LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global active and intelligent packaging market is expected to grow at a CAGR of almost 12% over the next five years due to the increase in health and food safety awareness among consumers.
The research report titled ‘Global Active and Intelligent Packaging Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Stringent government regulations in the US and European markets coupled with increasing awareness about food safety and hygiene across end-consumers, especially in developing countries, is expected to drive growth in this category,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Industry end-users primarily include CPG manufacturers, pharmaceutical companies, fruits and vegetable producers, and cosmetics manufacturers. The increase in the rate of urbanization has led to the transition in shopping habits and overall standards of living,” added Angad.
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Cost saving opportunities in the active and intelligent packaging market
The adoption of various cost optimization levers allows buyers to not only realize direct cost savings but also enhance category management and value benefits (such as reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the active and intelligent packaging market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
High barrier films are in high demand due to their use in a variety of applications in various markets. These include food, beverage, pharmaceuticals, and cosmetics. They include an inorganic barrier layer that protects against oxygen and water vapor. For example, Amcor has developed films made from thermoplastic polymers that are used as lidding foil and pouches for food and beverage products.
Barrier vacuum bags are useful in providing protection to meat products, and fresh fruits and vegetables. These products help improve the food's safety and extends the shelf-life of the product. For instance, Sealed Air has developed various barrier and non-barrier vacuum bags to extend the freshness of refrigerated products, inhibits oxidation, and package integrity.
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Optimization of procurement practices saving aspects
Suppliers with high investment in R&D have generally been more proactive in NPD and building a product portfolio that offers a customized set of options for buyers depending on their requirements.
For instance, Honeywell has invested and partnered with raw-material suppliers to use biaxially oriented nylon film that is suited for food, pharmaceutical, and medical packaging products.
Bundling of services saving aspects
Before engaging with an active and intelligent packaging manufacturer, the industry user must understand the function that it aims to fulfill. For instance, buyers must understand the objective of packaging and subsequently evaluate the type of packaging (anti-oxidization, anti-microbial, or a temperature-controlled) best suited for their products.
Active and intelligent packaging material buyers must have the knowledge and expertise to evaluate suppliers based on its manufacturing process – Quality of equipment, sourcing of raw material, and product specifications.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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