Smart Packaging Market
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<strong>Smart</strong> <strong>Packaging</strong> <strong>Market</strong> Research Report By<br />
Forecast To 2023<br />
Industry Survey, Growth, Competitive Landscape<br />
and Forecasts to 2023<br />
PREPARED BY<br />
<strong>Market</strong> Research Future<br />
(Part of Wantstats Research & Media Pvt. Ltd.)
<strong>Smart</strong> <strong>Packaging</strong> <strong>Market</strong> Forecast To 2023<br />
Global <strong>Smart</strong> <strong>Packaging</strong> Information By Technology (Active, Intelligent and MAP), By Application (Food &<br />
Beverages, Automotive, Healthcare, Personal Care and others), and Region - Forecast to 2023<br />
<strong>Smart</strong> packaging functions as protection, communication, convenience, and containment, it also offers a number of<br />
additional functionalities depending on the type of product. Changing consumer preference for safe food have led to<br />
innovations in the packaging technologies. <strong>Smart</strong> packaging includes active packaging, intelligent packaging, and MAP. The<br />
active packaging technology includes gas scavenger, corrosion control packaging, and moisture control packaging, which are<br />
primarily used for food & beverages and healthcare sector or the intelligent packaging solutions such as time-temperature<br />
indicator, gas indicator, thermochromic ink, RFID, and others. This technology drives the scope and demand for such<br />
technologies as these are widely used across various applications such as automotive and personal care.<br />
The global smart packaging market is currently estimated at USD 46.74 billion and is expected to grow at a healthy CAGR of<br />
5.16% during the forecasted period 2017-2023.<br />
The concept of 'smart' packaging is gaining momentum across industries. Its contribution to the healthcare industry,<br />
especially to the pharmaceutical segment, is unparalleled. The stringent regulation makes innovation and quality<br />
paramount to the industry. Legislative changes, new drugs, and advances in technology have required appropriate changes<br />
in the packaging. Such regulations ensurcompanies increase sustainability and use environment-friendly materials, while<br />
responding to the multiplying opportunities presented by the globalization, making packaging more crucial than ever. <strong>Smart</strong><br />
packaging is being used for threat detection, diagnostics, and for effective drug delivery. It can also provide patients,<br />
pharmacists and healthcare professionals with valuable information about expiry dates, composition, and dosages. The<br />
growth of the pharmaceutical industry on a global level has induced the demand for such packaging. The rise in the income,<br />
especially in the lower income level along with the government commitments for providing basic health facilities are<br />
expected to drive the pharmaceutical market growth and increase the investment on the packaging. According to IMS<br />
market prognosis, the U.S. is leading the market in terms of pharmaceutical spending per capita in 2016, followed by Japan<br />
and Canada.<br />
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<strong>Smart</strong> <strong>Packaging</strong> <strong>Market</strong> Forecast To 2023<br />
The smart packaging market is witnessing a remarkable growth. Consumer concern about food waste and food safety,<br />
manufacturers, focuses on increasing the shelf life of many perishable products. Recent Trend shows that Government<br />
agencies are setting food safety standards, conducting inspections, ensuring that standards are met, and maintaining strong<br />
enforcement. The Food Safety Modernization Act (FSMA), enables the Food and Drug Administration (FDA) to better protect<br />
public health by strengthening the food safety system. Whereas, high cost acting as a restraining factor for the growth of<br />
the market.<br />
Global smart packaging market is segmented into three major segments such as technology, application and region. by<br />
technology it classified as active, intelligent and MAP, by application it includes food & beverages, automotive, healthcare,<br />
personal care and others and by geography it is segmented by North America, Europe, Asia-Pacific, and the Middle East &<br />
Africa.<br />
Modified atmosphere packaging (MAP):<br />
Modified atmosphere packaging (MAP) helps in extending the shelf life of fresh food products. The technology replaces the<br />
atmospheric air inside a package with a protective gas mix. The gas in the package helps to keep food fresh for a longer<br />
period of time. It has been developed to ensure that packaged food products stay fresh and attractive for long. Modified<br />
Atmosphere allows fresh and minimally processed packaged food products to maintain the visual, textural and nutritional<br />
appeal. The controlled MAP extend shelf life of the product without any addition of chemical preservatives or stabilizers.<br />
For fresh and flavorful products, processors, and marketers rely on modified atmosphere packaging and focusing on<br />
meeting the consumer’s expectation for brand quality, consistency, freshness, and in-stock availability.<br />
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<strong>Smart</strong> <strong>Packaging</strong> <strong>Market</strong> Forecast To 2023<br />
<strong>Market</strong> Segmentation<br />
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<strong>Smart</strong> <strong>Packaging</strong> <strong>Market</strong> Forecast To 2023<br />
Regional Analysis<br />
The global market is segmented on the basis of geography: Asia Pacific, North America, Europe, and the Middle East &<br />
Africa. North America is expected to lead the smart packaging market, followed by Europe and Asia Pacific. Increased<br />
investment in the R&D and product innovation in the packaging, reduction in food wastage, and extension of shelf life are<br />
some the growth factors of the smart packaging market. Rising industrialization in emerging regions including the Asia<br />
Pacific and the Middle East is expected to drive the industry. Availability of raw materials coupled with cheaper<br />
manufacturing costs, growing use of RFID tags in the automotive industry, and growing demand for personal care products<br />
are pushing regional growth forward. Moreover, increasing demand for good and luxurious products, concerned about the<br />
packaging and its regulations in regions pushing the market.<br />
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Major Players<br />
Some of the key players in the global smart packaging market include 3M Company (U.S.), TempTime Corporation, PakSense<br />
Inc., American Thermal Instruments, Avery Dennison Corporation, R.R. Donnelly Sons & Company, BASF SE, International<br />
Paper, Stora Enso, Huhtamaki Group, and <strong>Smart</strong>rac N.V.<br />
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