DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Smart Packaging Market - Forecasts from 2016 to 2021" report to their offering.
Smart Packaging Market was valued at US$12.646 billion in 2016 and will reach US$19.787 billion by 2021, at a CAGR of 9.37% over the forecast period.
Smart packaging comprises of the use of active packaging, intelligent packaging, and modified atmosphere packaging solutions. Factors such as rising demand for ready-to-eat and ready-to-cook meals and snacks, growing awareness regarding good health and fitness, and increasing demand from consumers to know more about the product they are consuming are driving the demand for smart packaging by various end-use industries. Moreover, these packaging solutions provide an improvement in visual appearance, reduce quality deterioration and tracking. Stringent regulations associated with smart packaging are further boosting the market growth.
North America and Europe combined account for the bulk of the demand for these packaging solutions owing to the presence of a large number of convenience stores and outlets for ready to eat products. In APAC region, especially in China, Japan, India, and Brazil, rising aging population is augmenting the demand for nutraceuticals and cosmeceuticals which will escalate the growth of smart packaging market.
Rising disposable incomes and living standards in emerging economies are leading to the mushrooming demand for fresh and frozen food and packaged consumables with a long shelf-life, thereby contributing to the market growth. Moreover, rising e-commerce industry coupled with growing number of supermarkets in India will also provide an opportunity for the expansion of smart packaging market in the region.
Rising aging population in Asian countries, particularly Japan and South Korea, is augmenting the demand for cosmeceuticals along with that of pharmaceuticals, thereby impacting the growth of smart packaging market. However, rising environmental issues regarding the use of polymers coupled with high testing costs of different packaging solutions will restrain the market growth during the forecast period.
- Active Packaging
- Intelligent Packaging
- MAP (Modified Atmosphere Packaging)
By Industry Vertical:
- Pharmaceuticals and Healthcare
- Consumer Electronics
- Personal and Consumer Care
- Reynolds Group Holdings
- Sealed Air Corporation
- Tetra Laval
For more information about this report visit http://www.researchandmarkets.com/research/84ljs6/smart_packaging