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Genomics Market to Reach $70.52 Billion by 2031, Driven by Increasing Incorporation of Genomic Data in Clinical Workflows and Increasing Funding and Investments in Genomics Projects – Exclusive Report by Meticulous Research®

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REDDING, Calif., Sept. 24, 2024 /PRNewswire/ — According to a new market research report titled, ‘Genomics Market Size, Share, Forecast, & Trends Analysis by Technology (Sequencing, Microarray, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostic, Research), Offering (Instrument, Consumables, Software), End User—Global Forecast to 2031.

The genomics market is projected to reach $70.52 billion by 2031, at a CAGR of 11.1% from 2024 to 2031.

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The rising prevalence of genetic diseases, the increasing incorporation of genomic data in clinical workflows, increasing funding and investments in genomics projects, growing applications of genomics in the healthcare sector, rising pharmaceutical R&D expenditures, and increasing healthcare spending are key factors driving the growth of the genomics market. However, concerns over the security & privacy of genomic data and the lack of standardized approaches in genomics are factors restraining the growth of this market.

Furthermore, the rising adoption of personalized medicines and gene therapies is expected to create opportunities for the players operating in the genomics market. However, the shortage of skilled bioinformatics & genomics personnel and the commercialization & scaling of genomic technologies are major challenges impacting market growth. READ MORE

Increasing Funding and Investments in Genomics Projects Reshaping the Market Landscape

Pharmaceutical and biotechnology companies have been increasingly focused on genomic research since 2003 – the year of completion and publishing of the full sequence of the entire human genome. Furthermore, increasing funding for genomic research, the development of advanced sequencing technologies & bioinformatics tools, and the reducing costs of genomic studies are generating opportunities for pharmaceutical and biotechnology companies to engage more in the research and development of personalized/precision medicine, targeted therapeutics, and vaccines. These factors have also helped companies as well as academic & research institutes to conduct more studies focused on mapping and identifying variants and studying the mechanisms of various rare and genetic diseases.

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The pharmaceutical industry is also investing in genomic data-sharing initiatives to accelerate the research and development of novel personalized therapies. Also, research and academic institutes are partaking in genomic studies and collaborating with key pharmaceutical companies to exchange genomic data and discover new personalized therapies for various rare and genetic diseases. Some of the recent funding and investments supporting genomics studies are as follows:

In December 2022, the U.K. government announced $217 million (€175 million) in funding for genomics research, including $130 million (€105 million) to boost the diagnosis of rare genetic diseases in newborns.In September 2022, the Centers for Disease Control and Prevention (CDC) announced $90 million in funding over the next five years to support the Pathogen Genomics Centers of Excellence (PGCoE) network, which is aimed at accelerating innovations and improving technical capacities in molecular epidemiology, pathogen genomes, and bioinformatics for the prevention and control of microbial threats to public health.In March 2022, the National Institutes of Health (NIH) allocated $89 million in funding for advancing genome editing projects to develop new technologies and novel research approaches in the somatic cell genome editing program.According to the UK Parliament article published in December 2022, the U.K. government provided $27 million (£22 million) in funding to Genomics England for sequencing 15,000 to 25,000 participants from diverse backgrounds by 2025 and tackling health inequalities in genomic medicine.

Automation in Next-Generation Sequencing (NGS): A Key Trend in the Genomics Market

The ability to sequence the genes of any organism for clinical and research purposes has proved to be a game changer for public health. Portable handheld sequencing devices are paving the way for the growth of the genomics market, making sequencing cheaper, simpler, and faster without the need for large clinical laboratories. Real-time sequencing has enabled researchers and physicians to quickly access sequencing data and act instantly. Portable nanopore-based sequencers can sequence the entire genome in less than $1,000. Additionally, automating NGS library preparation has helped researchers improve their library quality and achieve consistent yields, enabling the generation of reliable and reproducible NGS data.

NGS automation has also enhanced the efficiency of sequencing in terms of time and cost. The risk of contamination is greatly decreased by reducing human interactions with reagents and samples. According to a study that analyzed the cost breakdown for genome sequencing, lab personnel account for around 15% of the total cost of sequencing in a conventional clinical laboratory. A similar study showed that when an automated system is used for sample preparation, the cost of laboratory personnel decreases to around 4% of the total cost. Thus, automation optimizes & streamlines NGS workflows.

