Food & Beverage Industry to Witness Increased Application of Active, Smart, and Intelligent Packaging to Increase Product Shelf Life and Protect Product Quality
Valley Cottage, NY -- (SBWIRE) -- 12/10/2018 -- The global packaging industry has witnessed rapid innovations in the last few years owing to rising consumer preferences for advanced packaging solutions. To cater to frequently changing consumer expectations, manufacturers of packaging products are deploying active, smart, and intelligent packaging solutions to increase product shelf life and offer better value to consumers. In a new report titled 'Active, Smart, and Intelligent Packaging Market: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2027),' Future Market Insights studies the global active, smart, and intelligent packaging market and presents value and volume projections for a 10 year period from 2017 to 2027. The report also presents in-depth insights on the various forces likely to impact market revenue growth in the coming decade. According to the report, the global active, smart, and intelligent packaging market is estimated to be valued at US$ 18,072.6 Mn by 2017 and this is expected to increase to US$ 43,361.3 Mn by the end of 2027, growing at a CAGR of 9.1% over the forecast period.
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Global Active, Smart, and Intelligent Packaging Market: Dynamics
Growth fuelling aspects: Increasing consumer preference for products with longer shelf life and case-ready meals, significant changes in consumer preferences, and a highly regulated and controlled packaging industry is anticipated to boost revenue growth of the global active, smart, and intelligent packaging market.
Revenue inhibiting factors: Strict compliance with stringent packaging laws, absence of appropriate technology, a no 'positive list' system, lack of key regulations, and heavy dependence on imports is expected to stifle global market revenue growth over the forecast period.
Future market trends: Increasing mergers and acquisitions, especially in the North America market, introduction of inks capable of responding to temperature changes, and the use of active, smart, and intelligent packaging to tackle the issue of counterfeits is currently trending the global market.
Global Active, Smart, and Intelligent Packaging Market: Forecast by Packaging Type
The global market for active, smart, and intelligent packaging is segmented on the basis of packaging type into Active Packaging (O2 Scavenging Sachets, MAP) and Smart & Intelligent Packaging (TTI Labels, Freshness Indicators, RFID Tags). The Active Packaging segment is expected to grow by almost 2X times over the forecast period, with an estimated value share of more than 65% by the end of 2027. This segment is expected to represent the highest incremental opportunity of US$ 17,111.9 Mn over the forecast period.
Global Active, Smart, and Intelligent Packaging Market: Forecast by Application
The global active, smart, and intelligent packaging market is segmented on the basis of application into Food & Beverage (Meat, Poultry & Seafood, Fruits & Vegetables, Dairy Products, Bakery & Confectionary, Processed Food, Others), Pharmaceuticals, Cosmetics, and Others. The Food & Beverage segment is expected to be the largest, with an estimated market share of just under 45% by the end of the forecast period by 2027. The Food & Beverage segment is expected to expand by 2.5X times by the end of forecast period.
Global Active, Smart, and Intelligent Packaging Market: Forecast by Region
The global active, smart, and intelligent packaging market is distributed across the key geographies of North America, Western Europe, Eastern Europe, Latin America, Asia Pacific Excluding Japan, Japan, and the Middle East and Africa. North America and Western Europe currently lead the global market in terms of market share, both regions holding about 25% value share each of the global market as on date. However, North America is expected to beat Western Europe towards the close of 2027 with a market share of just under 26%, while Western Europe will account for 21% value share by the end of the forecast period. APEJ is likely to emerge a surprise contender for second position in the global market by the end of 2027, closely behind Western Europe. The APEJ regional market will witness a massive increase of 550 basis points in market share by 2027 over 2017.
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Global Active, Smart, and Intelligent Packaging Market: Competitive Intelligence
The report profiles some of the leading players in the global active, smart, and intelligent packaging market the likes of PakSense, Inc., Landec Corporation, Sealed Air Corporation, Bemis Company, Inc., Crown Holdings, Inc., Amcor Limited, 3M Company, Timestrip UK Ltd., Cryolog S.A., Vitsab International AB, Varcode, Ltd., LCR Hallcrest LLC, Thin Film Electronics ASA, CCL Industries Inc., Temptime Corporation, Multisorb Technologies, Inc., and Coveris Holdings S.A.
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