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Innovative packaging solutions: BCC research forecasts 9.2% CAGR for F&B
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Saturday, 30 March, 2024, 08 : 00 AM [IST]
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Boston
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The demand for Active, Controlled, and Intelligent Packaging for Foods and Beverages is estimated to increase from $37.8 billion in 2023 to reach $58.8 billion by 2028, at a compound annual growth rate (CAGR) of 9.2% from 2023 through 2028, according to the latest BCC Research study.
The global market for active, controlled, and intelligent packaging in the food and beverage industry is thoroughly examined in the report, with a focus on segmentation by type and application. Analysis spans both global and regional levels, with the base year set at 2022 and forecasts extending from 2023 to 2028, presented solely in terms of revenue. Active packaging encompasses various technologies such as oxygen scavengers, moisture controllers, ethylene absorbers, edible films, antimicrobial agents, carbon dioxide scavengers/emitters, ethanol emitters, self-venting films, microwave susceptors, and temperature control packaging.
Controlled packaging includes modified atmosphere packaging, controlled atmosphere packaging, retort packaging, sous-vide packaging, and biodegradable polymers/biopolymers. Intelligent packaging solutions range from radio frequency identification packaging to freshness indicators and electronic article surveillance systems. These technologies cater to diverse applications within the food and beverage sector, ensuring enhanced safety, freshness, and quality throughout the supply chain.
The burgeoning demand for advanced packaging solutions in the food processing and beverage sectors, coupled with heightened consumer concerns regarding food wastage reduction, is fuelling significant growth in the active, controlled, and intelligent packaging market. Sealed Air's introduction of Prismiq, its digital packaging brand, exemplifies the industry's response to these trends. It offers a range of services including design, digital printing, and smart packaging solutions aimed at reducing waste and enhancing product quality and customer engagement.
Leveraging an end-to-end cloud-based platform, it generates package-specific digital IDs to collect and manage data across the value chain, further augmenting its appeal. Amidst intense global competition, companies like Amcor, Dow, Sealed Air, 3M, Avery Dennison Corporation, and BASF SE are actively investing in strategic initiatives such as mergers & acquisitions, capacity expansions, and geographic diversification to solidify their market positions and drive innovation in advanced packaging products.
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