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Genomics Market Analysis: Key Segmental Findings

By offering: In 2024, the consumables segment is expected to account for the largest share of 68.9% of the genomics market. The segment’s large market share can be attributed to the increasing demand for consumables due to the growing number of genomic tests, more recurring purchases of consumables compared to instruments, and the increasing prevalence of genetic diseases. For instance, according to a report published by MJH Life Sciences (U.S.) in 2022, approximately 300,000 babies are born with sickle cell disease per year globally, and nearly 5% of the world’s population is affected by the disease.By Technology: In 2024, the sequencing segment is expected to register the highest CAGR of 15.3% during the forecast period 2024–2031. The high growth of this segment is driven by the growing adoption of NGS for sequencing, the rising prevalence of cancer & the expanding application of NGS in cancer treatment & research, the declining costs of NGS, and technological advancements in NGS. Additionally, the growing demand for NGS automation, and the development of portable sequencing technologies also support the growth of this segment.

Geographic Analysis:

North America Poised to Dominate the Genomics Market in 2024

Based on geography, the genomics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, North America is expected to account for the largest share of 53.3% of the genomics market. This market is projected to reach $36.2 billion by 2031. North America’s dominant position in the genomics market is attributed to government initiatives toward the development of genomic medicine, the increased use of genomics since the COVID-19 pandemic, increasing research in the field of genomics, and the advanced healthcare infrastructure in the region.

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In addition, North America is home to numerous renowned research institutions, universities, and organizations dedicated to genomics research—examples include the Broad Institute, Harvard University, MIT, and the National Institutes of Health (NIH) in the U.S., as well as the University of Toronto, McGill University, and the Ontario Institute for Cancer Research (OICR) in Canada. In North America, genomics is a multidisciplinary field encompassing research, technology development, and applications related to the study of genomes (complete sets of genes within an organism’s DNA). In North America, genomics has been a significant and rapidly evolving field with broad applications in various areas of science and medicine.

In 2024, the U.S. is expected to account for the dominant share of 91.6% of the genomics market in North America. The country’s large market share is mainly attributed to the availability of advanced technologies & resources for healthcare, research funding, government initiatives to promote precision medicine, high public & private investments in genomics, and the availability of skilled professionals in the country.

Asia-Pacific: The Fastest-growing Regional Market

The genomics market in Asia-Pacific is projected to register the highest CAGR of 13.8% during the forecast period. In 2024, China is expected to account for the largest share of 38.9% of the genomics market in Asia-Pacific. Economic growth in many Asia-Pacific countries has increased government focus on the healthcare sector in terms of investments aimed at improving access to healthcare facilities and building better healthcare infrastructure. Rapid urbanization, the need to manage the growing burden of infectious diseases, efforts to improve access to diagnostic services, and rising awareness regarding health and treatment availability are driving the growth of this market. Moreover, rising middle-class populations and their disposable incomes, increasing health insurance penetration, the growing potential of personalized therapies, and public and private investments are expected to support market growth during the forecast period.

Funding from public & private organizations for the development of innovative genomic medicine has increased China’s focus on strengthening its genomics market.

Some of the recent key developments in this market are as follows:

In January 2023, Qitan Technology Co. Ltd. (China) raised $104 million (¥700 million) in a series C round to improve its nanopore sequencing devices and expand its market in China.In June 2022, Chinese sequencing technology company Axbio secured $100 million in Series B funding. The funds supported the development and commercialization of its nanopore-based sequencer and the building of a manufacturing facility.In 2016, the People’s Republic of China announced $9 billion in funding for a 15-year project to collect, analyze, and sequence genomic data and become a global leader in precision medicine.

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Genomics Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past 3–4 years. Major companies in the genomics market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the genomics market include product launches, expansions, agreements, collaborations, and partnerships. The key players operating in the genomics market include Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China).

