GLOBAL – IDTechEx’s latest research forecasts that the global smart packaging market will reach US$2.6 billion by 2033, driven by the need for improved safety and traceability across various industries.
Smart packaging refers to the integration of sensors and other electronic components into traditional packaging materials to provide enhanced functionalities such as tracking and monitoring of products, real-time temperature and humidity control, and tamper-proof packaging.
It comprises active and intelligent packaging used in the packaging of perishable goods, such as food, drinks, pharmaceuticals, and cosmetics.
It assists in monitoring freshness, extending shelf life, and displaying essential information about the quality of the product.
In addition, it confirms the authenticity of products and reduces the incidence of counter thefts. Apart from this, it helps brands increase sales by maintaining consumer convenience and supply chain transparency across the globe.
The new study suggests that smart packaging can significantly improve the safety and shelf life of products, reduce waste and improve sustainability.
The report reveals the demand for smart packaging solutions is being driven by the need for improved safety and traceability in various industries, including food and beverage, pharmaceuticals, and cosmetics.
Similarly, IMARC Group also ties the key factors driving the market to the rising demand for sustainability, better quality, and transparency from brands around the world.
Besides this, the increasing demand for temperature-controlled packaging in pharmaceutical and food and beverage (F&B) industries to transport temperature-sensitive products is propelling the growth of the market.
Smart packaging offers several benefits, such as reduced counterfeiting, enhanced safety, and cost-effectiveness, which is contributing to the growth of the market.
Additionally, key market players are extensively investing in research and development (R&D) activities to introduce innovative features in smart packaging, such as self-cooling and antibacterial packaging, which is expected to bolster the growth of the market.
According to IDTechEx report, the Asia-Pacific region is expected to be the largest market for smart packaging due to its growing population, urbanization, and increasing demand for packaged food and beverages.
The researchers found the use of smart packaging in the pharmaceutical industry is also expected to increase due to the growing demand for temperature-sensitive drugs and the need for improved patient compliance.
Despite the promising growth prospects, the report points out that the high cost of smart packaging solutions and the lack of regulatory standards and guidelines could hamper market growth.
However, the study suggests that the development of new materials and technologies could help overcome these challenges.
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