Every aspect of our lives is becoming smarter and more intelligent with each passing year. Consumer expectations are growing sky high and industries across the domain are introducing smarter products and systems to provide a more personalized consumer experience. The packaging industry is no exception. Top packaging manufacturers have already started to upgrade their traditional packaging systems with more intelligent, connected, and smart packaging solutions to meet customer demands.
Usage of packaging only for the protection of goods and branding has become a thing of the past. Today, with a modernized lifestyle, the growing risk of food spoilage, and increasing focus on environmental sustainability, consumers are expecting more from the packaging, and intelligent packaging is the answer.
Before we explore the revolutionizing intelligent packaging technologies, let’s first understand what is intelligent packaging.
Intelligent packaging can be referred to as packaging solutions that are smart, connected, interactive, and capable of performing intelligent functions like tracking and tracing. These technologies are designed to improve product quality, ensure safety, prevent counterfeiting, and increase product shelf life.
Some intelligent packaging solutions like barcodes and QR codes are developed specifically to increase the traceability of a product and perform specific functions like tracking and recording the product information at the business and buyer level.
Intelligent packaging adds value at both the business and consumer end. Through information tracking and sharing done by intelligent packaging, a consumer gets the opportunity to learn more about the product and the company, while packaging manufacturers can learn more about the consumer purchase pattern through careful analysis of information generated by intelligent packaging, and leverage it to provide a more exceptional experience to the consumer.
While intelligent packaging is still in the nascent stages of evolution, the potential and benefits of intelligent packaging are immense. Intelligent packaging communicates with the real world, thus adding diagnostic and indicator functionality to it. With packaging companies investing in sustainable packaging solutions, the global intelligent packaging market reached US$ 19.7 billion in 2021.
The packaging industry is on the verge of a major paradigm shift. If we closely analyze emerging technologies, growth trends, and sales projections, we can get a preview of what will packaging industry look like by 2031 and beyond.
ESOMAR-certified market research company Future Market Insights (FMI) organized a talk show, with the title “The Rise of Intelligent Packaging: Personalized, Connected and Sustainable”, on the 18th of November 2021. In this talk show, the role of packaging in marketing, adoption of sustainability to tackle food waste and plastic pollution, and technology advancements that are creating designs that incorporate holistic features were discussed by packaging industry experts, and packaging manufacturers.
This blog highlights trending intelligent packaging technologies that are changing the packaging landscape and are gaining steady commercialization, taking into account the technological trends discussed on the talk show.
How Are Packaging Market Leaders Approaching The Intelligent Packaging?
Market leaders from the packaging industry are becoming more agile in their approach towards packaging as they have to match up with rapidly changing environmental and socio-economic conditions through innovation. It is important for market leaders to stay on top of the latest technological advancement happening across the globe that may be a game-changer for businesses.
Packaging manufacturers are switching towards intelligent and sustainable solutions to make their product stand out in the market, and leverage it to expand their consumer base, maintain brand loyalty, and become eco-friendly. For instance, the leading beverage brand Coca-Cola has introduced 100% recycled Polyethylene Terephthalate (PET) bottles in Japan. These bottles were designed for the I LOHAS natural mineral water brand, to simplify material sorting and recycling. Similar technological advancements are expected to revolutionize the packaging industry on a product level, buyer, and technological level.
Packaging was traditionally conceptualized and designed to enclose and protect the product during transportation and storage. Over the past decade, packaging has evolved and focus has shifted to durability, aesthetics, weight, and space consumption.
Do statistics back up the hype of Intelligent Packaging?
Future Market Insights reports that on intelligent packaging industry is set to grow at over 9.0% CAGR and reach around US$ 46.7 Bn by 2031. Additionally, intelligent packaging is expected to account for more than 5% of the global packaging market share by 2030.
Intelligent packaging is gaining popularity among Gen Z and millennials with 85% younger generations (Gen Z and millennials) opting for intelligent packaging solutions. The younger population is likely to buy intelligent packaging as they are the leaders of tomorrow in sustainability and are willing to spend extra bucks on intelligent packaging. Younger generations are showing a greater inclination towards the adoption of sustainable and recyclable packaging solutions. Nearly half of them have shown a preference for eco-friendly materials.
From a business point of view, F&B, healthcare, and logistics offer the most lucrative investment opportunities with barcodes, QR codes, and NFCs being the most sought-after technologies among these end-user industries.
According to a survey done by Future Market Insights, product monitoring, improving shelf life, tracking and tracing, and interactive packaging are the top factors that are compelling buyers to opt for intelligent packaging, with the need for product monitoring and improvhttps://www.futuremarketinsights.com/reports/intelligent-packaging-market