The report includes a competitive dashboard that summarizes the market positions of the 20 profiled market players in four quadrants, namely Industry Leaders, Differentiators, Emerging Companies, and Vanguards. These companies are positioned based on various parameters, including revenue, depth of offerings, brand equity, geographic presence, innovation, and organic & inorganic growth strategies. Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V (U.S.), and Danaher Corporation (U.S.) were positioned in the Industry Leaders quadrant.

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Genomics Industry Overview: Latest Strategic Developments from Key Industry Players

In January 2024, Thermo Fisher Scientific Inc. (U.S.) received GMP approval from the Italian Medicines Agency (AIFA) for its manufacturing facility for RNA-based products in Monza, Italy.In January 2024, Thermo Fisher launched the Axiom PangenomiX Array, a comprehensive and ethnically diverse genomic coverage on a high-throughput microarray that delivers multi-disease and pharmacogenomic research analysis across global populations.In January 2024, Illumina, Inc. (U.S.) extended its collaboration with Janssen Research & Development, LLC (U.S.) for the development of Illumina’s novel Molecular Residual Disease (MRD) assay, a Whole-genome Sequencing (WGS) multi-cancer research solution that detects circulating tumor DNA (ctDNA).In January 2024, QIAGEN N.V. (Netherlands) announced plans to open its regional headquarters in Riyadh, Saudi Arabia, to further strengthen its footprint in the region. QIAGEN had also signed a Memorandum of Understanding (MoU) with Saudi Arabia’s Ministry of Health, addressing various public health and infection control initiatives.In December 2023, Danaher Corporation (U.S.) acquired Abcam plc (U.K.). Abcam operates as a standalone company and brand within Danaher’s Life Sciences segment, furthering Danaher’s strategy to help map complex diseases and accelerate drug discovery.In September 2023, Integrated DNA Technologies, a subsidiary of Danaher Corporation (U.S.), launched xGen NGS products designed exclusively for the Ultima Genomics UG 100TM platform.In June 2023, Agilent Technologies, Inc. (U.S.) launched Agilent 6495D LC/TQ and Agilent Revident LC/Q-TOF. The company also launched Agilent MassHunter Explorer Profiling software and the new Agilent ChemVista library manager software.In May 2022, Bio-Rad Laboratories, Inc. (U.S.) launched the CFX Duet Real-Time PCR System to support researchers in developing singleplex and duplex quantitative PCR (qPCR) assays.In December 2021, Pacific Biosciences of California, Inc. (U.S.) launched its HiFiViral SARS-CoV-2 Kit, which helps detect the Omicron Variant and provides information important for public health.

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Scope of the Report:

Genomics Market Assessment—by Offering

ConsumablesInstrumentsSoftwareServices

Genomics Market Assessment—by Technology

Polymerase Chain Reaction (PCR)SequencingNext-generation Sequencing (NGS)Other Sequencing TechnologiesNucleic Acid Extraction & PurificationMicroarrayOther Technologies

Note: Other sequencing technologies include pyrosequencing, degradome sequencing, Sanger sequencing, Chromatin Immunoprecipitation (ChIP) sequencing, and methylation sequencing.

Note: (Other technologies include cell counting, transfection, and gene editing.)

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Genomics Market Assessment—by Application

DiagnosticsDrug Discovery & DevelopmentLife Sciences ResearchCancer ResearchStem Cell ResearchOther Life Sciences ResearchOther Applications

Note: Other life sciences research applications include cardiovascular diseases, osteoporosis, immunology, neurobiology, cellular & molecular biology, and diabetes research.

Note: Other applications include agriculture, forensics, and environmental applications.

Genomics Market Assessment—by End User

Pharmaceutical & Biotechnology CompaniesHospitals & ClinicsDiagnostics LaboratoriesContract Research Organizations (CROs)Academic & Research InstitutesOther End Users

Note: Other end users include food & beverage companies, agricultural companies, and forensics.

