Smart Packaging Market to be $43.6 billion by 2027
According to a new market research report from Meticulous Research titled, "Smart Packaging Market by Packaging Technology (Modified Atmosphere Packaging, Active Packaging {Ethanol Emitters}, Intelligent Packaging {Indicators}), by Application (Food & Beverages, Pharmaceuticals, Automotive), Geography – Global Forecast to 2027," the smart packaging market is expected to grow at a CAGR of 5.2% from 2020 to 2027 to reach $43.6 billion by 2027.
Based on packaging technology, the overall smart packaging market is segmented into modified atmosphere packaging (MAP), active packaging and intelligent packaging. The intelligent packaging segment is expected to grow at the highest CAGR during the forecast period. The increasing demand for packaged food, rising inclination toward food safety from chemicals and contamination by food manufacturers, and increased number of drugs that have high moisture sensitivity are the major drivers for the growth of this segment.