The dynamism in packaging today stems from the need of consumers who are demanding novelty and innovation; this aspect is expected to benefit the innovative packaging market 2020. The packaging & transport industry reports are produced by Market Research Future, which highlights market options for expansion. The market is predicted to see a steady CAGR growth in the forecast period.
Several packages require regular monitoring of various aspects of the package, such as the inner atmosphere of the package; this is easily achieved in intelligent packages. This need is expected to prompt the fast-paced development of the intelligent packaging market in the coming period.
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Competitive Analysis
The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The regulations in various regions can be relied upon to rebuild market clout gradually in the future. The establishment of a definite competitive advantage is estimated to spur market development in the forecast period. The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period. The reinvention of the supply chains by integrating robust technology in them is estimated to spur the development of the market in the coming period. The effect of unpredictable events has created substantial barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period.
The notable contenders bolstering the Intelligent Packaging Market are TempTime Corporation (U.S.), PakSense (U.S.), BASF SE (Germany), R.R. Donnelly Sons & Company (U.S.), Huhtamaki Group (Finland), American Thermal Instruments (U.S.), Thin Film Electronics ASA (Norway), Avery Dennison (U.S.), 3M (U.S.), International Paper (U.S.), Stora Enso (Finland), and Smartrac N.V. (The Netherlands), among others.
Segmental Analysis
The segmental study of the intelligent packaging market is conducted on the basis of application, product, and region. Based on the products, the intelligent packaging market is segmented into corrosion control packaging, moisture control packaging, gas scavengers, QR code, susceptor packaging, and others. The application basis of segmenting the intelligent packaging market consists of automotive, pharmaceuticals, food & beverages, electronics, and others. Based on geography, the intelligent packaging market is segmented by North America, Asia Pacific, the Middle East, Europe, and Africa.
Detailed Regional Analysis
The regional scrutiny of the intelligent packaging market consists of regions such as North America, Asia Pacific, the Middle East, Europe, and Africa. The North American region is governing the principal portion of the global intelligent packaging market owing to the mounting demand for frozen and packaged food. Furthermore, the changing government policy concerning food and packaging, growing demand for excellence in packaging to make longer shelf life, and center on relatively less food wastage are motivating the intelligent packaging market all over the globe. The contribution of countries such as South Korea, China, and India are expected to lift the intelligent packaging market growth in the Asia Pacific region for the duration of the forecast.
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Industry Updates:
Apr 2020 LivingPackets, a Franco-German logistics startup, has raised €5 million via a crowdfunding drive to expand its intelligent packaging system, THE BOX, which is intended to decrease shipping trash and develop last-mile delivery check. At present, over 100 billion cardboard boxes are dispatched yearly in e-commerce alone, necessitating the cutting of 700 million trees each year. THE BOX can be reprocessed up to 1000 times. The packaging is eco-friendly but also tech-enabled, prepared with many sensors to monitor the parcel, alter the delivery address, etc.
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