Smart Packaging Market

Smart Packaging Market Forecast To 2023
Global Smart Packaging Information By Technology (Active, Intelligent and MAP), By Application (Food &
Beverages, Automotive, Healthcare, Personal Care and others), and Region - Forecast to 2023
Smart packaging functions as protection, communication, convenience, and containment, it also offers a number of
additional functionalities depending on the type of product. Changing consumer preference for safe food have led to
innovations in the packaging technologies. Smart packaging includes active packaging, intelligent packaging, and MAP. The
active packaging technology includes gas scavenger, corrosion control packaging, and moisture control packaging, which are
primarily used for food & beverages and healthcare sector or the intelligent packaging solutions such as time-temperature
indicator, gas indicator, thermochromic ink, RFID, and others. This technology drives the scope and demand for such
technologies as these are widely used across various applications such as automotive and personal care.
The global smart packaging market is currently estimated at USD 46.74 billion and is expected to grow at a healthy CAGR of
5.16% during the forecasted period 2017-2023.
The concept of 'smart' packaging is gaining momentum across industries. Its contribution to the healthcare industry,
especially to the pharmaceutical segment, is unparalleled. The stringent regulation makes innovation and quality
paramount to the industry. Legislative changes, new drugs, and advances in technology have required appropriate changes
in the packaging. Such regulations ensurcompanies increase sustainability and use environment-friendly materials, while
responding to the multiplying opportunities presented by the globalization, making packaging more crucial than ever. Smart
packaging is being used for threat detection, diagnostics, and for effective drug delivery. It can also provide patients,
pharmacists and healthcare professionals with valuable information about expiry dates, composition, and dosages. The
growth of the pharmaceutical industry on a global level has induced the demand for such packaging. The rise in the income,
especially in the lower income level along with the government commitments for providing basic health facilities are
expected to drive the pharmaceutical market growth and increase the investment on the packaging. According to IMS
market prognosis, the U.S. is leading the market in terms of pharmaceutical spending per capita in 2016, followed by Japan
and Canada.
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