Active Smart and Intelligent Packaging Market size is projected to cross USD 45 billion by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of active smart and intelligent packaging was over USD 28 billion. The growth of the market can primarily be ascribed to the significant demand for active smart and intelligent packaging in pharmaceuticals to keep medicine safe, long-lasting, and usable. For instance, in 2021, it was observed that around USD 1.5 trillion was spent on medicines in United States. The medicines are supposed to be kept safe from climatic changes such as extreme heat or cold. Moreover, it is necessary to prevent them from physical damage, as it can break or leak the contents inside them. The API or active ingredient, in pharmaceuticals should be protected from light and damp environments. The impurities in the air, including certain gases, can react with the medicine inside the packaging, which spoils the therapeutic value. The packaging also maintains the quality of the drug.
The increasing inclination of cosmetic and personal care product manufacturers towards active smart and intelligent packaging across the world is estimated to project market growth in the coming years. Moreover, as per the estimations in the USA cosmetics comprise about 40% of the skincare industry with more than USD 50 billion worth of cosmetic sales annually. Moreover, active smart and intelligent packaging plays a crucial role in maintaining the shelf life and healthier properties of the product for a longer time. Active smart and intelligent packaging are categorized into two variants, which include active and intelligent packaging. Intelligent packaging mainly involves utility and communication data. All these factors together are estimated to propel the growth of the market during the forecast period.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~7% |
|
Base Year Market Size (2022) |
~ USD 28 Billion |
|
Forecast Year Market Size (2033) |
~ USD 45 Billion |
|
Regional Scope |
|
Application (Food & Beverages)
The global active smart and intelligent packaging market is segmented and analyzed for demand and supply by application into food & beverages, pharmaceuticals, and others, out of which, the food & beverages segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher utilization of active smart and intelligent packaging to pack ready-to-eat meals for distribution. For instance, in 2022, the food segment across the globe was projected to generate total revenue of about USD 275 billion. The increasing preference for packaged foods among people as everyone is busy with their jobs and responsibilities. Also, not all countries have the same type of vegetables, which makes nonregional food items unavailable, and this is made possible by the availability of canned and frozen foods. All types of vegetables and fruits can be stored in a frozen state to enjoy in non-seasonal times. Therefore, all these factors are expected to increase market segment growth, which in turn drives the market growth.
End-user (Skin & Hair Care, Nail Care, Cosmetics)
The global active smart and intelligent packaging market is also segmented and analyzed for demand and supply by end-user into skin & hair care, nail care, cosmetics, and others. Amongst these segments, the cosmetics segment is expected to garner a significant share in the upcoming years. The rising beauty standards across the world, and the increasing preference of people to maintain skin care are projected to boost the growth of the market. As per the observations, over 40% of people in the U.S. spend about USD 1 to USD 45 a month for online beauty products as of 2021. The cosmetic industry is directly linked with the fashion industry, as cosmetics are used to enhance the beauty of a person by making the skin more elegant and classier. Furthermore, cosmetics are also used to mask the skin disorders such as dark spots, dark circles, pigmentation, wrinkles, and aging. No one wants their beauty palate to be broken and smudged with leakages. Therefore, smart active and intelligent packaging play an important role in the cosmetics industry. Lipsticks, lotions, body oils, and shampoos all come in liquid form, which is more prone to leaking. Also, some cosmetic serums are only packed in glass bottles to prevent reactions with sunlight and plastic materials. Thus, the packaging is very crucial in the cosmetics segment which, is predicted to increase the market’s growth in the coming years as per the market analysis.
Our in-depth analysis of the global market includes the following segments:
|
By Packaging Type |
|
|
By Application |
|
|
By End-User |
|
North American Market Forecast
The North America active smart and intelligent packaging market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the higher demand for packaging in the food & beverage industry. As of 2021, the total revenue generated by the food and beverage industry was estimated to add to approximately USD 680 billion solely in the USA. Moreover, the growing export and import of dairy products are further estimated to hike the growth of the market over the forecast period. An increasing number of people prefer outside food and ready to eat food as they taste good. Also, there are many people who cannot afford to spend hours in the kitchen cooking fresh meals. Further, outside food is much cheaper in the U.S., and in most families, both adults are working, which makes it impossible to cook more often. Also, an increasing number of immigrants to America for jobs or education prefer to eat outside as they cannot afford to prepare a meal at the same price.
Timestrip UK Ltd. introduced an electronic indicator at less price for single-use electronic temperature indicators. The Trimestrip neo is the new indicator that provides both time and multiple temperature readings for pack level monitoring.
Varcode LTD. partners with General Data Company, Inc., to develop their Varcode Smart Data Solutions that include Smart tags. These tags are temperature-sensitive monitoring systems with a scanning code that stores and indicates the data of all the temperature tracking.
Author Credits: Sadaf Naaz, Mohd Shadab
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?