Smart Packaging Forecast to Be $2.6 Billion Market by 2033
IDTechEx’s latest research forecasts the so-called “smart packaging” market will grow to be a $2.6 billion industry by 2033. Smart packaging uses a variety of technologies, such as wireless communication, sensors and various indicators. The aim of deploying the technology is to improve supply chain efficiencies, enhance user engagement and level-up product quality, the researchers said.
The authors of the report noted that the $2.6 billion figure “just covers the electronics hardware — the smart packaging market value will be much higher if infrastructure, software, and services are included.”
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The “Smart Packaging 2023-2033” offers market research and insights into emerging technologies that will fuel the smart packaging market. And it’s not solely about efficiency. Increased sustainability and item-level inventory optics will also be achieved.
“The smart packaging market has several prominent drivers,” the report’s authors noted. “Continuous growth in e-commerce over the last two decades is raising the demand for general packaging and changing the priorities of packaging design. That includes more emphasis on sustainability and delivery optimization and less focus on designs that attract traditional shoppers at retail stores. Stores too are increasingly serving fulfillment center functions, and the need for streamlined inventory management is driving the adoption of item-level smart labeling.”
The researchers said in their report that smart packaging leverages a wide range of current technologies (such as radio frequency identification) and emerging technologies (like printed, flexible and organic electronics). The recently resurrected QR code will also be deployed in greater numbers. For anti-theft purposes, electronic articles surveillance (EAS) will play a key role. EAS will be invisible to the consumer.
Smart packaging will also feature data loggers that record temperature, shock and vibration as well as monitoring of time and package location.
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