The smart food packaging industry is gaining prominence all around the world due to its features that help in tracking products and ensure their quality. The global smart food packaging market is riding high on such benefits and is expected to score a CAGR of 5.16% during the forecast period (2017-2023). Market Research Future (MRFR) in their report on the said market predicted a possibility of achieving and exceeding USD 46.74 billion by the end of 2023.

Driven by intents to protect, communicate, provide convenience and containment, researchers have developed smart food packaging. This revolution in packaging is gaining traction from several sectors like food & beverage, pharmaceuticals, personal care, automotive, and several others. At a moment, when the global market is banking on industrial growth and changing their market dynamics to allow new market proliferation, the smart food packaging industry is going to enjoy easy passage. It is still in its early stage but with time, the market is going to witness a surge.

Segmentation

MRFR’s analysis of the global smart food packaging market highlights on a segmentation by application and technology. The detailed analysis includes several pointers that are expected to boost the market and data based on volume and value. This would help in a better understanding of the market in a comprehensive way.

Based on the application, the global smart food packaging market can be segmented into food & beverages, automotive, personal care, healthcare, and others. The food & beverages market is gaining substantial mileage due to growing intake of smart food packaging in the market. Smart food packaging helps in maintaining the standard of the food. The healthcare segment is expected to gain much from its market percolation as smart packages can track any kind of threats associated with it.

Based on technology, the smart food packaging market includes active, intelligent and modified atmosphere packaging (MAP). The intelligent packaging sector is fast gaining prominence due to its surging intake in the food & beverages industry. Biosensors in such packaging can read toxic pathogens that is one big help for the global market.

Regional Analysis

MRFR in their global market on the smart food packaging report includes, namely, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA). This type of analysis is to find growth pockets and understand which parts are going to incur more profits.

The global market is gaining much benefit from the businesses done in the North American region. This region is gaining much prominence due to the superior industrial facilities it is getting. Technological brilliance is supporting several industries of the region. Increase in investment for R&D is also going to impact the regional market. At the same time, issues like curbing food wastage and industrial growth can influence the market assertively.

Europe and the APAC region are next in line. Europe’s features are quite similar to that of North America. On the other hand, the APAC region is enjoying the availability of raw materials. Rising industrialization is also expected to impact the APAC and the MEA market in the coming years. Lower manufacturing cost has also provided thrust to industries owing to which the automobile sector is enjoying prominence. Surge in disposable income has also given rise to the intake of luxurious products owing to which the market can witness expansion scopes.

Competitive Landscape

Several companies are showing substantial interest in taking part in the global smart food packaging market. Their keenness is expected to make them benefit individually and take the global market ahead with unprecedented prospect. These companies are TempTime Corporation, 3M Company (U.S.), Huhtamaki Group, American Thermal Instruments, PakSense Inc., R.R. Donnelly Sons & Company, Avery Dennison Corporation, Stora Enso, BASF SE, International Paper, and Smartrac N.V.

In April 2019, Mondelez International, Inc. made a collaboration with Israeli market giants The Kitchen, who are known as Israeli FoodTech-focused incubator. The collaboration would focus on smart food packaging along with other points of interests such as efficient food processing, supply chain technologies, prolonged shelf life & reduction of food spoilage, sensors for food safety & quality, and others.

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