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Global Internet of Packaging Market Size was valued at USD 17.7 Billion in 2022. The Internet of Packaging market industry is projected to grow from USD 18.9 billion in 2023 to USD 29.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2023 - 2032). Potential advantages provided by the growing food and beverage sector and the internet of packaging, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The internet of packaging protects the goods, maintains it, monitors its quality, and ensures product safety. By warning the public, it lowers the risk of human error and expenditure while also avoiding conditions like food poisoning. Additionally, it has the capacity to measure things like the environment inside the package. Additionally, the packaging solution makes it possible for end users to get the necessary information. They also improve the tracking strategy for product security. These components contribute to the market's quick global expansion. Additionally, it offers significant consumer marketing solutions thanks to its unique capacities for tracking real-time data, recording, identifying, communicating, and using scientific logic. Due to the growing need for multi-specialty packaging that maintains the goods' nutritional and health benefits as well as their freshness and quality, the market is growing. Global sales will also increase as a result of increased R&D costs for innovative packaging. The industry is also predicted to be driven in the coming years by a shift in consumer comfort food preferences.
The growing food and beverage industry is one of the key factors behind the internet packaging market's expansion. The food and beverage industry is growing at the fastest rate due to the strict food safety laws in place around the world. The surge in demand for alternate packaging choices that can preserve the quality of food products is fueling market expansion. Consumers are becoming more aware of the value of consuming high-quality food products in terms of taste, safety, color, and expiration date. The industry is expanding as a result of the rising demand for packaged, fresh foods of the highest quality as well as concerns over consumer convenience and food safety. Food that is ready to eat, frozen, or packaged is in high demand due to changing urban lifestyle and demographic trends, which also helps the market's growth. In the upcoming years, the possible solutions offered by the internet of packaging for maintaining food security while preserving nutritional value will aid in the expansion of the global industry.
Due to urbanization, which is characterized by an increase in the number of people moving from rural to urban regions and changes in dietary habits, convenience foods and ready-to-eat meals are becoming more and more popular. People are beginning to abandon the custom of preparing meals at home and eating them with friends and family in nations like India. Consequently, encouraging the use of ready-to-eat meals, where it is anticipated that the internet of packaging will provide a variety of clients with trustworthy information about the food product.Thus, driving the Internet of Packaging market revenue.
The global Internet of Packaging market segmentation, based on Packaging Type, includes boxes & cartons, bottles & jars, films & wraps, mailers, bags, tubes, pouches, blisters, and others. Boxes & cartons Packaging Type segment dominated the global market in 2022. Boxes and cartons are widely used to package a variety of products. The packaging type provides easy sensing, tracing, recording, detecting, and providing of vital information about the current state of the product through the use of the internet of packaging. It is essential to the fast growing segment. Boxes and cartons make it easier to transport tracking systems for trademark protection and counterfeiting. Additionally, it is projected that this type of packaging would increase greatly in the coming years because it reduces costs and waste.
The global Internet of Packaging market segmentation,based on Technology, includes barcode & QR code, sensors & tags, radio frequency identification, near field communications, and indicators. Near field communications segment dominated the global market in 2022.NFC tags, which may be put into packaging, have the exciting potential to expand the intelligence and interaction of common objects. Because these NFC tags have individual unique IDs for each object, not simply the type of item, they offer customized, location-specific, and dynamic content. Because NFC technology's unique ID prevents product fraud and enables identification, it is less likely to be copied. These are the two key elements influencing the development of this sector.
The global Internet of Packaging market segmentation, based on End User, includes food & beverages, healthcare, personal care & cosmetics, homecare, consumer electronics, logistics & transport, apparel & accessories, sport & retail, and others. Food & beverages segment dominated the global Internet of Packaging market in 2022.In order to promptly correct food safety issues and provide information to customers, internet of packaging technologies prevent food theft. Since the Internet of Packaging minimizes the amount of time needed to discover an event, tracing the origin of food safety problems helps save lives and money. This may indicate that recalls are more focused, there are less misunderstandings, and customers are more assured of the food's safety.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The North America Internet of Packaging Market dominated this market in 2022 (45.70%). The North American market's increased sales are mostly attributable to the region's growing preference for Internet of Packaging over conventional packaging as well as the accessibility of all-pervasive Internet connectivity. The Internet of Packaging also makes it possible for better dependability, transparency, and safety assurance. Further, In the North American area, the U.S. Internet of Packaging market had the biggest market share, while the Canada Internet of Packaging market had the quickest rate of expansion.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The Internet of Packaging market accounted for the healthy market share in 2022. Due to the presence of major industry players in the region, the Internet of Packaging market in Europe is expected to experience significant revenue growth over the course of the projected year. Further, In the European region, the German Internet of Packaging market had the biggest market share, and the U.K. Internet of Packaging market had the quickest rate of growth.
