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The global smart packaging market is expected to grow at a CAGR of 5.2% from 2020 to 2027 to reach $43.6 billion by 2027.
The growth of this market is mainly attributed to the growing proportion of older people and changes in the consumer lifestyle, increasing demand for advanced packaging solutions from the food processing and pharmaceutical sector, growing consumer concern for food wastage reduction, and demand for smart and functional packaging.
Moreover, the growing e-commerce market and rising industrialization in the emerging economies including India and China coupled with strong demand for superior logistics and supply chain management is likely to drive the industry over the forecast period. However, the high cost and unwillingness of brand owners to pay an additional cost of smart packaging are expected to hinder the growth of this market to some extent.