Internet of Packaging Market Size Was Valued at USD 18.50 billion in 2022 and is Projected to Reach USD 27.96 billion by 2030, Growing at a CAGR of 5.3% From 2023-2030.
The Internet of Packaging (IoP) refers to the integration of smart technology and connectivity into product packaging, creating a networked ecosystem. This concept involves embedding sensors, RFID tags, or QR codes on packaging to enable communication between the product, consumers, and other devices, enhancing the overall packaging functionality. Applications of IoP include real-time tracking and monitoring of products in the supply chain, interactive and personalized consumer experiences through augmented reality (AR) or QR code scanning, and ensuring product authenticity through anti-counterfeiting measures. The data collected through IoP can offer insights into consumer behaviour, improve inventory management, and enhance the overall efficiency of the supply chain. Current trends in the IoP market involve the use of advanced technologies like NFC (Near Field Communication) for seamless interactions, integration with blockchain for enhanced security, and the incorporation of sustainability features, aligning with the broader trend of environmentally conscious packaging solutions. The emphasis on enhancing consumer engagement and transparency in the supply chain through IoP is driving its adoption across various industries.
Top Key Players Covered in The Internet of Packaging Market:
- Wiliot (Israel)
- Tetra Pak (Switzerland)
- Scanbuy Inc. (U.S.)
- Kezzler (Norway)
- Identiv Inc. (U.S.)
- Tapwow (U.S.), and Other Major Players
Market Dynamics and Factors:
The Internet of Packaging (IoP) is driven by the increasing demand for enhanced supply chain visibility and consumer engagement. One key driver is the growing need for real-time tracking and monitoring in the logistics and supply chain industry. IoP allows companies to track the location, condition, and authenticity of products throughout the entire supply chain, reducing inefficiencies and improving overall transparency. Additionally, the rising consumer interest in product traceability and authenticity is a significant driver, as IoP technologies enable consumers to access detailed information about a product's origin, manufacturing process, and sustainability efforts by scanning or interacting with the packaging.
The adoption of IoP faces challenges related to the initial implementation costs, as integrating smart technologies into packaging may require significant investment. Concerns about data security and privacy are also potential restraints, emphasizing the need for robust cybersecurity measures. However, addressing these challenges presents opportunities for innovation and market growth. Companies can differentiate themselves by offering secure and transparent IoP solutions. Moreover, the integration of IoP with sustainability initiatives aligns with the increasing consumer preference for eco-friendly packaging, creating opportunities for environmentally conscious and technologically advanced packaging solutions. As IoP continues to evolve, collaborations and partnerships among stakeholders in the packaging industry will play a crucial role in driving innovation and overcoming barriers to adoption.
The Internet of Packaging Market Report Highlight:
- By Technology, the barcode and QR code segment is gaining immense growth. QR codes for smart packaging offer consumer interactions with their preferred brand. It reinforces trust and enhances brand perception significantly. They are also effective in providing product transparency, improving customer engagement, collecting data and insights, combating food waste, and adhering to regulatory standards and compliance.
- By end users, Food and beverages are the dominating segment. Application of the internet of packaging technologies in the food and beverages sector enables the correct food safety breaches and offers the end-users accurate product-related information. It is also cost-effective and minimizes the time required to detect an event, track food safety, and save money. The rising consumer demand for high-quality and safe food products increases the need for Internet packaging.
- By Region, The Asia Pacific region is anticipated to have the highest share of the Internet of Packaging market over the forecasted period attributed the region's main market expansion drivers are changing lifestyles, augmenting the need for advanced packaging solutions, and improved product traceability.
Key Industry Development:
In September 2023, Wiliot Introduced Real-Time Humidity Sensing to its Ambient IoT Visibility Platform for Unprecedented Visibility into Supply Chains. Wiliot, a pioneer in the Internet of Things (IoT), has achieved a breakthrough by adding real-time humidity sensing to its Visibility Platform. This addition, alongside existing features like temperature, location, and carbon emissions sensing, enables companies to enhance the safety, integrity, freshness, and sustainability of moisture-sensitive products throughout the supply chain at an unprecedented scale. Wiliot's technology allows continuous monitoring down to the individual product level, setting it apart from current traceability solutions.
The Internet of Packaging Market Segmentation:
- Barcode & QR Code
- Sensors & Tags
- Radio Frequency Identification
- Near Field Communications
By Packaging Type
- Boxes & Cartons
- Bottles & Jars
- Films & Wraps
- Food & Beverages
- Personal Care & Cosmetics
- Consumer Electronics
- Logistics & Transport
- Apparel & Accessories
- Sport & Retail
For this report, Introspective Market Research has segmented the Internet of Packaging Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
o The U.S.
o The Czech Republic
o Rest of Eastern Europe
o Rest of Western Europe
o Rest of APAC
Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of SA
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