Intelligent Packaging Market Overview
As per a detailed analysis by Market Research Future (MRFR), the global intelligent packaging market is estimated to garner a stellar CAGR during the forecast period (2017-2023). The mammoth demand from the food and beverage sector is promoting the intelligent packaging market growth across the globe. Smart and intelligent packaging is generally used to monitor, protect, interact, and maintain the safety and quality of the product. This type of packaging is used to minimize cost, reduce human error, and prevent illness caused due to the consumption of spoiled food items. This effective methodology has witnessed the fastest growth in the past few years due to the reliable output and efficient properties, which act as a future trend for the market.
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The prominent players operating in the global intelligent packaging market comprises
- TempTime Corporation (U.S.)
- 3M (U.S.)
- American Thermal Instruments (U.S.)
- PakSense (U.S.)
- R.R. Donnelly Sons & Company (U.S.)
- Avery Dennison (U.S.)
- International Paper (U.S.)
- BASF SE (Germany)
- Thin Film Electronics ASA (Norway)
- Stora Enso (Finland)
- Smartrac N.V. (The Netherlands)
- Huhtamaki Group (Finland)
May 14, 2019: Stora Enso has recently launched a turnkey solution for unmanned and automated retail. The solution, New Retail, merges online shopping and in-store by using the sustainable RFID tags for wireless authentication and payment. The system comprises RFID-enabled e-kiosks and Intelligent Cabinets by Stora Enso designed for on-the-go purchasing by using smartphones.
Market Potential and Pitfalls
The intelligent packaging market has witnessed a tectonic surge over the past few years due to the plummeting demand from the food and beverage industry. The F&B sector has extensively adopted intelligent packaging. The growing government policies regarding the safety of food is likely to influence the market growth across the globe. As per the Institutional Repository of the Pan American Health Organization, the volume sales of processed F&B across the world has witnessed a growth from 328,005 K Tons in 2010 to 471476 K Tons in 2013. The smart packaging market has also gained momentum from the pharmaceutical industry. Intelligent packaging system helps to monitor certain aspects of the food item and also report information to the consumers. The aim is to improve the quality and value of a product in order to offer convenience and tamper of theft and resistance. Such factors are triggering the demand for intelligent packaging market during the review period. Companies across the globe have adopted various strategies of product development along with technological advancements, which are contributing to the market growth. The key advantage of intelligent packaging solution is the ability to interact with the enclosed product which plays an integral role in the process and preservation and keeps intact the track of the tagged information throughout the supply chain. Smart packaging may change the organoleptic characteristics and composition of the food product, provided the changes made are consistent with the provisions for food. This is a major factor in promoting the growth of the market.
On the contrary, the dearth of willingness from the retailers, lack of marketing, and consumers coupled with the high added cost of products are some of the top concerns likely to deter the growth of intelligent packaging market across the globe. Moreover, issues related to contamination, with plastic seepage into the food items, which results in health complications can curb the growth of the market in the coming years.
Global Intelligent Packaging Market: Segmental Analysis
The global intelligent packaging market has been segmented on the basis of product and application.
The product segment of intelligent packaging market constitutes of corrosion control packaging, gas scavengers, susceptor packaging, moisture control packaging, QR code, and others.
The application segment of intelligent packaging market comprises pharmaceuticals, food & beverages, electronics, automotive, and others. Among these, the food & beverage sector has witnessed the fastest growth in the global market, owing to the strict policies related to food safety worldwide. The plummeting demand for solutions to retain the taste, color, and shelf life in the packaged food items have propelled the segment’s growth. The surging demand for cooling and self-heating packaged products in the beverage sector for several heat beverages like coffee, tea, and chocolate, are anticipated to trigger the demand for a solution, especially in the colder regions. Moreover, the growing demand for quality and fresh packaged food items, concerns of the manufacturers regarding longer shelf life, and increased consumer convenience are likely to impact the market growth positively.
Geographically, the intelligent packaging market has been studied under regions, namely, Asia Pacific, Europe, North America, and the Middle East & Africa.
Considering the global scenario, the North American region is estimated to acquire the largest share in the global market owing to the plummeting demand for frozen and packaged food items. With the changing government norms regarding food and packaging coupled with the surging demand for quality packaging to extend the shelf life and also focus on the less wastage of food, the market is likely to flourish. Such factors are promoting the growth of the regional market. The U.S. is experiencing rapid boom in its existing population owing to the work-related migrations in the nation. The increased population has directly impacted the food industry and the packaging industry positively.
The Asia Pacific region is likely to expand at the fastest rate owing to the economic growth of countries like India and China. The region also provides a flourishing market for advanced packaging solutions. Moreover, the FDI in the retail sector has expanded the scope of intelligent packaging, which influences the foreign players to penetrate the market with new solutions catering to packaging.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Material
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
List Of Figures
FIGURE 1 RESEARCH PRODUCT OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
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