Future Market Insight's (FMI's) latest study uncovers information on hidden opportunities in the intelligent packaging market. It analyzes the critical trends favoring demand outlook across various segments in terms of technology, level of packaging, application, and end use. The survey also forecasts growth prospects for the intelligent packaging market for the assessment period, from 2021 to 2031
DUBAI, UAE, Nov. 8, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per FMI, the global intelligent packaging marketis estimated to top US$ 19.7 Bn in 2021. Suring applications of intelligent packaging solutions across cosmetics, personal care, healthcare, and consumer goods industries is augmenting the demand in the market. On account of this, the market is anticipated to exceed US$ 46.7 Bn by 2031, expanding at a 9% CAGR over the forecast period from 2021 to 2031.
Intelligent packaging is gaining traction, especially following the rapid expansion of the e-commerce sector as these solutions facilitate tracking, tracing, and ensure safety of products while transit, subsequently improving their shelf-life. These factors are expected to drive the sales of intelligent packaging by 2.4X through 2031.
Several brands are shifting towards intelligent packaging solutions to meet the demand for interactive, smart, user-friendly, connected, and eco-friendly packaging from customers. For instance, Cadbury, a British multinational confectionery company, started adopting smart packaging to help its customers make connections. It also uses a MAXQ QR code on its milk tray packaging. Driven by such developments, the demand for intelligent packaging is expected to grow at 10.5% in 2021.
On the basis of the level of packaging, primary packaging is anticipated to continue dominating the market, growing at a robust CAGR of 9.6% through 2031. Increasing emphasis on adopting interactive and attractive packing solutions to improve the first impression of the product is a key factor driving sales in the segment.
"Greater inclination for contactless purchase and contactless delivery among present-day consumers will tip scales in favor of intelligent packaging. Introduction of innovative packaging technologies such as anti-microbial and nanotechnology also will accelerate the growth in the market," says a FMI analyst.
Key Takeaways from Intelligent Packaging Market Study
The U.S. is expected to hold the largest share in the North America market, accounting for nearly 85% of regional sales through 2031.
Germany is projected to emerge as one of the most remunerative markets in Europe, contributing around 1/5th of the overall revenue share in the region by 2031.
India is estimated to dominate the South Asia intelligent packaging market, accounting for more than 45% of the regional demand through 2031.
The market in Japan is forecast to witness swift growth, expanding at an impressive CAGR of 11.2% CAGR from 2021 to 2031.
In terms of technology, interactive/data carriers packaging is anticipated to hold the dominant share, accounting for 44% of the sales by 2031.
Increasing demand for smart packaging with advanced features such as easy tracking and detecting using quick response (QR) codes from the e-commerce industry is spurring the sales of intelligent packaging.
Implementation of stringent regulations regarding storing and transporting various food & beverages and healthcare products to ensure product safety is propelling the demand for active packaging such as oxygen scavengers and ethylene absorbers.
High cost of intelligent packaging compared to traditional packaging is a primary factor hampering the growth in the market.
Rising concerns regarding the environment and implementation of several regulations about the use of plastics for packaging are restraining the growth in the market.
Leading manufacturers are emphasizing on launching next-generation packaging solutions, integrated adopting advanced technologies to expand their product portfolio. Also, some of the players are aiming at expanding their production capacity to cater to the increasing demand from various industries.
In 2021, JRI Company, an American company, announced expanding its production capacity by integration of the Labguard 3D equipment into its JRI-MySirius solutions.
In December 2020, DeltaTrak Inc., a leading innovator of cold chain management and temperature monitoring solutions, announced launching customized vaccine temperature monitoring solutions, which are compatible with the three temperature profiles required for the handling, transport, and storage of COVID-19 vaccines.
Some of the key players operating in the market profiled by FMI are:
Dow Chemical Company
LyondellBasell Industries N.V.
Exxon Mobil Corporation
Saudi Basic Industries Corporation
Ineos Group Limited
Chevron Phillips Chemical Company, LLC
Crown Holding Inc.
CCL Industries Inc.
Avery Dennison Corporation
Honeywell International Inc.
Tetra Pak International S.A.
Sealed Air Corporation
International Paper Company
Coveris Holdings S.A.
DuPont Teijin Films US
Sigma Plastics Group
Timestrip UK Ltd
Vitsab International AB
LAXCEN TECHNOLOGY INC.
STARNFC Technologies Ltd.
Johnson & Johnson
Procter & Gamble Company
DHL Supply Chain
More Valuable Insights on Intelligent PackagingMarket
The latest report by FMI provides a detailed analysis of the global intelligent packaging market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in intelligent packaging market with detailed segmentation:
The report offers insight into intelligent packaging market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for intelligent packaging market between 2021 and 2031
Intelligent packaging market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Intelligent packaging market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Drum Liners Market: Drum Liners Market to Gain Impetus as Leading Companies Launch Eco-friendly Products
Paper Bags Market: Paper Bags Market Driven by Increase in Focus on Sustainable Packaging Solutions
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.