Pune, India, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The global smart food packaging market size is projected to exhibit robust growth owing to the ever-increasing online retail sector. The increasing shift in consumer preferences and lifestyles as well as rapid urbanization have led to an increase in the demand for packaged and extended shelf-stable food and beverages.
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A List of Key Manufacturers Operating In the Smart Food Packaging Market Report:
- Crown Holdings, Inc.
- Constar International Inc.
- Ball Corporation
- Bemis Company, Inc.
- Sysco Corporation
- Filtration Group Corporation
- Graham Packaging Company
- Insignia Technologies
- Others
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019 – 2021 |
| Forecast Year | 2023 – 2030 |
| Segments Covered | By Type., By Material, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Some of the key technologies used in smart food packaging include:
Active Packaging: This type of packaging contains components that interact with the food product to maintain its quality and freshness. For example, oxygen scavengers and moisture absorbers can be added to the packaging to prevent oxidation and mold growth.
Intelligent Packaging: This type of packaging includes sensors, indicators, and RFID tags that can detect changes in the environment inside the package and provide real-time information to consumers and suppliers. For example, a temperature indicator can show if the food has been stored at the correct temperature, while an RFID tag can provide information about the origin and quality of the food.
Modified Atmosphere Packaging (MAP): This type of packaging alters the atmosphere inside the package to slow down the growth of microorganisms and extend the shelf life of the food. For example, a gas mixture of nitrogen and carbon dioxide can be used to reduce the oxygen level in the package.
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Drivers & Restraints-
Rapid Expansion of the E-commerce Industry to Derive Growth
With access to millions of websites at the touch of a button, consumers are aggressively switching to e-commerce websites. To infer, as per a report published by Statista, food packaging, in 2019, the online retail sales contributed 14.1% of the total retail sales worldwide. The increasing growth of the e-retail sector is estimated to drive the demand for smart food packaging. In addition, the increasing demand for food safety and long shelf life owing to the increasing variety of food products to be delivered is projected to further strengthen the growth of the global smart food packaging market.
Regional Insights-
Increasing Consumption of Packaged Food in U.S. to Help North America Lead
The smart food packaging market in North America is projected to showcase immense growth owing to the high demand for a long shelf life of food items among consumers in the U.S. Busy lifestyle and hectic schedule of the working population are predicted to drive the growth of smart food packaging in the region. For instance, according to a fact published on Dosomething.org, People in the U.S. eat 31% more packaged food items compared to fresh food.
The market in Asia Pacific is estimated to grow progressively during the forecast timeline. The high rate of production and export of dairy products and fruits in the region is projected to drive the growth of smart food packaging in the region.
Competitive Landscape-
Increasing Research and Development to Aid Key Players Expand Business
The global smart food packaging market incorporates numerous third-party manufacturers and in-house firms contributing to the industry. Prominent Enterprises are focusing on capitalizing on research and development activities for the better and improved product packaging output, customized as per the product's shelf-life requirements. This will help them expand their business on a bigger scale.
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