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Genomics Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalySpainRest of EuropeAsia-PacificChinaJapanIndiaRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & Africa

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Genomics Market Report Summary:

Particulars

Details

Number of Pages

320

Format

PDF

Forecast Period

2024-2031

Base Year

2023

CAGR (2024–2031)

11.1 %

Estimated Market Size (Value)

$70.52 Billion by 2031

Segments Covered

 By Offering

InstrumentsConsumablesSoftwareServices

 By Technology

Polymerase Chain Reaction (PCR)SequencingNGSOther Sequencing TechnologiesNucleic Acid Extraction and PurificationMicroarrayOther Technologies
(Note 1: Other sequencing technologies include pyrosequencing, degradome sequencing, Sanger sequencing, Chromatin Immunoprecipitation (ChIP) sequencing, and methylation sequencing.
Note 2: Other technologies include cell counting, transfection, and gene editing.)

 By Application

DiagnosticsDrug Discovery & DevelopmentLife Science ResearchCancer ResearchStem Cell ResearchOther Life Science ResearchOther Applications
(Note 1: Other life science research applications include cardiovascular diseases, osteoporosis, immunology, neurobiology, cellular and molecular biology, and diabetes research.
Note 2: Other applications include agriculture, forensics, and environmental applications.)

 By End User

Pharmaceutical & Biotechnology CompaniesHospitals & ClinicsDiagnostics LaboratoriesContract Research Organizations (CROs)Academic & Research InstitutesOther End Users
(Note: Other end users include food & beverage companies, agricultural companies, and forensics.)

Countries Covered

North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa

Key Companies Profiled

Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China)

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Huawei and IUCN Launch Tech4Nature Project to Protect Kenya’s Coral Reefs

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January 10, 2025

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NAIROBI, Kenya, Jan. 10, 2025 /PRNewswire/ — Huawei, International Union for Conservation of Nature (IUCN), and local partner Kenya Wildlife Service (KWS) have launched a Tech4Nature project to monitor and protect coral reef and biodiversity in Kenya’s Kisite-Mpunguti Marine Park and Reserve.

Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, the objective of the three-year project is to strengthen monitoring and management efficacy of the protected area. Located on the southern coast of Kenya, Kisite-Mpunguti Marine Park and Reserve faces a number of nature conservation challenges. These include:

Illegal fishing and insufficient human resources to effectively patrol the area.A lack of remote monitoring of the reserve’s three coral islands coupled with pressures created by tourism, as the fringing reefs are popular diving sites.Limited community awareness of the importance of reef and biodiversity protection.Insufficient communications network infrastructure for underpinning tech-driven monitoring.

“Tech4Nature is an expansive project that falls under Huawei’s digital inclusion initiative TECH4ALL, where we look at ways to implement technology and innovation in various sectors of our day today life and improving global standards and ensure that we have a sustainable way of life in the world,” said Khadija Mohamed, Director of Media and Government Relations for Huawei Kenya.

Underwater cameras, photogrammetry, and audio monitoring technologies will be deployed to monitor marine life, including the biomass and population of parrot fish. In many coral reef ecosystems, parrot fish are a keystone species that, due to their diet, help prevent coral from being smothered by seaweed and algae. The solution will also monitor substrate cover in the reef ecosystems, seagrass cover, and the occurrence of green turtles and bottlenose dolphins, which are classified on the IUCN Red List as endangered and vulnerable, respectively.

“The technology we are introducing is a groundbreaking development for marine conservation in Kenya. It will serve as the first monitoring tool for data collection, analysis, and management in a marine protected area. Additionally, this innovation presents an opportunity to assist the park in attaining IUCN Green List certification, aligning with the sustainability goals valued by tourists and ensuring that future generations can continue to benefit from our marine parks,” said Innocent Kabenga, Country Representative for the IUCN Kenya Country Office.

AI trained to recognize specific target species by sight or sound will provide real-time data-driven insights into the behaviors, populations, and distribution of biodiversity in the reserve and reef ecosystem. The system will also be able to identify boats used for illegal fishing, and send alerts for rangers to intervene in near real time.

A digital power solution and improved network connectivity covering the park and watch tower will enable the rapid transmission of collected data to a cloud server for analysis by AI.

The project will be implemented in partnership with Kenya Wildlife Service (KWS) and Wildlife Research and Training Institute (WRTI). Based on the project’s data-driven insights, the Tech4Nature partners will be able to develop targeted conservation measures for the reserve.

