According to the data released by Future Market Insights (FMI), the global active packaging market is expected to experience an average annual growth rate of 9.49% during the forecast period. As of 2023, the market is valued at US$26.13 billion, and it is projected to reach a value of over US$64.71 billion by 2033. The base year for the market valuation is reported to be US$23.87 billion.
The demand for active packaging has witnessed an increase from 2018 to 2022, primarily driven by the growing pharmaceutical and food & beverage sectors in emerging economies. The market expansion can be attributed to the preference of urban dwellers for ready-to-eat and on-the-go food due to their busy lifestyles. However, the market dynamics for active packaging are expected to shift in 2023.
Active packaging solutions not only provide information but also enhance the shelf-life and safety of food products. Despite the positive growth prospects, the long-term growth of the market may face challenges due to strict regulations in developing countries that prohibit the use of plastic for packaging. Additionally, the high cost of active packaging is identified as a significant hindrance to the expansion of the business until 2033.
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Key Takeaways from the Active Packaging Market
- The active packaging market has witnessed an approximate rise of US$ 2.26 Bn from the year 2022 to 2023.
- The smart packaging segment by application type category is identified to advance at a moderate pace, recording a CAGR of 5.5% through 2033. This segment is likely to surpass a valuation of US$ 44,643.71 Mn by the end of the projection period.
- The oxygen scavenger segment by product type category is likely to exert dominance in the forthcoming years, with a market value of US$ 4.27 Bn by the estimated study period.
- The North American region is anticipated to hold the maximum market share in the active packaging market, advancing at a CAGR of 6.2% in 2023.
“Intelligent packaging solutions and the demand for fresh food by the health-conscious population is estimated to unravel lucrative growth opportunities for the active packaging manufacturers.” – Says an FMI Analyst.
Competitive Landscape in the Active Packaging Market
The manufacturers in the active packaging market are entering into strategic partnerships and collaborations with other prominent players in the industry. They are rigorously investing in research and development activities to strengthen their foothold and widen their base of active packaging solutions. The market is estimated to stir up through the forecast period, owing to the innovative attempts in technology for advanced packaging made by biggies.
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Smartrac N.V., BASF SE, Thin Film Electronics ASA, Stora Enso, and International Paper are some of the key players proliferating in the market.
Recent Developments
- In April 2022, Amcor PLC made an investment to expand its medical thermoforming packaging capabilities in its healthcare packaging factory located in Sligo, Ireland. The investment is of multiMn dollars that would support Amcors expanding sterile packaging business and refer clients in North America and Europe for accessing another location with all-inclusive healthcare options.
- In May 2022, Avery Dennison made an announcement about its strategic alliance with WIliot, a provider of digital ID technologies. This alliance is to scale the Internet of Things with the inclusion of atma.io as the design, development, and production of Wiliot tags, which will make a significant contribution to the development of interconnected and fully intelligent IoT.
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Key Segments in the Active Packaging Market
By Type:
- Oxygen Scavenger
- Shelf-life sensing
- Time Temperature Indicator
- Moisture Absorber
- Others
By Application:
- Food and Beverage
- Healthcare
- Pharmaceutical
- Personal Care
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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