“Active, Smart and Intelligent Packaging market is projected to reach US$23.76 billion in 2020” says new Visiongain report
18 March 2020
Visiongain has launched a new packaging report Active, Smart and Intelligent Packaging Market Report 2020-2030: Forecasts by Type (Active and Intelligent), by Application (Food, Beverage, Healthcare, Cosmetics and Others) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
In recent years, the demand and consumption of ready-to-eat, frozen, and packaged food has increased at a considerable rate across the globe. This is primarily attributed to the growth of the urban population and a change in consumer lifestyle trends. Additionally, increasing awareness among manufacturers to tackle counterfeit products, especially in developing countries, is anticipated to boost the growth of active, smart and intelligent packaging at a significant rate during the forecast period between 2020 to 2030.
The active, smart and intelligent packaging market is estimated to reach US$23.76 billion in 2020 and is expected to record fairly moderate growth rates over the next ten years. This is primarily attributed to Increasing awareness among consumers about foodborne diseases, and this has increased the demand for fresh and better-quality food products. In contrast, high installation and implementation cost and security issues are some of the major concerns identified in the market that are anticipated to hinder the growth of the market, especially in developing countries during the forecast period between 2020 to 2030.
Companies operating in food & beverages, and pharmaceutical industries are accelerating their expansion ambitions and enhancing sales growth away from the domestic market in new geographies through supply chain expansion. With expanding supply chain risk of goods damage and spoilage also increases. To improve profitability across the supply chain and reduce fresh food spoilage producers are focusing on investing a substantial amount on advanced packaging technologies. The increasing use of active and smart packaging materials to maintain the freshness of semi-prepared foods, fruits, and vegetables during transit is boosting the growth of the market across the globe. Also, changes in package structure and features are leading to benefits such as space-saving and reduction in weight, thereby, minimizing significant cost.
This report will evaluate the market factors that act to drive and restrain active, smart and intelligent packaging market, providing forecasts for the global market, regional markets and associated submarkets. With the analysis of key market trends, this report will provide a comprehensive overview of the market.
The Visiongain report analyst commented “Increasing awareness among manufacturers to tackle counterfeit products especially in developing countries is anticipated to boost the growth of active, smart and intelligent packaging at a significant rate during the forecast period. Visiongain understands this market to be dynamic, with numerous competitors present. Given the critical role played by active, smart and intelligent packaging technology in the packaging industry, the outlook for this market is positive."
Leading companies featured in the report who are offering active, smart and intelligent packaging solutions and services include Amcor, AptarGroup, Inc., Ball Corporation, BASF SE, Crown Holdings, Inc., DS Smith Plc, Graphic Packaging Holding Co., Sonoco Products Co, Tetra Laval, West Rock Company, Ampacet Corporation, Coveris, Innovia Films, and Klöckner Pentaplast among other prominent players.
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