Intelligent Packaging Market: Reflects a Remarkable CAGR Of 9.4% from 2023 to 2032.
A Glimpse into the Global Intelligent Packaging Market
The global intelligent packaging market is rapidly expanding. As of 2023, the market boasts a substantial size, reaching a commendable USD 24.23 billion. However, this is just the beginning of an extraordinary journey, as projections indicate a staggering growth to approximately USD 54.38 billion by the year 2032. This impressive surge reflects a remarkable CAGR of 9.4%, spanning the anticipated period from 2023 to 2032.
Intelligent packaging is the vital element that detects and assesses the surrounding conditions within or near the packaging. On the other hand, active packaging offers advanced safeguards to preserve the integrity of the packaged food. Smart packaging, encompassing active and intelligent technologies, presents a comprehensive packaging solution that synergizes its advantages. Its primary objective is to elevate the quality of food products, ensure product safety, extend shelf life, and furnish comprehensive information to consumers.
Decoding the Numbers: Understanding the Intelligent Packaging Market Size
A Pioneering Market Size in 2023
In the current business landscape, the global intelligent packaging market has firmly established itself with a robust size of USD 24.23 billion. This noteworthy figure underscores the industry’s significance and the increasing adoption of intelligent packaging solutions across various sectors.
Future Projections: Navigating towards USD 54.38 Billion
Looking ahead, the trajectory of the intelligent packaging market is poised for an unprecedented ascent. Projections indicate a transformative leap, with the market expected to soar to an impressive USD 54.38 billion by 2032. This remarkable growth forecast is indicative of the pervasive impact and rising demand for intelligent packaging solutions in the coming decade.
Unveiling the Driving Force: CAGR at 9.4% from 2023 to 2032
The Engine of Growth: Compound Annual Growth Rate (CAGR)
Fueling the remarkable surge of the intelligent packaging market is the formidable CAGR of 9.4%. This growth rate, spanning the period from 2023 to 2032, serves as the driving force behind the market’s evolution. The consistent upward trajectory signifies sustained innovation, increasing market penetration, and a burgeoning demand for intelligent packaging solutions.
Achieving Precision: Selecting the Ideal Technology for Each Application in the Intelligent Packaging Sector
Intelligent packaging technologies can be seamlessly integrated into packaging materials through various methods. These technologies can be applied to secondary and tertiary packaging if the objective is to obtain information regarding shipping or storage conditions. This is typically achieved through the utilization of interactive packaging solutions. On the other hand, if the focus is on gathering information about the food product itself, such as the release of ethylene or the presence of bacteria, or if it pertains to storage conditions like temperature monitoring, intelligent technologies are incorporated into the primary packaging. This ensures that the relevant data and functionalities are directly linked to the food characteristics or storage environment, enhancing the overall effectiveness of the packaging solution.
- Instance, the “Campania” Champagne box is specifically designed to showcase luxurious and functional attributes in intelligent packaging, particularly tailored for high-end products such as champagne bottles.
- Instance, RFID systems can provide storage condition data such as temperature and relative humidity and information on food quality (e.g., detecting and measuring metabolites using sensors and storing the information for later retrieval).
- Instance, Functional printing utilizing thermochromic inks is applied to Coca-Cola cans. This innovative printing technique allows for temperature-sensitive color changes on the cans, adding an engaging and interactive element to the packaging.
Regional Investment Potential: Intelligent Packaging Market Opportunities by Geography
The Asia-Pacific region is projected to experience the highest growth rate in the intelligent packaging market. This can be attributed to several factors:
- There has been a significant improvement in education levels among Asians compared to previous generations.
- There is an increasing focus on health consciousness, which has led to a greater interest in food packaging and inquiries about the packaging materials used. The consensus is that hygienic packaging ensures safer food consumption.
- As the region’s population becomes wealthier, they can afford products (such as food and pharmaceuticals) with intelligent packaging technologies.
- There is a growing demand among Asians for eco-friendly packaging for their food and medications.
Major Intelligent Packaging Market Players Include:
Amcor plc., Crown Holding Inc., 3M Company, CCL Industries Inc., Huhtamaki Global, DS Smith, Avery Dennision Corporation, Honeywell Internatioanl Inc., Sealed Air Corporation, Tetra Pak International S.A., Stora Enso Oyj, WestRock Company, Ball Corporation, Mondi Plc., International Paper Company, Georgia-Pacific LLC, UPM-Kymmene Oyj, Coveris Holdings S.A., DuPont Teijin Films US, Sigma Plastics Group, Timestrip UK Ltd., Varcode,Ltd., Temptime Corporation, DeltaTrak Inc., EVIGENCE SENSORS, JRI Company, Vitsab International AB, LAXCEN TECHNOLOGY INC., APK-ID, STARNFC Technologies Ltd.
- 20 May 2022, Sealed Air, a respected member of AIPIA (Active & Intelligent Packaging Industry Association), has introduced its new digital packaging brand, Prismiq. prismiq offers a comprehensive range of solutions, including design services, digital printing, and intelligent packaging. This portfolio of offerings aims to meet the diverse needs of businesses in the packaging industry, enabling them to leverage cutting-edge technologies and enhance their packaging capabilities.
- 20 APRIL 2022, Nextech AR Solutions Corp., a leading Metaverse Company specializing in augmented reality (AR) experiences, has partnered strategically with Bothwell Cheese. Nextech AR Solutions will integrate QR code-triggered and floor-anchored holograms onto Bothwell Cheese’s product labels as part of this collaboration. This innovative approach will allow consumers to engage with captivating AR experiences by scanning the QR codes on the cheese labels, creating a unique and interactive connection between the brand and its customers.
- April 2022, Sealed Air (NYSE: SEE), headquartered in CHARLOTTE, N.C., unveiled Prismiq, a ground-breaking digital packaging brand encompassing a diverse range of solutions such as design services, digital printing, and intelligent packaging. One of the key features of Prismiq is its ability to provide users with an immersive packaging experience by leveraging smartphone technology. Using the SEE Mark, various data signatures, including QR codes, barcodes, RFID tags, recycling codes, and date and time stamps, can be transmitted to the user’s smartphone, elevating the overall human experience and enabling a deeper level of engagement with the product.
- In May 2022, Coveris introduced its ground-breaking MonoFlexBE pouches, potentially reducing plastic usage by 1g per pack. These innovative pouches provide an easily recyclable solution for Iceland’s grated cheese, aligning with the retailer’s ambitious goal of becoming the first plastic-neutral supermarket in the UK. The MonoFlexBE pouches contribute to significant plastic weight reduction and facilitate the recycling process, supporting Iceland’s commitment to sustainable packaging solutions and environmental responsibility. By implementing these pouches, Iceland demonstrates its dedication to reducing plastic waste and promoting a more sustainable future in the retail industry.
Segments covered in the report:
- Gas Scavengers
- Corrosion Control Packaging
- Moisture Control Packaging
- Subsector Packaging
- QR Code
- Food & Beverages
- North America