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Active and Intelligent Packaging Market Analysis
The active and intelligent packaging market is expected to witness category spend growth of more than USD 5 billion between 2018-2023, with spend momentum accelerating at a CAGR of 5.72% during the forecast period. This increasing spend growth is primarily attributed to the growing demand for active and intelligent packaging to enhance shelf lives and to improve the traceability of products. In this respect, the food and beverage and the pharmaceutical sectors account for the major share in the demand growth of this market. Last year, the food and beverages sector alone had accounted for about 50% of the entire active and intelligent packaging market. This demand growth is mostly attributed to the adoption of active packaging to augment the shelf life of frozen food products. With a deepening focus on enhancing the drug intake accuracy, buyers from the pharmaceutical sectors are adopting active and intelligent packaging. Intelligent packages support easy access to the information related to this medicine through smartphone scanning while also fostering product traceability in the supply chain with the NFC tags feature. Active packaging is largely being used by the pharmaceutical sector to fulfill functions like oxygen scavenging, carbon dioxide production, water vapor removal, anti-microbial, and ethylene scavenging. Fulfilling these functions help retain the quality of the medicines.
APAC is dominating the global active and intelligent packaging market owing to the rapid popularity of frozen food that require active packaging. An increase in the volume of drugs manufactured by the newer and the existing pharmaceutical companies is widening the active and intelligent packaging market size in APAC. In the US, the intelligent packaging segment accounted for nearly 28% of the entire category market in 2018 and is expected to continue growing at a faster rate than the active packaging segment. Buyers from the food and beverages segment in the US are adopting nanomaterials and biosensors for detecting the accumulation of gases within packaged food items. This is expected to drive the category demand growth, thereby positively impacting the active and intelligent packaging market size in the US.
Insights Offered in this Active and Intelligent Packaging Market Report
Written from the perspective of the buyers and suppliers, this procurement intelligence report offers comprehensive coverage of the latest active and intelligent packaging market trends and factors driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers procure active and intelligent packaging at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.
Our portfolio of reports on the packaging and labeling category help buyers understand:
This procurement intelligence report contains in-depth pricing insights for the procurement of active and intelligent packaging. These pricing insights provide an overview and comparison of pricing models, supply chain margins, and the volume and cost drivers impacting pricing:
Optimize Category Spend for Active and Intelligent Packaging
To offset the potential rising costs for the procurement of active and intelligent packaging, category managers must adopt the best procurement practices and strategies to efficiently optimize their spend. For instance, it is imperative for buyers to choose to package in accordance with the nature of their products. They must fully understand the function of the packaging that will help them determine the compatibility of the same with their products.
To help category managers optimize spend on active and intelligent packaging, this report also offers:
Build Strategies for Effective Supplier Selection
With the inflating price of raw materials, buyers stand the risk of incurring excess procurement spend. Thereby, they must seek a strategic selection of suppliers that will assist them in identifying cost-saving opportunities. On this note, buyers are advised to select suppliers based on their ability to provide VMI support for active and intelligent packages. Suppliers are expected to ensure low inventory holding costs and zero stock-out levels, as this will help buyers ensure continuity of operations.
This active and intelligent packaging market procurement intelligence report identifies the major costs incurred by suppliers and provides additional information on:
Suppliers source raw materials from the open market or dealers of principal manufacturers. Ineffective sourcing by suppliers leads to an increase in the cost of active and intelligent packages. Thus, buyers can purchase these raw materials and provide it to suppliers for conversion, or buyers can arrange vendor for the suppliers to source raw materials at a negotiated price, which in turn will lead to a reduction in category prices for buyers. This will allow buyers to increase their supplier relationship by creating a win-win situation for both the parties.
Key insights offered in this procurement intelligence report on the active and intelligent packaging market will help the buyers identify:
Information on the active and intelligent packaging market leaders and market buyer and supplier insights are highlighted in this procurement intelligence report.
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