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Smart Packaging Tech
Overview
Smart Packaging Tech includes use of technologies such as AI/ML, IoT, computer vision, and advanced design technologies to design, fabricate, manufacture, and deliver smart packaging solutions to assist in product tracking, sustainability, and freshness monitoring. Consumers’ shift toward minimalism and efficiency in packaging design reflects changing consumer preferences and the drive for cost-effectiveness and environmental responsibility.
Meanwhile, customer demand for convenience, an increase in security concerns (the need for anti-counterfeit and anti-theft measures), and the requirement to track goods along the supply chain have driven demand for smart packaging. Sustainability concerns have also played an integral part in the evolution of these solutions, prompting businesses to adopt new business models like reusable packaging and custom designs to cut down on waste. Further, smart packaging technologies also include self-heating packages like heat cans and temperature-controlled food boxes.
Industry Updates
Market Sizing
The US Smart Packaging Tech market could reach USD 15.4 billion–18.3 billion by 2028
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Use cases
Packaging Tech solutions have been widely adopted in various industries, particularly in the consumer discretionary and consumer staples sectors. These include retailers of packaged and bottled goods including food and beverages, household, personal care, and other FMCG products, as well as foodservice firms, including restaurants and coffee shops.
The primary use cases revolve around packaging traceability and analytics technologies, which increase supply chain visibility and efficiency. Meanwhile, the adoption of reusable packaging solutions reduces environmental impact and improves sustainability across industries.
We have identified key Packaging Tech use cases below:
Market Mapping
Disruptors in the industry operate across all five segments, where most focus on reusable packaging and market platforms that connect package suppliers with small and medium-sized enterprises (SMEs). The reusable packaging segment has attracted significant funding in recent years, with companies such as Boox and BIBAK leading the funding rounds in recent years. For instance, a highly funded startup in our industry scope, Williot directly competes with incumbents by offering innovative tags for package traceability.
The package design and inspection segment has significant incumbent activity led by key players such as TriVision, Krones, and EPIC Vision Systems, which provide specialized computer vision systems and direct-to-shape printing. Other notable incumbents like Avery Dennison and Identiv provide industry-leading RFID and NFC sensors for package traceability.
Self-chilling and self-heating packages have trended due to consumer demand for convenience and instant temperature control. However, only a few players like HeatGen offer solutions because of the high costs and complex technology associated with these packages.
Packaging design and inspection
Package traceability and analytics
Reusable packaging
Online packaging marketplaces
Self-chilling and self-heating packages
The Disruptors
Disruptor activity can be primarily found in the Reusable packaging, Online marketplaces, and Self-chilling and self-heating segments where incumbent activity is limited. Startups like Pyxo and Bibak are creating packages that can be reused while reducing wastage. LivingPackets also makes special boxes that not only can be reused many times but also include package tracking. Startups in the Rreusable packaging segment have been the biggest contributors to funding, especially in recent years.
Startups assists small brands with custom packaging solutions and provides end-to-end services including warehousing consultancy and order financing; an example is Packhelp, which raised USD 45.6 million and is considered the highest funding raised by a startup in this segment. Other disruptors like Heatgen are manufacturing packages for food and drinks that can control temperature; with a simple twist, consumers can activate HeatGen's technology to heat beverages to the required temperature in less than two minutes.
Funding History
Competitive Analysis
Incumbents
Incumbents in this space specialize in the hardware-heavy packaging aspects, such as inspection, design, and quality control. Companies like TriVision, Krones, Cognex, and EPIC Vision Systems are leading players in the packaging inspection domain, offering a range of equipment and software tailored for comprehensive verification tasks. Moreover, the package printing sub- segment attracts significant attention and investment from major companies, with Fujifilm and Tonejet leading the space offering digital printing and ink solutions.
Further, incumbents like Avery Dennison and Pragmatic Semiconductor are enhancing product traceability and identification by incorporating advanced sensors like RFID and NFC tags.
These incumbents' most common growth strategy is through in-house developments that complement their existing product portfolios. Acquisitions and partnerships with startups are also actively evident in this space to improve geographical reach and further develop and integrate their products.
Notable Investors
