Asia Pacific Active, Smart and Intelligent Packaging Market holds the largest market share globally, due to its humongous population, and is predicted to grow at a rapid pace in the coming few years.
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According to the report “Active, Smart and Intelligent Packaging Market by Application (Frozen processed food, Chilled processed food, Dried processed food, Dairy, Packaged food, Meat and poultry, Sea food), by Technology (Active Packaging, Modified atmosphere packaging, Intelligent Packaging), and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)” published by Market Data Forecast, this market was worth USD 30.3 billion in 2016 and estimated to be growing at a CAGR of 6.82%, to reach USD 42.1 billion by 2021.
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Packaging of a product not only ensures a safe and secure reach to the end-user, but also significantly affects the way the product is presented to the consumers from the marketing perspective. The food and beverage packaging has majorly shifted from traditional packaging to advanced packaging.
Traditional packaging only pertains to issues related to protection from factors which are external.
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That is why the manufacturers of food and beverages and packaging manufacturers are exploring the ways by which physical, chemical and microbial textures change inside the packaged food.
New and improved technological advancements such as active and intelligent packaging, smart packaging, and modified atmosphere packaging are taking over the traditional methods such as canning. Apart from that, smart and active packaging also makes easy the process of bulk transportation.
With the recent technological advancements, innovative packaging alternatives are now readily available for the manufacturers to improve and refurbish their consumer outreach and gain better market share. The food industry in particular, which is currently at over-all boom, is the primary driver in the global active, smart, and intelligent packaging.
Also, the growing requirement of packaging that can more efficiently control moisture and gas is among the foremost drivers.
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Global advanced packaging technology market is witnessing an over-all high growth due to the ever-increasing demand for convenience food such as ready-to-cook meal, demand for sustainable packaging and stricter food safety regulations. Growing health awareness among consumers, food wastage, and manufacturers’ concern for longer shelf life of the food products and supply chain inefficiencies are the other factors fueling the growth of the market.
Furthermore, the consumers’ confidence with regards to packaged food, threat from bioterrorism, organized food safety regulations and increased applications in ready-to-eat meals and frozen foods have created a huge opportunity for advanced packaging technology market.
The Global Active, Smart and Intelligent Packaging Market is broadly categorized by Application (Frozen processed food, Chilled processed food, Dried processed food, Dairy, Packaged food, Meat and poultry and Sea food). Based on Technology, the market is further segmented into Active Packaging, Modified atmosphere packaging and Intelligent Packaging.
The Modified atmosphere packaging market accounted for the highest revenue in 2016 while Active and smart packaging technology is expected to grow at the fastest rate. On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific and Rest of the World.
The Active packaging market held the second highest market share, with the overall market share of over 35% globally. Asia Pacific holds the largest market share globally, due to its humongous population, and is predicted to grow at a rapid pace in the coming few years.
Some of the major companies dominating the market, by their products and services include Multisorb Technologies, Ball Corporation, Sealed Air Corporation, Amcor limited, Eastman Chemical Company, Timestrip PLC, Paksense Incorporated, M&G USA Corporation and Sysco Corporation.
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