Smart Packaging Market Size, Share, Growth Analysis, By Technology(Active, modified, Intelligent), By End Use(Food & Beverages, Personal & Household Care, Consumer Goods, Industrial), By Region - Industry Forecast 2024-2031

Global Smart Packaging Market size was valued at USD 252 billion in 2022 and is poised to grow from USD 267.62 billion in 2023 to USD 433.03 billion by 2031, at a CAGR of 6.2% during the forecast period (2024-2031).

The market is driven by increasing demand for packaged products, as well as a growing focus on sustainability and eco-friendly packaging solutions. From 4.3 kilogrammes per person per year in FY10 to 8.6 kg per person per year in FY20, India's packaging consumption has increased by 200% over the past ten years, according to the Indian Institute of Packaging (IIP). 

Comparatively speaking to other developed countries around the world, this business still has a tonne of room for expansion despite the dramatic increase over the past decade. Due to changes in substrate preferences, the opening of new markets, and shifting ownership dynamics, the global packaging industry has grown steadily over the past 10 years. 

Flexible packaging, high-barrier films, and stand-up retort pouches may continue to displace conventional packaging for a variety of food goods, challenging rigid pack forms including metal tins and glass jars. 

Numerous suppliers of flexible plastic packaging are responding to the growing demand for sweets and confectionery by providing packaging solutions that especially meet this need, which is further boosting their sales and income. 

For instance, the US Census Bureau projects that the US candy manufacturing business would generate USD 10.89 billion in revenue by FY 2023. The market is anticipated to experience growth due to rising demand for environmentally friendly sustainable products from the food and beverage and pharmaceutical industries. 

Over the projection period, growth is also likely to be fuelled by growing R&D spending to minimise carbon footprint. Smart packaging, incorporating features like RFID tags and sensors, facilitates real-time monitoring, ensuring product integrity and quality. 

The food and beverage industry, in particular, is a major adopter, leveraging smart packaging for freshness tracking and safety assurance. However, challenges related to high implementation costs and technological complexities exist. The market is characterized by ongoing innovations, emphasizing sustainability and interactive consumer experiences.

US Smart Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.