Smart Packaging Market To Reach USD 26.7 Billion By 2024

In a report out today by Grand View Research, the global smart packaging market is expected to reach 26.7 billion US dollars by 2024.

They comment that the fastest growing sector is projected to be NFC. NFC in intelligent or smart packaging is predicted to increase at a compound annual growth rate of over 12% from 2016 to 2014.

Smart Packaging Growth

To date, the use of NFC in smart packaging has been limited. Low user awareness combined with gradual NFC enabled smart phone penetration has restricted growth. However, the power of social media marketing continues to rise. The need for brands to encourage that user interaction is likely to play a significant part in driving smart packaging use.

Added to that, NFC smart packaging can also provide product information, enable object identification and allow product authentication.

Broad Market Penetration

The report states an expected 10% CAGR within both B2C and B2B markets.

Providing product information for personal care products was cited as a major growth driver within B2C. Particularly, the ability to upsell consumers to organic products from their synthetic counterparts. Smart packaging enables more information to be provided to the consumer at point of sale.

The automotive B2B market is expected to grow at over 12% from 2016 and 2024.