The intelligent packaging market revenue totaled US$ 17.8 Bn in 2020, according to Future Market Insights. The overall market is expected to reach US$ 46.7 Bn by 2031, expanding at a CAGR of 9.0% for 2021-31.
Worldwide sales of intelligent packaging is expected to grow by 10.5% in 2021. Surging demand for interactive packaging/ data carriers will remain a chief growth driver through the assessment period.
The global intelligent packaging market constituted around 2.0% of the US$ 900 billion worth of global packaging market in 2020 and it is estimated to be above 5% by the end of 2030.
Packaging solutions that are smart, connected, interactive are considered under the umbrella of intelligent packaging. These solutions are designed to perform intelligent functions such as tracing, tracking, recording, detecting, and help in improving the quality of product, providing information, ensuring safety, and increasing product shelf life.
Intelligent packaging is been adopted by various brands among food, beverages, healthcare, cosmetic, logistics & transport, consumer electronics, consumer goods, personal care & home care industries.
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The rising demand for interactive packaging in various end use industries is intended to drive customer engagement. Also, the increasing need for monitoring customer satisfaction and loyalty to gain business opportunity will fuel the demand in the market.
Intelligent packaging solutions allow brands to analyze and monitor the number of customers who scanned QR codes attached to their product. This will help them to gauge prevalent purchase pattern, creating scope for companies to offer a higher degree of customer satisfaction and capitalize on their loyalty.
Packaging has consistently improved in the last few years. Packaging technology has become smarter to act as a catalyst for improving the shelf life of the packed products. Intelligent packaging is the amalgamation of technology and packaging that offer smarter and more convenient solutions.
Investments in intelligent packaging by food and beverage manufacturers have been aiding the overall expansion of the market. With the ongoing research on nanotechnology and machine learning, the intelligent packaging industry is expected to witness launch of ground-breaking packaging designs.
As per FMI, the food and beverage sector, followed by the healthcare sector are listed as top-tier investors in intelligent packaging technology.
“Intelligent packaging is headed towards providing seamless tracking and tracing, extending shelf life, monitoring and communicating product condition and interacting with the consumer through data-carrying wireless technology. The intelligent packaging market holds immense potential and investment opportunities. It will continue driving consumer engagement in the coming years,” says an FMI analyst.
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Intelligent Packaging Market- Key Takeaways
- By technology, interactive packaging/ data carriers are expected to attract an investment opportunity of above US$ 13.3 Bn during the research period of 2021-2031 due to improved usage of QR code labels, RFID tracking and product identification barcodes among others.
- By the level of packaging, primary packaging is expected to observe an incremental growth of 2.5x by 2031.
- By application, blister packaging is expected to witness a YoY growth of 13.9% in 2021 due to improved usage in the pharmaceutical and healthcare industry.
- By end-use, more than 1/3rd of the total intelligent packaging market is held by the food and beverage industry, however, the healthcare sector is expected to register a CAGR of 11% during the forecast period.
- By region, South Asia is expected to attract intelligent packaging investors and the market is expected to account for nearly 13% of the total market share by 2031. However, Europe tops the leaderboard and is expected to showcase high demand for disruptive technologies in the intelligent packaging market.
Impact of COVID-19 on Intelligent Packaging Market
Unlike the majority of industries affected negatively by the outbreak of COVID-19 in 2020, the global pharmaceutical and healthcare sector observed high growth and silent innovations. With the increasing manufacturing of oxygen cylinders to transporting vaccines, intelligent packaging played a vital role in shaping the industry. Intelligent packaging ensured a better product reach and safety of consumers through technologically-embedded labels, tags and cold chain packaging sensors.
The pandemic could be held responsible for the penetration of intelligent packaging in the healthcare and pharmaceutical sectors. However, limited marketing and branding options also encouraged food and beverage manufacturers to smartly advertise their products via packaging. With instruction manual to social message during the pandemic, everything was conveyed through smart packaging to the customers.
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Hence, COVID-19 couldn’t be termed exactly detrimental for the intelligent packaging industry. However, with manufacturers trying to attract customers after the pandemic, intelligent packaging is expected to play a major role in shaping the consumer packaging industry.
Market Landscape
Amcor plc, Crown Holding Inc., 3M Company, CCL Industries Inc., Huhtamaki Global, DS Smith, Avery Dennison Corporation, Honeywell International Inc., Tetra Pak International S.A., Sealed Air Corporation, Stora Enso Oyj, WestRock Company, Ball Corporation and Mondi Plc, among others are some of the intelligent packaging manufacturers in the global market.
Timestrip UK Ltd., Varcode, Ltd., Temptime Corporation, DeltaTrak, Inc., EVIGENCE SENSORS, JRI Company, Vitsab International AB, LAXCEN TECHNOLOGY INC., APK-ID, STARNFC Technologies Ltd. are some of the technology manufacturers in the intelligent packaging market.