The so called 'smart packaging' industry will be worth an estimated $39.7 billion (€35.8 billion) by 2020, according to a new report by research firm MarketsandMarkets.
'Smart packaging' is in use in the food, beverage and personal care industries with regard to increased shelf life, temperature indicators and smart labels on products. It is also used in the automotive and healthcare sectors.
According to MarketsandMarkets, the use of said packaging will grow at a CAGR of 4.8% from 2014 to 2020.
Smart packaging 'offers many advantages over conventional packaging, such as increased shelf life, reduced counterfeiting, increased safety coupled with low cost, and easy implementation, among others', the firm said.
Its findings are included in a study, "Smart Packaging Market by Technology (Active, Intelligent, and MAP), Industry Vertical (Food & Beverages, Automotive, Healthcare, Personal Care, and Others) & Geography - Global Forecast to 2020", released this month.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones