PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250738
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250738
According to Stratistics MRC, the Global Internet of Packaging Market is accounted for $18.5 billion in 2022 and is expected to reach $28.2 billion by 2028 growing at a CAGR of 7.3% during the forecast period. The Internet of packaging, also known as intelligent packaging, is a packaging approach used to track, monitor, interact with, and control product quality and safety. It is widely used to avoid potential mistakes, prevent diseases from spoiled food, and cut costs. Because of its great potential qualities and genuine output, the market has seen the fastest rise. The Internet of Packaging upsets traditional packaging and allows consumers to efficiently engage with businesses.
According to the International Federation of Robotics, the market for collaborative packaging robots is expected to reach a value of USD 12.3 billion by 2025. Intelligent robots work alongside workers and can be programmed by most factory workers to take on the most routine, tedious tasks and deliver with accuracy.
Growing demand for eco-friendly packaging
As customers have become increasingly concerned about the environment in recent years, sustainability has become an important market trend. Numerous programmes for plastic reduction, recycling, and sustainable packaging solutions all contribute to the increased need for environmentally friendly packaging. It allowed customers to scan with their cell phones and receive relevant information about bottle recycling and the recycling facility closest to their home. Furthermore, the growing desire for smart, interactive, eco-friendly, and user-friendly packaging solutions for a variety of end-use industries will drive demand for the internet of packaging.
Expensive hardware and software services
The high cost of hardware, software, and training expenditures is a key impediment to industry expansion. The cost of an internet of packaging solution is higher than the cost of traditional packaging solutions. Furthermore, the market's development, plastic is widely used in the packaging business. Customers have a tough time accepting food products containing non-digestible substances. It is also projected to have a negative impact on worldwide market growth which hinders the market growth.
Inherent benefits of Internet of Packaging's
The internet of packaging protects, sustains, monitors, and ensures product safety. It reduces human error and costs while also preventing illnesses such as food poisoning by alerting consumers. Furthermore, it has the capability of determining qualities such as the package's inner atmosphere. The packaging solution also enables end-users to communicate pertinent information. They also optimise the product protection tracking process. Several elements contribute to the global market's rapid expansion. The increased need for multi-specialty wrapping to preserve nutritional and health value as well as the freshness and quality of products encourages in the market expansion.
Non-digestible materials are less likely to be accepted.
Customers are hesitant to use online packaging services due to the lower acceptance of non-digestible ingredients present in food products separately from the packaged food on its own, as well as concerns about the risks associated with the irresponsible release of elements from intelligent devices that come into direct contact with food products. Consumers are also disturbed and angry that food quality information has been communicated. Those smart devices could be clearly deceiving which hampers the growth of the market.
The unexpected development of the COVID-19 epidemic damaged a variety of end-use businesses worldwide. The packaging market had a downward trend as a result of numerous issues such as supply chain disruptions, a slowdown in manufacturing activity, severe trade restrictions, and an imbalance in raw material supply. In the early phases of the pandemic, the Internet of packaging also saw a pause in routine production activities, which hindered market growth. Increased consumer awareness of product safety and quality will also lead to significant market expansion in the market
The Barcode & QR code segment is expected to be the largest during the forecast period
The Barcode & QR code segment is estimated to have a lucrative growth, due to the barcode and QR code market is exploding for sustainable packaging allow consumers to interact with their favourite brands. It dramatically boosts brand perception and reinforces trust. They are also excellent in providing product transparency, improve the overall customer engagement, gathering information and insights, reducing food waste, and adhering to regulatory requirements and compliance.
The Food & Beverages segment is expected to have the highest CAGR during the forecast period
The Food & Beverages segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the adoption of internet of packaging technologies in the food and beverage industry enables the correction of food safety violations and provides end-users with accurate product-related information. It is also less expensive and takes less time to notice an event, track food safety, and save money. The increasing consumer demand for high-quality, safe food items necessitate the internet of packaging. It reduces misunderstanding and necessitates fewer cancellations leading to enhanced market growth.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the region's increasing demand for packaged and frozen food goods. In this region, the demand for self-heating and cooling packaged items in the food and beverage industry will provide attractive growth prospects. The region's growing preference for Internet of Packaging over traditional packaging, as well as the availability of widespread Internet connectivity, is mostly to hold responsible for revenue growth in the North American industry.
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to increased need for innovative packaging solutions, and improved product traceability. The changing lifestyles, increased demand for technical packaging solutions, and improved product traceability are the primary drivers of market advancement in Asia Pacific. The rise of the Asia Pacific market is also encouraged by expanding clientele and e-commerce shipments, which enable the Internet of Packaging in the region's emerging nations, particularly China and India are driving the market.
Some of the key players profiled in the Internet of Packaging Market include Tetra Pak, Wiliot, Sepio Products, ImpaX.io, Tapwow, RePack, Qtrust, Iungo, Unipac Corporation, Kezzler, Vesta Smart Packaging, CuePath Innovation designs, Rover, The Porch Pod and ColorSensing
In Jan 2023, Wiliot Launched New Innovation Kit to accelerate and Scale Access to the Ambient IoT, The launch of the Wiliot Innovation Kit provide companies of all sizes and budgets a fast, intuitive and affordable way to discover and experience ambient IoT technology that unlocks solutions to problems that touch every industry and vertical.
In Oct 2022, Wiliot Partners with Identiv to Manufacture Initial Order of 25 Million Units of its IoT Pixel Tags, This agreement with Identiv represents an inflection point for Wiliot and the Ambient IoT.
In June 2022, Tetra Pak processing solutions provider, has partners with Reliance-owned Milkbasket, India's first and largest daily micro-delivery service to help consumers recycle their used beverage cartons through Milkbasket's app.
In Feb 2022, Tetra Pak launches the first Made in India holographic packaging with Warana Dairy. The Warana Ghee in Tetra Pak cartons will first be available in Maharashtra, with major focus on Mumbai, Marathwada and Vidarbh.
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