Global Smart Packaging Market Trends In 2024 | Statistics and Facts
RELEASE DATE: Jan 2024 Author: Spherical Insights Request Free Sample
Global Smart Packaging Market Trends In 2024 | Statistics and Facts
The Smart Packaging field is receiving more attention due to the various ways it is transforming the packaging industry overall as well as the consumer product packing industry. The term "smart packaging" describes new developments in the packaging sector that improve the usefulness of products and businesses for both consumers and businesses, while also making it easier to access and monitor company and product-related data. This enhanced utility results from the consumer learning more about the businesses and goods they are using and buying from as a result of improved information tracking and sharing. From a commercial perspective, smart packaging offers a more individualized, distinctive, and approachable way for customers to interact with a company's brand while offering further insights into the market and customers that a firm serves.
Although smart packaging is still in its infancy, there are a ton of potential applications and benefits to using this novel approach. As the name implies, smart packaging provides packages with more features. It encompasses a wide range of technologies meant to accomplish more than just packaging. Both customers and the businesses that distribute the goods profit from this. Customers get easier access to company and product details, while businesses can improve operational efficiency and learn more about the lifecycle and application of a product.
Market Overview:
“The Global Smart Packaging Market Size was estimated around USD 22.67 billion in 2023, and is projected to cross USD 31.98 billion by 2033, growing at a CAGR of 7.12% during the forecast period (2024-2033), according to Spherical Insights and Consulting”.
Types of Smart Packaging
The phrase intelligent packaging is frequently used when conducting research on smart packaging. Although the terms intelligent packaging and smart packaging are sometimes used interchangeably, this could be deceptive. Any package that makes use of interactive technology for the aforementioned goals is referred to as smart packaging. One kind of smart packaging that focuses even more on a particular application is called intelligent packaging. Smart packaging can be classified into two subcategories:
- Intelligent packaging:
One kind of smart packaging is called intelligent packaging, which keeps track of a product's condition using information and communication technologies (ICTs). Internet of Things (IoT) technologies are one example of this. It doesn't, however, actively engage with the surroundings or the product.
There are various uses for this data, including:
- To verify the authenticity of a product
- To monitor the condition of a product
- To provide information to consumers.
- To track the location of a product
- Active packaging
On the other hand, interactive technology is used in active packaging, a kind of smart packaging that actively modifies the surroundings or the product. It might or might not be applied to the gathering of data.
There are various uses for this data, including:
- Controlling moisture levels
- Extending a product's shelf life.
- Regulating oxygen and carbon dioxide levels with oxygen absorbers
- Killing bacteria with antimicrobial packaging
- Controlling the temperature
Benefits of Smart Packaging
Smart packaging is compatible with a variety of IoT (internet of things) devices. These days, small electronic components that provide functionality, such as Bluetooth, alarms, RFID chips, LED lights, and loudspeakers, can be added to the packaging. Together, these parts fulfill their protective role and offer remarkable conveniences in every application. One such illustration is their use in medication packaging to track usage. The product may trace each tablet that comes out of the container and sound an alert if the consumer takes the wrong dosage.
Customer empowerment
Owing to technologies such as QR, RFID, and NFC, intelligent packaging offers a fantastic user interface that can be employed to learn more about the purchased goods. For example, a customer can access a comprehensive website with nutritional value, ingredient studies, and dietary issues by scanning the QR code on a food box. Another illustration would be a package containing proprietary technology that may direct buyers to user manuals and "how-to" instructions that they can get on their smartphones.
- Quality control
According to the use of contemporary sensors and indicators, packaging can be designed to monitor a product's state and show if it is okay or compromised. Certain packaging can extend its shelf life by eliminating undesired particles from the medium, while other packaging aids in the identification of fake products. Easy access to authentic, high-quality products directly from the manufacturer is the outcome. Longer-lasting solutions are also the consequence of smart packing.
- Creating Theft, Substitution, and Counterfeit-Proof Products
In a variety of scenarios, counterfeit goods using a company's name and products might cost the business a substantial sum of money. Furthermore, if the products fall short of the high standards the company has set for quality, it could be damaging to the brand and its image. By using clever packaging solutions, businesses may more effectively control their inventory and provide customers with a sense of legitimacy.