“For us to deliver our mandate of protecting and conserving our wildlife in both terrestrial and marine ecosystems, you have to understand your resources very well. We are partnering with Huawei and IUCN to deploy underwater cameras to acquire some data on marine mammal, corals, and fisheries to make informed decisions. The advantage of this technology it can be deployed in wider area that we couldn’t patrol every single day to get data for day and night for us to make good, informed decisions,” said Adan Kala, Senior Assistant Director, Coast Conservation Area, Kenya Wildlife Service.

In addition, the project will include community outreach to raise awareness about biodiversity changes over time and the presence of different species, including those that are threatened, vulnerable, or endangered.

The site will be assessed against the IUCN Green List Standard, with the goal being that the reserve obtains Green List certification.

About Tech4Nature

Huawei and IUCN launched the Tech4Nature global partnership in 2020 to scale up success in nature conservation through technological innovation. Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, Tech4Nature has supported 11 flagship projects in 8 countries with tailored solutions to conservation challenges.

Visit the Tech4Nature website: https://tech4nature.iucngreenlist.org/what-is-tech4nature/ 

About TECH4ALL

TECH4ALL is Huawei’s long-term digital inclusion initiative and action plan. Enabled by innovative technologies and partnerships, TECH4ALL is designed to enable inclusion and sustainability in the digital world.

Visit the Huawei TECH4ALL website at https://www.huawei.com/en/tech4all

Follow us on X at https://x.com/HUAWEI_TECH4ALL 

 

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CES 2025 | AAC Technologies Unveils Comprehensive Automotive Solutions, Paving the Way for Cabin Experience Evolution

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January 10, 2025

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — At the Consumer Electronics Show (CES) 2025, AAC Technologies, a pioneer in sensory experience, showcased its industry leadership by introducing a full spectrum of automotive solutions that span “acoustics, haptics, sensing, and image recognition.” Drawing on over three decades of expertise in the development and manufacturing of cutting-edge consumer electronics micro-components, AAC is now poised to offer a comprehensive, precise, real-time, and immersive sensory experience to the automotive sector, reinforcing its position as a trusted partner ready to meet the industry’s evolving technological and product demands.

Catering to the surging market demand, AAC presents a ready-to-deploy portfolio of automotive product solutions that address the critical aspects of intelligent driving and cabin experiences. The company is committed to expanding its innovative product offerings to lead the industry. AAC has been steadily expanding in the automotive industry since 2019, largely driven by the growing adoption of its automotive solutions. These solutions are playing an important role in advancing the capabilities of intelligent cockpits.

AAC’s Automotive Acoustic Solutions for Digital Cockpits

AAC Technologies has unveiled its cutting-edge digital cockpit solutions, showcasing a fusion of innovation in acoustics. AAC offers a holistic approach to audio system design, encompassing hardware, algorithms, and fine-tuning, all aimed at delivering a supremely immersive audio experience across various scenarios.

At CES, AAC set up a state-of-the-art 7.1.4 listening room, showcasing its self-developed advanced automotive audio algorithms such as Independent Sound Zones, NLC PRO (distortion suppression), Audio Track Separation, Virtual Surround (Plus), Virtual Venue, and 3D Chime. In collaboration with Premium Sound Solutions (PSS), a world-leading provider in acoustic components and sound systems, AAC has presented an array of top-tier offerings, including automotive speaker products and solutions, which garnered significant attention.

AAC also introduced the “Smart Audio Box,” a joint creation with Smart that marks the industry’s first all-scenario portable Hi-Fi speaker system designed for vehicles. Debuted on the Smart #5 model, this speaker system offers a unique audio experience, blending the boundaries between driving and the wild world of sound.

AAC’s Automotive Haptic Seat Solutions

The automotive industry is now redefining the car as more than just a way to get around—it’s becoming an extension of our living spaces. With this shift, expectations for the in-car experience are soaring, particularly when it comes to the haptic feedback and auditory elements of smart cockpits. At CES, AAC unveiled its groundbreaking haptic seat solution for vehicles, which fuses advanced haptic and acoustic technologies to create a more tranquil driving safety alert system , amp up entertainment with immersive sound, and even simulate engine sounds for an authentic driving feel, all while providing a space for relaxation and meditation. This innovation, a joint effort with Porsche China’s Innovation Office as part of the Rhythm Space project, is set to redefine comfort and pleasure in the driving experience for all on board.

