Active Packaging Booms with Freshness & Convenience Investor Opportunity | FMI

The global active packaging market is on a trajectory of sustained growth, with a projected average annual growth rate of 9.49% during the duration of the projection. The market is expected to grow from its impressive US$ 26.13 billion valuation in 2023 to US$ 64.71 billion by 2033. Interestingly, the market’s baseline valuation of US$ 23.87 billion highlighted its steadily rising trend.

The market for active packaging is expanding at a rapid pace, driven mainly by its widespread use in the food and beverage sector. The ability of active packaging to extract particular fluids from packed goods, increasing their shelf life and maintaining product quality, is what has led to its widespread acceptance.

Furthermore, active packaging solutions are increasing the safety of food and enhancing the shelf-life of the products, along with the delivery of appropriate information in the packages. However, it has been noted that stringent laws prohibiting the use of plastic for packaging in developing nations pose a serious threat to the market’s long-term expansion.

A substantial boost in demand among urban consumers for ready-to-eat and on-the-go food products is a pivotal driver of market expansion. The fast-paced lifestyles prevalent in urban areas have led to an increased preference for convenient food options, creating a conducive environment for the growth of the active packaging market. As consumers seek freshness and convenience in their food choices, active packaging plays a critical role in meeting these evolving demands.

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Preference for Active Packaging Solutions is Increased by the Healthcare Sector

The aging demographic is experiencing a notable increase, with a growing population of seniors facing chronic health conditions. This surge in the geriatric population has led to a substantial demand for over-the-counter (OTC) medicines within the healthcare industry. This heightened demand for OTC medications plays a pivotal role in driving the widespread adoption and utilization of active packaging solutions across the healthcare sector.

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Key Takeaways from the Active Packaging Market

• The active packaging market has witnessed an approximate rise of US$ 2.26 Bn from the year 2022 to 2023.
• The smart packaging segment by application type category is identified to advance at a moderate pace, recording a CAGR of 5.5% through 2033. This segment is likely to surpass a valuation of US$ 44,643.71 Mn by the end of the projection period.
• The oxygen scavenger segment by product type category is likely to exert dominance in the forthcoming years, with a market value of US$ 4.27 Bn by the estimated study period.
• The North American region is anticipated to hold the maximum market share in the active packaging market, advancing at a CAGR of 6.2% in 2023.

Competitive Landscape in the Active Packaging Market

The manufacturers in the active packaging market are entering into strategic partnerships and collaborations with other prominent players in the industry. They are rigorously investing in research and development activities to strengthen their foothold and widen their base of active packaging solutions. The market is estimated to stir up through the forecast period, owing to the innovative attempts in technology for advanced packaging made by biggies.

Recent Developments

• In  April 2022, Amcor PLC  made an investment to expand its medical thermoforming packaging capabilities in its healthcare packaging factory located in Sligo, Ireland. The investment is of multiMn dollars that would support Amcors expanding  sterile packaging business  and refer clients in North America and Europe for accessing another location with  all-inclusive healthcare  options.
• In  May 2022, Avery Dennison  made an announcement about its strategic alliance with WIliot, a provider of digital ID technologies. This alliance is to scale the Internet of Things with the inclusion of atma.io as the design, development, and production of Wiliot tags, which will make a significant contribution to the development of interconnected and fully intelligent IoT.

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Drivers:

1. Food Safety and Quality Assurance:  Active packaging solutions are instrumental in enhancing food safety by extending the shelf life of products. These technologies help prevent microbial growth, maintain freshness, and preserve the quality of packaged food, addressing consumers’ concerns about food safety and quality.
2. Consumer Demand for Convenience:  The busy lifestyles of consumers, especially in urban areas, have led to a growing demand for convenient and on-the-go food products. Active packaging provides the convenience of longer shelf life, ready-to-eat options, and easy-to-use packaging formats, aligning with modern consumer preferences.
3. Sustainability Initiatives:  The increasing focus on sustainability and eco-friendly packaging has driven the adoption of active packaging materials that reduce food waste. Technologies like oxygen scavengers and moisture absorbers help minimize the need for preservatives and reduce the environmental impact of packaging.
4. Innovative Packaging Solutions:  Ongoing advancements in active packaging technologies, such as controlled-release systems, intelligent packaging, and barrier coatings, are opening up new possibilities for preserving food and pharmaceutical products. These innovations are driving market growth by offering improved performance and customized solutions.
5. Regulatory Support:  Stringent food safety regulations and guidelines, coupled with government initiatives to reduce food waste, encourage the adoption of active packaging solutions to meet compliance requirements.

Key Segments in the Active Packaging Market

By Type:

• Oxygen Scavenger
• Shelf-life sensing
• Time Temperature Indicator
• Moisture Absorber
• Others

By Application:

• Food and Beverage
• Healthcare
• Pharmaceutical
• Personal Care
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• MEA
• Europe

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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