Smart packaging is on the up, according to a new report, which predicts a growth from $75 million to $1.45 billion over the next decade.
The new report from IDTechEx entitled "Smart Packaging Comes To Market: Brand Enhancement with Electronics 2013-2023," indicates that the driving growth for the intelligent packaging will come from printed electronics.
From talking pizza boxes and winking rum bottles, electrics and electronics are already incorporated into packaging, the study notes. Medication can even record when and how much dose was taken and can prompt the user when their next dose is due.
Not only are printed electronics high-tech, they also are about to cut costs by 99 percent. As a result, many leading brands have moved towards adopting the paper-thin electrics on their packaging. With plenty of customer benefits, the new technology will make brands using static print look very outdated.
Smart Packaging Growth
By 2023, global demand for smart packaging electronics will increase to $1.45 billion. The six primary driving factors for this growth are terrorism and crime concerns, stricter legislation, changing lifestyles, more wealthy and demanding consumers along with an aging population.
There are still some challenges to be overcome in relation to electronic packaging, in particular sustainability, by making high volume projects instead of one-offs.
In order to achieve this high volume, basic and low cost hardware platforms must be developed, which can be sold across all industries. Current limitations are the lack and cost of complete product designers and integrators.
According to IDTechEx, wink and decal labels, such as those with imaging winking off and on and mobile phone reprogrammable decoration, will account for the largest ratio for function in the e-packaging market with 37 percent in 2023. Following shortly behind with 28 percent is audio and timer, which refers to alert, music or voice sounds.
E-packaging addresses several needs. It demonstrates the imperative for brands to reconnect with the consumer, and offers a solution to drug delivery devices and disposable medical testers for the aging population. Even more simply, electronic packaging helps a third of customers who encounter difficulties in reading the increasingly tiny instructions.
Image Credit IDTechEX