AAC’s Automotive Sensing Solutions

AAC is leading the way in providing advanced sensing solutions and sensor technologies tailored for the automotive industry. AAC’s automotive-grade MEMS microphones boast a compact design, exceptional signal clarity(SNR), minimal distortion(THD), and a consistent frequency response. They also excel in maintaining uniform sensitivity and phase alignment, which translates to enhanced voice services and reliability in both the cabin and exterior environments. This innovation significantly boosts the user experience in voice interactions across a range of applications.

In addition, AAC has unveiled a line of vehicular inertial products, highlighted by our trio of high-performing MEMS IMUs. These units are engineered for accuracy and stability, designed to meet the diverse demands of various applications. They play a pivotal role in ensuring precise vehicle positioning and safety during the critical phases of advanced driver assistance and autonomous driving, reinforcing our dedication to advancing automotive safety and interaction.

AAC’s Automotive Image Recognition Solutions

In the ongoing quest for enhanced intelligent driving, ensuring safety and comfort has become a primary focus in the automotive industry. At this year’s CES, AAC showcased its complete lineup of lenses and camera modules. This includes those for intelligent driving applications like ADAS and surround view, as well as those for intelligent cockpit features such as DMS and OMS. Furthermore, AAC presented an integrated cockpit monitoring system. Collectively, these innovations provide accurate data for machine vision, thereby enhancing safety and intelligent driving capabilities. AAC’s solutions are designed to meet rigorous industry standards, including the EU’s DDAW (Driver Drowsiness and Attention Warning), E-NCAP (European New Car Assessment Programme), and China’s GB/T 41797-2022 “Performance Requirements and Test Methods for Driver Attention Monitoring Systems”.

AAC has also expanded its product line with a variety of automotive motor solutions. For example, AAC’s brushless motors, known for their quiet performance and adaptability, ensure a smooth and quiet experience for seat adjustments. AAC also offers linear control brake motors (EMB motors), linear control steering motors (RWA and HWA motors), and general EPS motors for advanced chassis applications, all of which have been tested and validated in multiple vehicle models. As the automotive industry advances towards higher levels of driving assistance, the adoption of linear control systems for chassis is becoming crucial. These motors use sensors to detect environmental information, replacing mechanical connections with electrical signals. This technology offers high precision, fast response times, compact designs, and lightweight construction, making it suitable for mass production. In scenarios such as highway driving, navigating narrow roads, and parking, these systems greatly enhance user comfort and meet the increasing demands for improved vehicle maneuverability and active safety.

Moving forward, AAC Technologies will continue to collaborate closely with automotive industry partners. By staying attuned to user preferences and driving technological advancements, AAC aims to lead the industry trend. The company’s focus is on delivering an outstanding intelligent cockpit experience, making every drive a source of joy and immersive sensory pleasure.

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Smart Food Packaging Market worth $35.69 billion by 2029 – Exclusive Report by MarketsandMarkets™

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January 10, 2025

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DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ — The smart food packaging market is estimated at USD 26.42 billion in 2024 and is projected to reach USD 35.69 billion by 2029, at a CAGR of 6.2% from 2024 to 2029, according to a report published by MarketsandMarkets™.

The study ‘Active Packaging in the Food Industry’, published in October 2024, explores the growing significance of active packaging in response to changing consumer demands and market trends. Unlike traditional packaging, which is designed to be inert, active packaging interacts with the product and its environment to extend shelf life and maintain food quality. This can involve incorporating additives into packaging systems, such as oxygen and ethylene scavengers, antimicrobial agents, antioxidants, and flavor-absorbing or releasing compounds. Intelligent packaging systems, like time-temperature indicators and gas detectors, are also discussed, emphasizing the importance of consumer acceptance for the commercial success of these technologies. The study reviews key mechanisms used in active packaging, including oxygen scavengers, which reduce the presence of oxygen in food packaging by using iron-based or ascorbic acid-based systems. These methods help maintain product freshness by limiting oxidative damage. Carbon dioxide-generating systems are also used to suppress microbial growth, particularly in meat, poultry, fish, and cheese packaging. Furthermore, ethylene scavengers are vital for extending the shelf life of fruits and vegetables by controlling ripening processes.

