According to the study conducted by Future Market Insights, the intelligent packaging market is expected to accelerate at a CAGR of 9.0% during 2021-2031.
Packaging has consistently improved in the last few years. Packaging technology has become smarter to act as a catalyst for improving the shelf life of the packed products. Intelligent packaging is the amalgamation of technology and packaging that offer smarter and more convenient solutions.
Investments in intelligent packaging by food and beverage manufacturers have been aiding the overall expansion of the market. With the ongoing research on nanotechnology and machine learning, the intelligent packaging industry is expected to witness launch of ground-breaking packaging designs.
As per FMI, the food and beverage sector, followed by the healthcare sector are listed as top-tier investors in intelligent packaging technology.
Intelligent Packaging Market- Key Takeaways
“Intelligent packaging is headed towards providing seamless tracking and tracing, extending shelf life, monitoring and communicating product condition and interacting with the consumer through data-carrying wireless technology. The intelligent packaging market holds immense potential and investment opportunities. It will continue driving consumer engagement in the coming years,” says an FMI analyst.
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Another development in intelligent packaging is to uncover if the food and beverage packed within is baked or microwaved products. Researchers are developing indicators that can determine the food quality and readiness to eat with forestalling elements like microwave doneness indicators (MDIs) and colour indicators.
Smart Packaging for Tracking and Tracing Packages
Intelligent packaging uses technologies such as barcodes, NFC and RFID tags to track products and ensure they are delivered in an appropriate condition. The advent of IT software like the internet of things, blockchain technology and cloud computing are bringing a revolution in intelligent packaging by providing statistical and quantitated information about the package.
The expansion of the intelligent packaging industry is expected to boost manufacturing company offerings with better packaging designs. Consumers are looking for smart, cost-effective, aesthetically pleasing and practical intelligent packaging that is sustainable. Manufacturers are continuously replacing traditional plastic packaging with technologically-equipped paper and bio-based packaging that provides more than just product storage.
Impact of COVID-19 on Intelligent Packaging Market
Unlike the majority of industries affected negatively by the outbreak of COVID-19 in 2020, the global pharmaceutical and healthcare sector observed high growth and silent innovations. With the increasing manufacturing of oxygen cylinders to transporting vaccines, intelligent packaging played a vital role in shaping the industry. Intelligent packaging ensured a better product reach and safety of consumers through technologically-embedded labels, tags and cold chain packaging sensors.
The pandemic could be held responsible for the penetration of intelligent packaging in the healthcare and pharmaceutical sectors. However, limited marketing and branding options also encouraged food and beverage manufacturers to smartly advertise their products via packaging. With instruction manual to social message during the pandemic, everything was conveyed through smart packaging to the customers.
Hence, COVID-19 couldn’t be termed exactly detrimental for the intelligent packaging industry. However, with manufacturers trying to attract customers after the pandemic, intelligent packaging is expected to play a major role in shaping the consumer packaging industry.
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Amcor plc, Crown Holding Inc., 3M Company, CCL Industries Inc., Huhtamaki Global, DS Smith, Avery Dennison Corporation, Honeywell International Inc., Tetra Pak International S.A., Sealed Air Corporation, Stora Enso Oyj, WestRock Company, Ball Corporation and Mondi Plc, among others are some of the intelligent packaging manufacturers in the global market.
Timestrip UK Ltd., Varcode, Ltd., Temptime Corporation, DeltaTrak, Inc., EVIGENCE SENSORS, JRI Company, Vitsab International AB, LAXCEN TECHNOLOGY INC., APK-ID, STARNFC Technologies Ltd. are some of the technology manufacturers in the intelligent packaging market.