Why smart packaging could grow by 11% each year

 

 

accounting-analytics-apple-572056According to Chicago-based design and packaging firm PKG Brand Design, smart packaging can be many things. In general, it’s packaging that is functional, informative, easy to use, sustainable and able to enhance the product experience.

“The more of these criteria food packaging designs fulfill, the likelier the products will be a hit with consumers,” the company noted in a blog post.

Deloitte cited a MarketsandMarkets research report that put the global smart packaging market figure at $39.7 billion. This report projected a compound annual growth rate of 4.8% from 2014 to 2020. Others have been even more optimistic about growth, with Allied Market Research expecting a CAGR of 7.8% between 2014 and 2022 and a total global smart packaging market value of about $37.8 billion.

Industry leaders are increasingly considering smart packaging to transform supply chains, integrity and customer experience, Deloitte said. These packaging systems can monitor temperature, limit spoilage, extend shelf life, detect contamination and track a product from origin to final delivery. They can also play a role in reducing waste and enhancing sustainability — two elements that can bolster a product’s appeal.

 

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