Smart Packaging (Cont’d from Page 1)
a smart home hub, which reorders the product auto- matically as it runs low. This vignette, although not a real-world example, is a compilation of individual smart packaging function- alities already in the market or in development, and underscores the potential of smart packaging to trans- form supply chains,product integrity,and customer ex- perience. Senior executives in operations, marketing, finance, IT, and a range of other functions in consumer packaged goods, industrial goods, retail, and packaging would be well-advised to take notice, the report urges. Somewhere between $5 trillion and $10 trillion worth of consumables are sold globally each year and the vast majority of them are packaged in some way, generating a packaging market of $424 billion in 2016. Results of Deloitte’s survey of business leaders re- vealed that smart packaging, and in particular connect- ed packaging, is on the radar of senior executives, and is attracting significant investment across the value chain as companies seek to exploit the opportunity. Emerging Market Smart packaging is still emerging, but cannot be ig- nored, as it presents both significant opportunities and a real risk of disruption. It generated revenues of $23.5 billion in 2015 and is expected to grow 11 per- cent annually, reaching $39.7 billion by 2020.2 Busi- nesses are looking at packaging as a possible holistic solution to transform the way they deliver, sell, and use products. Market leaders across industries are embracing innovative smart packaging applications, particularly of the connected type, that generate and leverage data to make better business decisions and delight the customer. The potential upside for smart packaging partici- pants is large, but they face at least four types of chal- lenges: commercial, legal, technological, and organi- zational. A review of the market and utility of smart packaging will help set the premise for key challenges in large-scale adoption of these applications and the possible solutions. Most of the existing smart packaging solutions are in the “active” realm, using advanced chemistry and ma- terials to offer corrosion/moisture control or thermo- chromatic capabilities, primarily for food and beverag- es, health care, and personal care consumer products. Connected packaging, which can communicate with other packages or the internet, is still a relatively un- tapped opportunity,with simple bar coding and RFIDs used increasingly for tracking and tracing package lo- cation in the supply chain. Survey results indicate that
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Flexo Market News April 29, 2019 5
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