The Asia Pacific Internet of Packaging market is expected to register significant growth from 2023 to 2032. The main driving drivers for market expansion in APAC are evolving lifestyles, a growing demand for technological packaging solutions, and improved product traceability. The APAC market is also growing as a result of the expanding customer base and rising e-commerce exports in the region's emerging nations, particularly in China and India. Moreover, In the Asia-Pacific region, the Indian Internet of Packaging market had the quickest rate of growth while China's Internet of Packaging market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Internet of Packaging market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Internet of Packaging sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Internet of the Packaging sector. Major players in the Internet of Packaging market, including Wiliot, Tetra Pak, Scanbuy Inc., Kezzler, Identiv Inc., Tapwow, Sepio Products, CuePath Innovation Designs, Insignia Technologies, RePack, ImpaX.io, Qtrust, and Iungo, are attempting to increase market demand by investing in research and development operations.
Tetra Pak International SA (Tetra Pak), a branch of Tetra Laval International SA, is a provider of comprehensive solutions for processing and packaging. The company offers services for the distribution of foods such dairy, ice cream, dry goods, cheese, fruits, vegetables, juices, and nectars. It offers a wide range of processing instruments, including evaporators, heat exchangers, aseptic processing systems, separators, homogenizers, and flow equipment. In November 2021, Tetra Pak unveiled "universal" smart packaging software that businesses may modify to suit their individual requirements.
A bluetooth chip technology developed by Wiliot aims to expand the Internet of Things and connect people. The company's technology, which combines cloud services and Internet of Things pixels, computational elements that can power themselves by receiving radiofrequency energy, enables customers to learn where their things are, who is using them, and when they need to be refilled. Wiliot raised USD 200 million in July 2021 as it gears up for a move to SaaS and licenses its lightweight, ambient-power semiconductor technology to others.
· Wiliot
· Tetra Pak
· Scanbuy Inc.
· Kezzler
· Identiv Inc.
· Tapwow
· Sepio Products
· CuePath Innovation Designs
· Insignia Technologies
· RePack
· ImpaX.io
· Qtrust
· Iungo
May 2022: Avery Dennison and Wiliot, a provider of digital ID technology, have formed a strategic partnership. The strategic agreement will scale the Internet of Things (IoT) to be intelligent and fully connected through the integration of atma.io and the design, development, and manufacturing of Wiliot tags.
· Barcode & QR Code
· Sensors & Tags
· Radio Frequency Identification
· Near Field Communications
· Indicators
· Boxes & Cartons
· Bottles & Jars
· Films & Wraps
· Mailers
· Bags
· Tubes
· Pouches
· Blisters
· Others
· Food & Beverages
· Healthcare
· Personal Care & Cosmetics
· Homecare
· Consumer Electronics
· Logistics & Transport
· Apparel & Accessories
· Sport & Retail
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 17.7 Billion |
|
Market Size 2023 |
USD 18.9 Billion |
|
Market Size 2032 |
USD 29.5 Billion |
|
Compound Annual Growth Rate (CAGR) |
5.70% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Technology, Packaging Type, End User, and Region |
|
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Wiliot, Tetra Pak, Scanbuy Inc., Kezzler, Identiv Inc., Tapwow, Sepio Products, CuePath Innovation Designs, Insignia Technologies, RePack, ImpaX.io, Qtrust, and Iungo |
|
Key Market Opportunities |
Integration of advanced technologies |
|
Key Market Dynamics |
Potential benefits offered by internet of packaging and the increasing food and beverages industry |
The global Internet of Packaging Market was valued at USD 17.7 billion in 2022, and it is estimated to reach USD 29.5 billion by 2032.
The global market is projected to grow at a CAGR of 5.70% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Wiliot, Tetra Pak, Scanbuy Inc., Kezzler, Identiv Inc., Tapwow, Sepio Products, CuePath Innovation Designs, Insignia Technologies, RePack, ImpaX.io, Qtrust, and Iungo
The Near Field CommunicationsTechnology dominated the market in 2022.
The Boxes & CartonsPackaging Typehad the largest share in the global market.
Report Code :
RL6589
Published on :
Aug 2023
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