The global smart food packaging market size is projected to exhibit robust growth owing to the ever-increasing online retail sector, observes Fortune Business Insights™ in an upcoming report, titled, “Smart Food Packaging Market Size, Share and Industry Analysis, By Type (Active Packaging, Controlled Packaging, Modified Atmosphere Packaging, Others), By Material (Plastic, Metal, Glass, Paper, Aluminium, and Plastic) Others and Regional Forecast, 2019-2026.” The increasing shift in consumer preferences and lifestyles as well as rapid urbanization have led to an increase in the demand for packaged and extended shelf-stable food and beverages.
The COVID-19 pandemic has had a drastic impact on the global economy. Nationwide lockdowns and traveling restrictions have disrupted the global supply chain, negatively impacting businesses across the globe. Countries across the world are constantly working on addressing the challenges that have arisen during the crisis. At fortune business Insights, we are constantly analyzing these challenges in order to provide feasible solutions.
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Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers and Restraints-
Rapid Expansion of E-commerce Industry to Derive Growth
With access to millions of websites at the touch of a button, consumers are aggressively switching to e-commerce websites. To infer, as per a report published by Statista, food packaging, in 2019, the online retail sales contributed 14.1% of the total retail sales worldwide. The increasing growth of the e-retail sector is estimated to drive the demand for smart food packaging. In addition, the increasing demand for food safety and long shelf life owing to the increasing variety of food products to be delivered is projected to further strengthen the growth of the global smart food packaging market.
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Increasing Consumption of Packaged Food in U.S. to Help North America Lead
The smart food packaging market in North America is projected to showcase immense growth owing to the high demand for a long shelf life of food items among consumers in the U.S. Busy lifestyle and hectic schedule of the working population are predicted to drive the growth of smart food packaging in the region. For instance, according to a fact published on Dosomething.org, People in the U.S. eat 31% more packaged food items compared to fresh food.
The market in Asia Pacific is estimated to grow progressively during the forecast timeline. The high rate of production and export of dairy products and fruits in the region is projected to drive the growth of smart food packaging in the region.
Increasing Research and Development to Aid Key Players Expand Business
The global smart food packaging market incorporates numerous third-party manufacturers and in-house firms contributing to the industry. Prominent Enterprises are focusing on capitalizing on research and development activities for the better and improved product packaging output, customized as per the product’s shelf-life requirements. This will help them expand their business on a bigger scale.
- In July 2017,Amul-Gujrat Co-operative Milk Marketing Federation launched its buttermilk and lassi products in a tetra pack package under vacuumed capacity of one liter with a TBA 1000 edge with light cap 30. This type of packaging is being used for the first time in the Indian Market.
A List of Key Manufacturers Operating In the Smart Food Packaging Market Report:
- Crown Holdings, Inc.
- Constar International Inc.
- Ball Corporation
- Bemis Company, Inc.
- Sysco Corporation
- Filtration Group Corporation
- Graham Packaging Company
- Insignia Technologies
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