- Increasing Likelihood of Positive Experience
Certain products may be more difficult for a consumer to understand than others, depending on whether it is a new product or was made using materials or substances that the consumer is unfamiliar with. Offering clients opportunities to engage with and learn about the products they purchase is one of the most important ways to ensure that they fully comprehend the best on the market. Clever packaging can assist in pointing consumers to online courses, instructional films, and other resources. Furthermore, it might immediately connect them to a customer support line so they can promptly discuss their problems, ask inquiries, and more.
- Brand Transparency
It is more crucial than ever for the average consumer to hold corporations responsible for their effects on society, the economy, and the environment. Indeed, research indicates that buyers are not only more inclined to buy an environmentally friendly product, but they also tend to spend more money on it. When a consumer is deciding whether or not to make an ethical and socially conscious purchase from a brand, smart packaging can assist them in tracking where product materials are sourced, where they are manufactured, by whom, and any other pertinent information.
- Predictive Planning
How to get a customer's order back when they run out of a product or need to replenish it is a significant and challenging issue for any business to tackle. Smart packaging connections may help manufacturers better anticipate when a product might be running low and when to notify the client via message or email if they would like a replacement. This process can even be automated with clever packaging. Additional options that could be useful in this regard include the integration of QR codes or other cloud-based services that could encourage users to return to the site and make additional purchases.
- Staying relevant with customers
It is inevitable for a corporation to invest in rising technologies. Finding best practices and technology that will have a good effect on the business is a huge task. An improved shopping experience and an advanced customer interface are provided by smart packaging. Customers will inevitably look for better products and services, which suggests that smart packaging is here to stay. Investing in smart packaging is one way to present the business as technologically advanced and draw clients.
The need for shelf-stable packaging, advances in printing techniques, investigations into nanotechnology and its applications, and sophisticated integrated innovations are all contributing factors to the market's growth. The following list of current trends in the smart packaging business will be examined, along with a description of their uses and recent advancements.
- Smart Packaging Codes (QR Codes)
- Nanotechnology
- Blockchain
- NFC Tags
- RFID Tags
- Active Packaging
- Packaging Sensors
- Packaging Software
- 3D Printing
- Artificial Intelligence
- Immersive Technologies
- Advanced Robotics
- Edible Packaging
- Augmented Reality
- Internet of Things (IoT) Integration
Acknowledging Trends in Smart Packaging
Innovation is fueled by smart packaging trends, which also address the growing need for environmentally friendly packaging options. Industry expansion benefits from the use of smart packaging to increase product traceability and shelf life. These are just 15 of the many clever packaging trends. Packaging that is proactive, clever, and clever will change the industry as it exists today. Obtaining a competitive edge for a company greatly depends on identifying new markets and cutting-edge technologies to use.
The Future of Smart Packaging
The future of packaging is bright as long as smart packaging solutions keep developing. Packaging should ideally run on a system that combines conventional and intelligent materials more and more. On the one hand, value addition and advantages are anticipated from packaging throughout the supply chain. However, companies are supposed to use packaging to give their customers value and advantages. Attempt to keep abreast of innovations in smart technology, even if the company does not require their immediate implementation. Keep looking at cutting-edge ecological packaging since it will only get smarter as technology advances. Smart packaging design features that are most appropriate for the company and its goods can be integrated with the help of professional printing solutions. Speak with Industry specialists to find out exactly how they can do this right now.
List of Key Players of Smart Packaging
- 3M
- Avery Dennison Corporation
- Ball Corporation
- BASF SE,
- Crown
- International Paper
- R.R. Donnelley & Sons Company
- Stora Enso
- Amcor PLC
- Sysco Corporation
- Zebra Technologies Corp. (Temptime Corporation)
Recent Development
- In May 2023, Amcor (NYSE: AMCR, ASX:AMC), a leader in the world of creating and manufacturing ethical packaging solutions, announced that it has finalized a deal to buy Moda Systems, a top producer of automated, cutting-edge protein packaging equipment.
- In May 2023, Amcor PLC, a major participant in the development and production of environmentally friendly packaging solutions worldwide, revealed that it has finalized an acquisition deal to purchase ModaSystems. The company ModaSystems makes cutting-edge automated protein packaging equipment. ModaSystems creates, assembles, and maintains cutting-edge, high-performing modular vacuum packaging systems for the dairy, meat, and poultry sectors.
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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