Active Smart and Intelligent Packaging Market Trends

Growth Drivers

• Rising Consumption and Distribution of Milk Across the Globe- For instance, approximately 80 million metric tons of cow milk were consumed across the globe in 2021. Milk is consumed in every household setting on a daily basis and thousands of companies are distributing milk across the globe. It becomes important to keep milk consumable for several days without losing its health properties. Hence, active smart, and intelligent packaging comes in handy to preserve dairy products for a longer period by managing the temperature and moisture.
• Growing Demand in the Hair & Skin Care Industry with Increasing Disposable Income of People- As of 2020, the skin care segment was estimated to grow by 25% of the entire beauty & personal care.
• Increasing Utilization of Deodorants by a Large Population to Mask the Bad Body Odor- It is estimated that in 2020, about 300 million Americans were using deodorants and the number is further estimated to reach about 310 million by 2024.
• Up-Surged Distribution of Nail Care Products with Increasing Preference to Look Good- About 100 million women were noticed to be utilizing nail polish or nail care products in 2020.

Challenges

• Presence of Alternatives in the Market - There are many cheaper alternatives for active packaging, as they involve many quality checks and raw materials in the production process. Electric, chemical, and mechanical technologies are used in manufacturing which increases the price of these products. The availability of cardboard boxes, paper wraps, aluminum sheets, and gelatin films for packaging is estimated to limit the market growth.
• Disrupted Supply-Chain due to COVID-19
• Requirement for Higher Initial Investment