Smart Packaging Market Innovations: Smart Labels and Their Impact on Retail
The global smart packaging market size is anticipated to reach USD 43.3 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 6.2% from 2024 to 2030. Rising need for smart packaging products owing to increasing usage in the end use industries such as electronics and automotive on account of its superior protection properties is expected to fuel the growth over the forecast period. Rising industrialization in emerging regions including Asia Pacific and the Middle East is expected to drive the industry over the next eight years.
Increasing application scope in the logistics industry pertaining to the surging use of RFID tags at multiple levels to speed up locating products, and to improve the availability of real-time information coupled with the elimination of record loss is expected to drive the demand over the next eight years. Moreover, rising investment to improve the logistics industry within emerging economies such as China and India are projected to propel the industry growth.
Active Packaging accounted for over 70% of the market in terms of revenue on account of superior corrosion and moisture control properties. Growing use of the product in the automotive sector is likely to drive the demand over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Smart Packaging Market
Smart Packaging Market Report Highlights
- Active packaging accounted for the largest market revenue share of 70.4% in 2023 and is expected to register the fastest CAGR of 6.0% during the forecast period.
- Food & beverages accounted for a share of 45.5% in 2023. Food and beverage industries are subject to strict regulations regarding food safety and traceability.
- Pharmaceuticals are expected to register the fastest CAGR during the forecast period. The growth of smart packaging in the pharmaceutical sector is driven by the need for improved safety, improved compliance, efficient logistics, and robust anti-counterfeiting measures.
Key Smart Packaging Company Insights
Some of the key companies in the smart packaging market include Sealed Air Corporation, Multisorb Technologies, Amcor PLC, Ball corporation and others. Vendors in the market are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.
International Paper Company offers services such as applying RFID labels, printing serialized barcodes, and integrating QR codes or data matrix into graphics. These functionalities are classified under the "intelligent packaging" category and aim to enhance product traceability, enhance supply chain efficiency, and provide fundamental consumer engagement.
List Of Key Players in the Smart Packaging Market
- Sealed Air Corporation
- Multisorb Technologies
- Amcor PLC
- Ball corporation
- Huhtamaki OYJ
- Stora Enso
- Avery Dennison Corporation
- Zebra TechnologiesCorporation
- 3M Company
- International Paper Company
- Timestrip PLC
- Sysco Corporation
- Paksense Incorporated
- M & G USA Corporation
Order a free sample PDF of the Smart Packaging Market Intelligence Study, published by Grand View Research.
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