Active and smart packaging technology for food and beverage market is forecast to grow rapidly, according to a new study, Global Active & Smart Packaging Market Trends, Forecast & Applications in Food and Beverage Industry
, from Research and Markets.
The increasing demand for fresh and quality packaged food, consumer convenience and manufacturers concern for longer shelf life of the food products is driving the market for global active and smart packaging technology for food and beverage market.
8% yearly growth through 2015
The global market for active and smart packaging technology for food and beverage is expected to grow from $15.8 billion in 2010 to $23.5 billion in 2015, at an estimated compound annual growth rate of 8.2% from 2010 to 2015. Modified atmosphere packaging commands the largest share of the overall active and smart packaging technology in terms of value, while smart and intelligent packaging technology is witnessing the fastest growth at an estimated compound annual growth rate (CAGR) of 12.1%.
In active packaging, oxygen scavengers and moisture absorbers form the two largest product segments. Both are estimated to grow at a CAGR of 8% and 11.9%, respectively.
North America is the major market for active and smart packaging technology because of increasing health awareness among the consumers. Therefore, it holds the largest share (35.1%) of the global active and smart packaging market. Europe forms the second largest market for active and smart packaging technology due to increased demand for sustainable packaging and stringent regulations.