According to Chicago-based design and packaging firm PKG Brand Design, smart packaging can be many things. In general, it’s packaging that is functional, informative, easy to use, sustainable and able to enhance the product experience. A Deloitte survey of 425 business leaders from 12 industries between November 2017 and February 2018 revealed smart packaging — particularly connected packaging able to communicate with other packages or the internet — is attracting increased investment from senior executives eager to take advantage of its potential applications. The New York-based multinational business services company said smart packaging generated $23.5 billion in revenues in 2 015 and is projected to grow 11% annually, totaling $39.7 billion by 2020. As market leaders across different industries embrace innovative smart packaging applications, Deloitte said there is opportunity to both create data to make better business decisions, as well as use applications to thrill consumers. Industry leaders are increasingly considering smart packaging to transform supply chains, integrity and customer experience, Deloitte said. These packaging systems can monitor temperature, limit spoilage, extend shelf life, detect contamination and track a product from origin to final delivery. They can also play a role in reducing waste and enhancing sustainability — two elements that can bolster a product’s appeal.
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