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Other applications discussed include the use of flavor and odor absorbers/releasers, which enhance the sensory properties of packaged food, and antimicrobial packaging that inhibits microbial growth to ensure food safety. The potential of nanotechnology to develop new and more effective active and intelligent packaging solutions is highlighted, paving the way for further innovations in the food packaging industry. This study underscores the need for advanced packaging technologies to meet consumer demand for fresh, safe, and high-quality food products and their critical role in prolonging shelf life and improving food safety.

The Meat, Poultry & Seafood is the having a largest share within the application sector of the smart food packaging market.

Due to growing global demand, meat, poultry, and seafood accounts for the highest market share of application in the smart food packaging market. Its needs lie in extending shelf life, safety, and traceability. As per data provided by the USDA from October 2024, Brazil dominates global chicken meat exports during 2025 as the production will be 11.8 million tons. Australia’s poultry production will increase by 2 percent to 2.6 million tons, as high global demand is expected. Beef exports from Australia will also reach a record 1.9 million tons in the year, as its demand increases in the US. These trends point towards the increasing international meat trade and export opportunities.

Increased production and exports require more advanced smart packaging technologies, such as modified atmosphere packaging and active packaging, for freshness, less food waste, and greater safety. This will fuel innovation and adoption of smart packaging solutions, especially in global markets like East Asia and North America.

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The active packaging segment holds significant market share in the smart food packaging market during the forecasted period 2024-2029.

Active food packaging accounts for a major market share in the smart food packaging industry, which is mainly attributed to the quality improvement, safety, and shelf life that active packaging can offer. Technologies, including oxygen scavengers, moisture absorbers, and antimicrobial agents, respond to some of the most important consumer needs related to freshness and reduction of food waste.

It is primarily gaining adoption across key industries, including meat, poultry, seafood, and dairy, where growing concerns about global food safety and sustainability are driving growth. Additionally, increasing export of perishable food products, particularly in North America, Europe, and Asia-Pacific, further supports the increasing demand for active packaging. As manufacturers look for more innovative ways to meet their regulatory requirements and consumer demands, active packaging will maintain its position in the market.

Based on region, Europe has a significant share in the smart food packaging market.

The growth of the food and beverage industry in Europe is a major driving force for the smart food packaging market, which is motivated by the increasing demand for advanced packaging solutions that would ensure food safety, traceability, and extended shelf life. According to European Commission data (March 2024), the food and drinks industry generates ~USD 245 billion (€227 billion) in added value and employs 4.6 million people, making it the EU’s largest manufacturing sector in terms of jobs and value. SMEs are over 99% of businesses in this ecosystem. The sector has also recorded a food trade surplus, with exports doubled over the last decade to exceed ~USD 196 billion (€182 billion), contributing a positive balance of nearly ~USD 32 billion (€30 billion). These strong figures, combined with growing trade opportunities and EU Single Market benefits, are driving demand for smart food packaging technologies to support efficient, sustainable, and competitive food supply chains.

The report profiles key players such as Amcor plc (Switzerland), Mondi (UK), Sealed Air (US), Berry Global Inc. (US), Toyo Seikan Group Holdings, Ltd. (Japan), THE TETRA LAVAL GROUP (Switzerland), Crown (US), 3M (US), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), Multisorb (US), Huhtamäki Oyj (Finland), Timestrip UK LTD (UK), Stepac (Israel), Checkpoint Systems, Inc. (US), and Novipax Buyer, LLC (US).

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Browse Adjacent Reports @ Food and Beverage Market Research Reports & Consulting

Related Reports:

Food Traceability Market Size, Share, Industry Growth, Trends Report (Technology & Software) by Technology Type (RFID, Barcodes, Infrared, Biometrics, GPS), Software Type (ERP, LIMS, Warehouse), Software End User, Technology Application and Region – Global Forecast to 2025

Food Safety Testing Market by Technology (Traditional and Rapid), Target Tested, Food Tested (Meat, Poultry, Seafood, Dairy, Processed Foods, Fruits & Vegetables, and Cereals & grains) and Region – Global Forecast to 2027

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