Active and smart packaging technology for food and beverage market to grow rapidly

31-Jan-11

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. The global market for active and smart packaging technology for food and beverage is expected to grow from US$15.798 mln in 2010 to US$23474 mln in 2015, at an estimated CAGR 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 CAGR of 12.1%. Active and smart packaging technology offers tremendous potential to fulfill the growing demand of food safety in various applications which include dairy products, meat and poultry, ready to eat meal segment. 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. Currently, the market players are focusing on development of new products. Due to this reason, new product development accounted for the highest share of the total competitive developments in the global advanced packaging technology market for food and beverage from June 2008 to September 2010. Maximum developments are seen in oxygen scavenger product segment.