The global internet of packaging market size was valued at USD 18.50 billion in 2022. The market is projected to grow from USD 19.34 billion in 2023 to USD 27.76 billion by 2030, exhibiting a CAGR of 5.3% during the forecast period. Internet of packaging, also known as intelligent packaging, is a method used to trace, interact, monitor, and manage the safety and quality of products. Reducing human errors, eliminating costs, maintaining quality, and preventing diseases due to rotten food are the major factors for which this packaging method was specifically designed and used. Fortune Business Insights presents this information in their report titled “Global Internet of Packaging Market, 2023-2030.”
Information Source- https://www.fortunebusinessins....ights.com/internet-o
Segments:
Boxes & Cartons is the Dominating Segment Due to its High Utilization in Product Packaging
Based on packaging type, the market is divided into boxes & cartons, bottles & jars, films & wraps, mailers, bags, tubes, pouches, blisters, and others. The boxes & cartons segment dominates the market. These are mostly preferred for packaging a variety of products. Various functions offered such as tracing, recording, easy sensing, and providing vital information on the product’s current state make it a preferred option for consumers.
Barcode and QR Code Segment Dominates the Market
Based on technology, the market is segmented into barcode & QR codes, sensors & tags, radio frequency identification, near-field communications, and indicators. Barcode & QR code segment is growing steadily. QR codes for smart packaging provide convenience for consumers while interacting with their brand of choice
Growing Consumer Needs to Result in Significant Growth of the Food & Beverages Segment
Based on end-user, the market is segmented into food & beverages, healthcare, personal care & cosmetics, homecare, consumer electronics, logistics & transport, apparel & accessories, sports & retail, and others. Increasing demand from consumers for high-quality and safe food products rises the requirement for the internet of packaging.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing Investments in R&D Packaging to Boost Market Growth
The products' various functions such as recording, detecting, applying scientific logic, and tracking real-time data, provide significant consumer marketing solutions. Growing investment in research and development for advanced packaging will expand the global internet of packaging market share. Increasing demand for multi-specialty wrapping which can retain the freshness and quality of the product along with maintaining its nutritional and health value to drive market growth. Consumer preference shifting toward comfort food is anticipated to push the internet of the packaging market forward during the forecast period.
However, the high cost of hardware, software, and training expenditures for the internet of packaging is likely to hamper the market growth.
Regional Insights
Asia Pacific to See Substantial Growth due to Changing Lifestyles
Asia Pacific is anticipated to witness significant internet of packaging market growth during the forecast period. The growth can be attributed to increasing demand for frozen and packaged products and changing lifestyles. The product's feature of improved product traceability is preferred by consumers. Latin America is to experience steady growth due to changing behavior in product purchasing, lifestyle, and rising demand for connected packaging solutions.
Competitive Landscape
Major Players to Maintain Dominance by Launching Advanced Product
The global market is fiercely competitive. A small number of major corporations control huge market shares by offering enhanced packaging. These corporations are focused on enhancing their products to meet the requirements of consumers and grow their consumer base throughout the globe.
Key Industry Development:
April 2021: Stora Enso announced the expansion of the sustainable ECO RFID product family with a tag collection. The ECO RFID collection is specifically designed for food & beverage items for item-level tagging and tracking of ready-made meals. It is gaining popularity as the first paper tag in the world for microwave-safe use, ECO meal.
List of Key Players Profiled in the Report:
Wiliot (Israel)
Tetra Pak (Switzerland)
Scanbuy Inc. (U.S.)
Kezzler (Norway)
Identiv Inc. (U.S.)
Tapwow (U.S.)
Sepio Products (India)
CuePath Innovation Designs (Canada)
Insignia Technologies (U.K.)
RePack (Finland)
ImpaX.io (Israel)
Qtrust (U.K.)
Iungo (Brazil)
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