Internet of Packaging Market Size to Hit USD 45.22 Billion by 2032

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Internet of Packaging Market Dynamics

Driver

Consumer demand for convenience food is driving growth in the Internet of Packaging (IoP) market. As consumers lead increasingly busy lifestyles and seek convenient meal solutions that fit their on-the-go lifestyles, there is a growing interest in packaging solutions that offer enhanced convenience, functionality, and connectivity.

The Internet of Packaging refers to the integration of digital technologies, such as sensors, RFID tags, and QR codes, into packaging materials to enable communication, interaction, and data exchange between packaging and consumers, retailers, and manufacturers.

In the context of convenience food, Internet of Packaging solutions offer several benefits to consumers. For example, smart packaging equipped with sensors can provide real-time information about product freshness, shelf life, and storage conditions, helping consumers make informed decisions about their food purchases and consumption.

Furthermore, Internet of Packaging technologies can enable interactive packaging experiences, such as recipe suggestions, nutritional information, and cooking instructions, accessible via mobile devices or smart appliances. This enhances the convenience and usability of convenience food products, making it easier for consumers to prepare and enjoy their meals.

Restraint

The internet of packaging market is impacted by the high costs associated with hardware, software, and training expenditures. The internet of packaging (IoP) involves the integration of packaging materials with digital technologies such as sensors, RFID tags, and communication devices to enable functionalities such as tracking, monitoring, and authentication throughout the product lifecycle.

However, implementing IoP solutions requires significant investments in hardware components, such as sensors, RFID tags, and communication devices, as well as software platforms for data collection, processing, and analysis. These hardware and software investments can constitute a substantial portion of the overall costs associated with IoP implementation.

Additionally, training expenditures are necessary to ensure that personnel involved in the design, deployment, and maintenance of IoP systems possess the requisite knowledge and skills to effectively utilize and manage these technologies. Training programs may cover topics such as sensor installation, data interpretation, software configuration, and troubleshooting, and may involve both initial training for personnel and ongoing professional development to keep up with evolving technologies and best practices.

Opportunity

Monitoring the progress of goods is a key application within the Internet of Packaging market. Leveraging connected devices, sensors, and data analytics, the Internet of Packaging enables real-time tracking and monitoring of goods throughout the supply chain.

By embedding sensors and RFID tags into packaging materials, manufacturers and logistics providers can collect valuable data on the location, temperature, humidity, and condition of goods as they move through the supply chain. This data can be transmitted wirelessly to a centralized platform where it is analyzed to provide insights into the status and health of the goods in transit.

The ability to monitor the progress of goods in real-time offers several benefits. It allows for proactive management of logistics operations, enabling timely interventions in case of delays, damages, or deviations from expected routes. Additionally, real-time monitoring helps to improve inventory management, reduce stockouts, and optimize warehouse operations.

Furthermore, real-time visibility into the supply chain enables companies to enhance transparency and traceability, providing consumers with confidence in the authenticity and quality of products. Additionally, it enables compliance with regulatory requirements and industry standards related to product safety, security, and sustainability.

Recent Developments

• In July 2021, Wiliot—the self-powered, stamp-sized computer that pioneered the Internet of Things (IoT)—announced that it had raised $200 million in a Series C financing round. Wiliot’s device can be affixed to any product or package and can detect a variety of physical and environmental data.
• In November 2021, Tetra Pak will introduce “universal” smart packaging software that manufacturers can customize to meet their own needs. Tetra Pak, a packaging provider, has unveiled a white label app solution for connected packaging that businesses can customize to meet their specific requirements as they transform their packaging into a point of engagement.

Internet of Packaging Market Players