The Smart Packaging Market may be worth US$ 24.6 billion in 2023 and US$ 38.3 billion in 2033. The Smart Packaging Market is expanding at a CAGR of 4.5% over the anticipated time frame. Increasing the shelf life and traceability of food products through the use of smart packaging may have a favorable effect on the market growth for smart packaging throughout the projected period.
The surging aging population and shifts in consumer lifestyles are propelling heightened interest in advanced packaging solutions across key sectors, particularly within food processing and pharmaceuticals. Simultaneously, the heightened consciousness about curbing food waste and the surging demand for intelligent, functionally augmented packaging are powerful drivers propelling the expansion of the Smart Packaging Market. This evolution in packaging aligns seamlessly with evolving consumer preferences and industry imperatives, ensuring a brighter future for the smart packaging landscape.
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Strategies for Manufacturing Business Growth and Expansion
Forge partnerships with tech firms to co-create personalized and inventive smart packaging solutions.
Adopt cutting-edge technology and incorporate intelligent packaging solutions into manufacturing operations.
Allocate resources to R&D endeavors, ensuring ongoing enhancement and diversification of smart packaging portfolios.
Establish collaborative ventures with retail chains and online marketplaces to amplify product visibility and consumer accessibility.
Promising Future of Smart Packaging
The burgeoning e-commerce sector, coupled with the unwavering need for secure and efficient packaging solutions, serves as the impetus behind the robust growth of the smart packaging market. Furthermore, the deployment of intelligent labels and tags equipped with temperature and humidity sensors stands as a formidable guardian, diligently preserving the freshness and quality of perishable commodities. Smart packaging has emerged as a multifaceted solution, enhancing both supply chain optimization and consumer interaction, making it a pivotal force in the ever-evolving packaging landscape.
Smart packaging is a dynamic catalyst for advancing supply chain efficiency, offering enhanced inventory management capabilities while effectively reducing product waste. The integration of augmented reality (AR) and virtual reality (VR) technologies within packaging elevates consumer engagement to new heights, creating immersive and interactive brand experiences.
Rising Demand for Smart Packaging in the Food Industry Drives Market Growth
Smart packaging can be used in the food and beverage industry to track a product’s location during transportation, monitor its quality and freshness, and provide the consumer with information on its ingredients and nutritional value. This could improve the quality and safety of the goods and the shopping experience.
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Market Players:
- 3M
- BASF SE,
- Crown
- Avery Dennison Corporation
- Ball Corporation
- Sysco Corporation
- Zebra Technologies Corp. (Temptime Corporation)
- International Paper
- R.R. Donnelley & Sons Company
- Stora Enso
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.