The global active packaging market is anticipated to grow at an average annual rate of 9.49% during the forecast period, according to data released by FMI. The market is currently valued at US$ 26.13 billion in 2023. By 2033, it’s expected that the market for active packaging would be worth more than US$64.71 billion. The analysts at Future Market Insights have calculated a historical market valuation of US$ 23.87 Bn for the relevant market for the base year.
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According to FMI’s analysis, the market has seen a rise in demand from 2018 to 2022. The market’s expansion is linked to the widespread use of active packaging in emerging economies’ growing pharmaceutical and food & beverage sectors. Urban dwellers have a strong demand for ready-to-eat and on-the-go cuisine because of their busy lifestyles. As a result, in 2023, the market dynamics for active packaging will shift.
Together with providing the right information in the packages, active packaging solutions also improve the shelf-life of the products and the safety of the food. The long-term growth of the market, it has been highlighted, is seriously threatened by strict restrictions in developing countries that forbid the use of plastic for packaging. Also, a significant inhibitor to the expansion of the active packaging business through 2033 is its high cost.
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.
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“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.
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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