the term used to describe the large-scale sales of a product through an organized store or outlet, such as a department store, supermarket, or hypermarket. These organised sellers require a large volume of items to be packaged and delivered in a way that guarantees the safety and quality of the goods. Packaging plays a crucial role in the retail industry by protecting products from damage during transportation, maintaining their quality and freshness, and presenting them in an eye-catching way to attract buyers.

the incorporation of Internet of Things (IoT) technologies, which makes packaging solutions more intelligent and networked. In addition to improving supply chain visibility and guaranteeing product quality, this makes real-time monitoring easier. The focus on sustainability and the creation of environmentally friendly smart packaging options to address environmental issues are two other important trends.