Smart packaging is used to maintain quality, safety, and shelf life of products. Smart packaging is used for pharmaceuticals, food, beverages, and personal care products. Major factor driving growth of the global smart packaging market is growing demand for functional and smart packaging among consumers. However, high cost and non-recyclable materials required for smart packaging are factors that may affect growth of the target market.
The global smart packaging market has been segmented on the basis of technology, application, and region. On the basis of technology, the market is segmented into intelligent packaging, active packaging, and modified atmosphere packaging. Active packaging segment holds a major share in terms of revenue, owing to increasing use of active packaging for pharmaceuticals and personal care products.
On the basis of application, the market is segmented into personal care, automotive, food & beverages, and others. Food & beverages segment dominates the global market and is expected to maintain its position over the forecast period. Increasing awareness regarding safety and quality of food items among consumers is a key factor fueling growth of the global market.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in North America dominates the global market and is expected to dominate the global market in terms of revenue, owing to increasing adoption of new advanced technology in packaging among processing industries. Market in Asia Pacific is expected to witness lucrative growth in terms of revenue in the near future, owing to increasing manufacturing industries especially in developing countries in this region.
Key players operating in the global smart packaging market include 3M Company, TempTime Corporation, PakSense, Inc., American Thermal Instruments, Avery Dennison Corporation, R.R. Donnelley & Sons Company, BASF SE, International Paper Company, Stora Enso Oyj, and Thin Film Electronics ASA.