Global Smart Packaging Market is expected to reach $37,797 million by 2022, registering a CAGR of 7.8% during the forecast period. Oxygen scavenger is the most widely used active packaging system, particularly for foods.
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The presence of oxygen in a packaged material increases the oxidative depreciation of food. Oxygen takes care of overall shelf life ability of muscle food products.
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Thus, the control of oxygen levels in food packaging is necessary to restrict the rate of such spoilage reactions in food. Thus, it is projected to grow at the fastest rate, which increases the global smart packaging market size.
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Changes in lifestyle patterns due to rapid urbanization and increase in consumption of beauty products and cosmetics with packaging advancement technology drive the global smart packaging industry. In addition, untapped geographical regions offer enormous opportunities to the smart packaging market, which further fosters the overall smart packaging industry.
However, high cost of active and intelligent packaging is projected to hamper the global smart packaging market growth.
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The report includes comprehensive analysis of the key players in the smart packaging market, such as 3M, TempTime Corporation, PakSense, American Thermal Instruments, Avery Dennison Corp., R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso, and Thin Film Electronics ASA.
The other prominent players in the market include Crown Holdings Inc., Constar International Inc., Ball Corporation, Bemis Company, Inc., Ampacet Corporation, Graham Packaging Company Inc., Multisorb Technologies, Sysco Corporation (Fresh Point Services), Timestrip, PLC, and Rexam PLC.
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