[FURL=https://www.industryarc.com/Report/18855/latam-smart-packaging-market?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]LATAM Smart Packaging Market[/FURL] LATAM smart packaging market size is forecast to reach US$1.5 billion by 2026, after growing at a CAGR of 5.1% during 2021-2026. Smart packaging is defined as packaging that incorporates various technologies such as biosensors, near field communication, smart labels, and radio frequency identification. Smart packaging offers extensive advantages over conventional packaging structures such as increased shelf life, reduced counterfeiting, improved safety coupled with low cost, and easy implementation which are the major factors driving its demand. The smart packaging market is primarily driven by an increase in demand for smart packaging from the food & beverage sector in LATAM. Key Takeaways
Brazil dominates the LATAM smart packaging market. In May 2020, the first Latin America Smart Packaging Centre of Excellence (CoE-SmPa) was opened in Brazil. Such initiatives are aiding in smart packaging market growth in the country.
Smart packaging uses technologies such as near field communication, radio frequency identification, smart labels, and more is about clever ways to package a product, providing quick, cheap, and efficient ways to monitor the environmental conditions of food in the supply chain.
People's interest in the freshness of food in real-time, such as fruits, vegetables, fish, and meat, has necessitated research and development in the field of smart packaging, which is expected to boost the market growth.
The research of nanotechnology into various food and beverage applications, desire for shelf-stable and sustainable packaging solutions among food and beverage merchants and producers, and increased packaged food product usage are all contributing to the market's growth.
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LATAM Smart Packaging Market Segment Analysis – By Geography
Brazil held the largest share in the LATAM smart packaging market in 2020 and up to 6.7% during 2021-2026. This growth can be attributed to the growing food and beverages industry in the country. Smart packaging materials are often a material of choice for packaging as it extends shelf life, improves quality, enhances safety, provides information, and more using technologies such as near field communication, radio frequency identification, smart labels, and more. According to the Brazilian Association of Food Industries, the food and beverage industry is Brazil's largest manufacturing sector.
LATAM Smart Packaging Market – Drivers
Increasing Retail Sale Bolstering the Growth of Smart Packaging Industry
Increasing Demand from the Medical & Healthcare Sector
LATAM Smart Packaging Market Landscape
LATAM smart packaging market top companies are BASF, Amcor Limited, Landec Corporation, Bemis, Rexam Plc, Aptar Group Inc., Sonoco.
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