Smart Packaging: The digital wunderkind brings growth opportunities.
New quantitative market research forecasts yearly growth of 4.15 percent (CAGR) for smart packaging in the period 2021-2026. Underlying growth drivers include extended shelf lives for food and convenience benefits for consumers. So, in addition to sustainability, digital transformation also offers great opportunities in a dynamically growing market that is looking for customer-friendly solutions.
The latest forecasts from a quantitative market research study by “Research and Markets” put growth for the smart packaging market at 4.15 percent annually (CAGR) from 2021 to 2026. Smart packaging is a “digital wunderkind” and the latest technology in the packaging industry. When it comes to opportunities for growth and differentiation, digital transformation is on an equal footing with the currently dominant field of sustainability.
Figures: Growth fields of sustainability and digital transformation
The market for smart packaging has been estimated by market researchers at USD 38.16 billion for 2020. By 2026, it is expected to reach USD 48.72 billion, representing a CAGR of 4.15% over the forecast period.
The figures indicate impressive momentum. Even though the expected growth for sustainable packaging is slightly higher at around 5.6% growth CAGR, smart packaging still holds tremendous opportunities for growth for companies in the industry.
Smart packaging: sectors, regions and drivers
- The food sector is expected to see the greatest growth momentum.
- Researchers forecast the largest market share for the U.S., followed by Canada.
- The main reasons are increasing growth in the labor force and rising demand for interactive and enhanced packaging solutions in North American markets.
- Key improvements in smart packaging performance lie in the longer shelf life of food products and the renewed importance of customer-friendly solutions.
The new figures show that the future belongs not only to sustainability, but equally to digital transformation- and here in particular to smart packaging. In particular, the dynamism in the search for customer-friendly solutions can be a digital magic potion for the industry.