Smart Food Labels Market
The Smart Food Label Market to surpass USD 26.87 billion by 2030 from USD 5.30 billion in 2020 at a CAGR of 17.62% in the coming years, i.e., 2020-30.
Smart food labels simplify consumers to get supplementary information on a packaged food product either by scanning a bar code or by doing an online search. The change in the color of smart food labels ensue whenever the chemicals extant in these labels detect any form of microorganisms growing inside the food packet. Nutrition facts label also include five core nutrients namely; calories, total fat, sodium, total carbs, and protein. When it comes to manufacturing or importing food in the US, the food manufacturers’ work doesn’t end with their settled food products ready for distribution. The food product first needs to be branded. U.S. Food and Drug Administration is a federal agency that oversees the labeling of food, and their complex labeling protocols often give headaches to food producers.
Smart Food Label Market is expected to project a notable CAGR of 17.62% in 2030.
The mounting retail sector and increased security concerns associated to anti-theft are the key drivers of Smart Food Labels Market. Through the rapid growth of retail and manufacturing sector, the demand for smart labels has gone up in stock and asset tracking. Smart Food Labels facilitates consumers to get additional details about the product by scanning a bar code or doing an online search. It helps the consumer to get all the information they want to know about the food product. Further, smart food labels help the consumer to buy a food product according to their nourishment. Global Smart Food Labels Market is expected to grow at a vigorous growth over the forecast period i.e.2020-2030. Further, mounting awareness among the consumers concerning food products and expanding adoption of innovative technology by the food industry are envisioned to embellish the growth of the Smart Food Labels Market.
Smart Food Label Market: Segments
RFID segment to grow with the highest CAGR during 2020-30
Smart Food Label Market is segmented by Technology into Sensing Labels, RFID, Dynamic display, and Others. RFID labels market has reported for the highest share of the Smart Label Market in 2019 due to the cost-effectiveness, prohibitive traceability and ease of handling, uneven and other aspects. Such types of labels are majorly implemented in retail, automotive, manufacturing, and other industrial sectors for supply chain management, inventory management, and asset tracking tenders. Moreover, the Dynamic display segment is also witnessed a significant growth in the Smart Food Labels Market, owing to its facility to exhibit product information and pricing for accuracy and easy price management.
Perishable Goods segment to grow with the highest CAGR during 2020-30
Smart Food Label Market is segmented by Application into Electronic & IT asset, Perishable Goods, Security Access, Smart Wrist Bands, and Others. Perishable Goods is dominating the Application segment in the Smart Food Label Market. Smart food labels have boosted the food and packaging business. It enhances traceability to the product which is decisive for tracing the source of the food and preventing false goods. Overall, it helps to expand food safety and security, which is mainly important for perishable goods, such as meat, seafood, and dairy products.
Mounting Prominence to Customer Satisfaction
The production of goods in the high volume has been evaluated to be the major adopters of IoT in production, packaging, labeling, material handling, and distribution. There is a shift in emphasis of these suppliers towards the customer assignation with smart packaging solutions to accomplish the next level of customer satisfaction. This is resulting to the usage of smart packaging solution authentication, reordering stocks, temperature detection, tracking, and several other factors. This is established to drive the Smart Food Label Market during the forecast period 2020-2030. Moreover, spiked diffusion of smart technology and rising consumer concerns regarding food products is another key driver to boost the market growth.
Research & Development in Nanotechnology
Nanotechnology is a kind of advancement in the Smart Food Label Market, which are anticipated to be dependent on the expansions of nanoparticles and nanomaterials. This technology enables the sensors in the food and packaging industry to control the quality of the product during various logistics processes and ensure the quality of the product to the end-user. Emerging markets are willing to accept new technologies whereas consumers in some regions are less responsive. Growing development of smart organizations tends to drive the Global Smart Food Label Market growth.
High cost in replacing E-display
High Cost in comprised in replacing E-display is one of the major restraints to obstruct the growth of the Smart Food Label Market. The compatibility of the smart labels with its interfacing devices also acts as an important protagonist in restricting the growth of the Smart Food Labels Market. However, numerous companies or the foremost key players in the market have started investing in smart labels to develop their anti-theft systems to evade any kind of revenue loss and damage to their inventories, that will further raise the prerequisite or demand over the projected time period.
Smart Food Label Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Avery Dennison Corporation
Thin Film Electronics
Sato Holdings Corporation
Smart Food Label Market: Regions
Smart Food 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. North America registered the highest market share In the Smart Food Labels Market in terms of revenue. Moreover, it has continued to maintain its dominance in the regional market, owing to the huge adoption of technologically advanced products. The Smart Food Label Market is majorly determined by the existence of the main smart labels industries in the region. Rapid urbanization and rising demand for smart food labels have accounted the Europe as the second-largest market of Smart Food Label Market. Asia-Pacific is expected to witness high growth in emerging economies such as India and China in the coming years.
Smart Food Label Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Smart Food Label Market report also contains analysis on:
Electronic & IT asset
Smart Wrist Bands
Smart Food Label Market Dynamics
Smart Food Label Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints