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The global smart packaging market has been forecast to double over the next decade, with rising food safety concerns, demographic and economic changes and increasing health awareness all leading to an increase in the industry.
Having been predicted to reach a market value of $12.66 billion during 2012, the industry is set to increase at a compound annual growth rate (CAGR) of 8% to reach US$17.23 billion by 2016.
The strengthening of the global food supply chain and the necessity to meet heightened food safety concerns will spur requirements for more sophisticated packaging in order to extend shelf life or enhance traceability of food and drinks.
Emerging market growth strongly impacts smart packaging market demand, as higher incomes per capita and increasing urbanization enable and push emerging market consumers to purchase packaged foods and drinks.
The smart packaging market in developed countries is unlikely to register strong growth over the next decade due to economically difficult conditions in many countries and due to the saturation of these markets.
The largest region within the smart packaging market is forecast to be the US - expected to grow at a CAGR of 7.4% to be worth $3.6 billion by the end of 2021. Japan will be the second largest market, with a predicted worth of $2.36 billion in 10 years' time. Demand for smart packaging technology in Australia is likely to reach $1.69 billion in the next decade, making it the third largest market.
For more information on the smart packaging market, see the latest research: Smart Packaging Market
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