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Smart Food and Beverage Label Market: Segmented By End User (Retail, Logistics, Manufacturing, Healthcare, and Others); By Application (Retail Inventory, Perishable Goods, and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Smart Food and Beverage Label Market to surpass USD 54.8 million by 2030 from USD 11.02 million in 2020 at a CAGR of 18.05% in the coming years, i.e., 2021-30.
Smart food labels enable consumers both to scan a bar code and to perform an online search to obtain additional information about a packaged food product. In addition, many other food labels also use sensing technology through a color-changing label that allows consumers to know if the food is suitable for eating. The coloration of intelligent food labels changes every time the chemical on these labels detects any form of micro-organisms that grow within the food package. A smart label acts as an electronic functional device that is integrated as a slip in the body. They are equipped with chips, antennas, and bonding wires that help to monitor properties and products in real-time. A smart label is designed to incorporate advanced technology that provides advantages, including automatic reading, fast detection, re-programming, tolerance, and reduced error. In the supermarket, FMCG, and logistics sectors, this means it is favored over traditional bar code systems. These are mainly made of plastics, paper, and fibers.
Global Smart Food and Beverage Label market is expected to project a notable CAGR of 18.05% in 2030.
Theft and shoplifting are commonly avoided. Companies are investing in improving their anti-theft scheme to avoid loss of revenue and harm in inventory from shopping and theft. In turn, the demand over the projected timeframe is anticipated to boost. Another main concern in many industries that contributes to poor results, degradation of branding, and endangered consumer protection is counterfeiting. Increased awareness of the harmful consequences of counterfeit products in the industry, particularly in the manufacturing and industrial industries, is expected to further stimulate demand.
Retail inventory segment to grow with the highest CAGR during 2020-30
Global Smart Food and Beverage Label market is segmented by application into Retail Inventory, Perishable Goods, and Others. The retail inventory, representing more than one-fifth of the global industry, was the major application in the smart-label market in 2020. Retailer protection initiatives to deter robbery and shoplifting are expected to reduce significant demand during the forecast period. In the next few years, the perishable product segment will likely be the fastest-growing sector among the part. The intelligent mark of perishable products, such as food, drinks, and medicinal products, is commonly used for threshold detection and shelf life.
Healthcare segment to grow with the highest CAGR during 2020-30
Global Smart Food and Beverage Label is divided by end-user into retail, logistics, manufacturing, healthcare, and others. During the forecast era, the healthcare segment is expected to grow exponentially. Increasing use in spoil detection of hospital goods, test samples, medical equipment, drugs is predicted to bolster the demand in the healthcare & pharmaceutical industry.
Reducing theft practices
The intelligent label offers effective solutions for retailers and manufacturers' major challenges. Theft and shoplifting is commonly avoided. Companies are investing in improving their anti-theft scheme to avoid loss of revenue and harm in inventory from shopping and theft. Another main concern in many industries that contributes to poor results, degradation of branding, and endangered consumer protection is counterfeiting. Increased awareness of the harmful consequences of counterfeit products in the industry, particularly in the manufacturing and industrial industries, is expected to further stimulate demand.
Increase transparency about product details
The labels serve as a creative, clear mark for digital technologies and intelligent devices enabling customers to access accurate information about their goods. The growth of the global smart label sector will enable customers to gain greater visibility of knowledge about the goods they buy. Due to the opportunity to provide the consumers with accurate details on emerging technology goods and intelligent devices, the global smart label market has seen an increasing number of adverts in the packaging industry.
Lack of uniformity
Growing economies would likely be hampered by costs associated with the implementation of smart label tracking systems. Moreover, the absence of uniformity and low vulnerability in the standardization method is expected to hinder the market growth during the period forecast.
CCL Industries, Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Smart Food and Beverage Label market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.Global Smart Food and Beverage Label in Asia pacific held the largest market share of XX% in the year 2020. Asia Pacific represented over XX.X% of global demand in 2020 as the biggest global sector. The expansion of retail, logistics, and FMCG industries in the region has increased availability revenue combined with rapid urbanization in developing areas. That in turn has led to increased demand in the end-user industries for smart labels. Asia-Pacific is expected to rise at the fastest pace, projected to be over XX.X% percent in terms of volume in China, Japan, India, South Korea, Singapore, and Malaysia, from 2020 to 2030.
Smart Food and Beverage Label Market Segments:
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