Growing urban population along with changing lifestyles has resulted in increased ready-to-eat, frozen, and packaged food demand. Growing demand for exotic fruits & vegetables, meat, and frozen products across various countries on account of rising global trade practices has led to increased demand for specialty packaging.
The global active, smart, and intelligent packaging market is expected to grow on account of increasing need for specialty covering in order to retain freshness and nutritional value of the products at competitive prices. Sophisticated transportation facilities are expected to drive the global trade, which in turn is expected to affect the market positively.
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Shift in trend from traditional to advanced packaging system, which deals with internal and external aspects of product protection, is expected to fuel the product demand. Active packaging involves protection of product from material, while intelligent systems add extra information on the cover in the form of electronic or non-electronic forms.
Advanced system is witnessing high demand on account of increasing convenience and ready-to-eat food demand along with strict regulations regarding food packaging, especially in North America and Europe. Increasing demand for smart wrapping technique in order to organize the value chain, increase efficiency, and reduce customer waiting time at POS is also expected to fuel growth over next seven years.
Growing number of convenience stores along with technologically advanced points of sales has increased need for intelligent systems. Reduction in tracking time and efficient product monitoring are expected to drive the global active, smart and intelligent packaging systems over the forecast period.
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High implementation cost on account of huge investments made in R&D is expected to restrain the product demand over the forecast period. Increasing raw material cost also adds to the increased cost of application and is directly transferred to the buyer. This is also expected to hamper market growth.
The market can be segmented on the basis of application as packaged food, beverages, frozen food, dairy, chilled processed food, and dried processed food. Food sector accounts for over 51% of the total advanced packaging solutions and is the key driver affecting the market growth. The global active, smart, and intelligent packaging systems for packaged food are expected to reach over USD 21 Billion by 2014.
On the basis of type, the market can be segmented as intelligent, active, and modified atmosphere systems. Modified atmosphere type accounts for over 50% of the total demand. Intelligent packaging technology is expected to grow at an estimated CAGR of over 12 % over the forecast period.
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