Press release
Smart Packaging Market to Strengthen Its Position at 5% CAGR through 2022
The market for global smart packaging market is expected to grow over the CAGR of around 5% during the period 2016 to 2022
Market Highlights
The popularity of smart packaging is growing over the past few years. Smart packaging are used for food & beverages, personal care, healthcare and automotive products. Rising health awareness, technological advancement, increased shelf life and rising industrialization fueled the demand of the market. High research and development cost is expected to hamper the growth of the market in coming years.
Personal care is the fastest growing sector
Personal Care segment is expected to grow fast over the forecasted period due to rising awareness about health safety. However, Food & Beverage segment dominates the market, majorly due to increased safety with low cost and increased shelf-life.
Europe is the largest market
European region contributes largest to the market share. The reason is attributed to the advancements of technology and European Commission laws favor smart packaging. However, Asia-Pacific region is expected to grow over the forecasted period.
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Factors attributed to the growth of the market are improved health & safety, changing lifestyle, easy implementation and reduced counterfeiting. On the basis of application, Food & Beverage dominates the market. However, high research & development costs and lack of sustainable e-packaging products are hampering the growth of the market. The global smart packaging market size is expected to cross USD 40 Billion at CAGR of approximately 5% by 2022.
Regional Analysis of Global Smart Packaging Market:
North America is expected to lead the smart packaging market, followed by Europe and Asia-Pacific. North America accounts for the largest share of 42.72% in the global smart packaging market in 2016. The region has witnessed increased investment in the R&D and product innovation as far as packaging is concerned. APAC is expected to experience the fastest growth during the forecasted period due to the economic growth of China and India. The region offers flourishing market for such technological advanced packaging solutions.
Key Players
The key players of the global smart packaging market include- 3M Company, TempTime Corporation, PakSense Inc., American Thermal Instruments, Avery Dennison Corporation, R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso, Huhtamaki Group and Smartrac N.V.
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The report for Global Smart Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Akash Anand,
Market Research Future
Pune – 411028
Maharashtra, India
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