Smart Labels Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Smart Labels Market was worth US$ 9,600.0 Mn and is expected to grow at a CAGR of 11.4% over the forecast period. The market is expected to hit US$ 22,800.0 Mn by 2030 end.
Smart labels serve as a cutting-edge transparent labels connected to digital technologies and smart devices that allow customers to access in-depth product information. Consumers should be able to see more information about the items they buy, thanks to the expansion of the smart label business globally. Because businesses are more concerned about security, there is an increase in the need for effective anti-theft systems, which has significantly increased demand for the worldwide smart label sector.
THE DEMAND FOR ANTI-THEFT TECHNOLOGY DRIVES THE MARKET GROWTH
Growing consumer desire for dependable anti-theft technology has been a key driver of the market’s expansion prospects. Smart labels include various characteristics, such as simultaneous identification, real-time tracing, and programmability. This element further contributes to the demand for these industry items in the manufacturing and logistics sectors.
The market is also rising due to increasing technological advances and industry consolidation of the items with a smart label across several industries, such as logistics, food & beverage, manufacturing & retail, and healthcare & pharmaceuticals. These elements suggest that there will be more opportunities for sales in the market for smart labels.
LOW MECHANICAL SUSCEPTIBILITY CHARACTERISTICS HAMPER THE MARKET GROWTH
Smart labels that are both liquid and metal or foil based interfere with their ability to function properly (read or encode). Brands in liquid-based RFID systems absorb the RFID signal, rendering the tag illegible. As a result, low mechanical susceptibility characteristics result in inefficient operation of smart labels, which limits the growth of the worldwide market for smart labels.
Market Segments Covered in Report
By Labelling Technology :
By Printing Technology :
By End Use :
By Region and Country:
Why are flexographic printing smart labels projected to have a high market share?
In 2021, flexographic printing was anticipated to have a 36.5% market share for smart labels. Due to its higher production speed, lower cost, and capacity to employ substrate rolls, which facilitates bulk printing, flexographic printing is predicted to be the leading smart label printing technique in the following decade.
The inclination of consumers toward online shopping platforms is boosting demand for flexographic printing. The most popular type of large-scale printing equipment is a flexographic printing machine. Flexographic printing equipment is very good at printing quickly and on various substrates.
Which end-use segment is expected to expand the fastest during the forecast period?
All other end-use industries are predicted to pale compared to the retail sector. The main growth driver in emerging nations is a thriving organized retail sector.
A major end-user of smart labels, the logistics, and transportation sector, is expanding due to the demand for perishable goods. The epidemic has increased demand for ready-to-eat meals and health supplements, which has improved growth prospects.
In response to increased per capita disposable incomes, people are changing their lifestyles, boosting demand for goods like meat, poultry, and fish. It has given retail businesses like branding and labeling popularity.
Which region is expected to expand the fastest during the forecast period?
The market is expected to develop most quickly in the Asia Pacific region during the projected period. It is mostly because of the developing economies in China and India and expanding sectors, including manufacturing, retail, and healthcare. The important firms’ presence in the area is responsible for the growth opportunities in the local market.
The market for smart labels is rather fragmented. The major players in the market have been taking action to introduce new growth possibilities and increase concentration to adopt different tactics. These market growth techniques include diversifying the company’s portfolio, product improvements, mergers, and acquisitions, launching innovative products, and extending the service or distribution network.
In addition to these endeavors, these market participants have been expanding their investments in various R & D projects to bring technical breakthroughs to the industry services.
Some of the key developments that have taken place in the Smart Labels Market include:
A list of some of the key suppliers present in the market are:
Global Smart Labels Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Labelling Technology, Printing Technology, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2030, the market is expected to grow at a CAGR of 11.4%.
Growing consumer desire for dependable anti-theft technology has been a key driver of the market’s expansion prospects.
Major global Smart Labels Market players are Honeywell International Inc, Avery Denison Corporation, CCL Industries Inc, Zebra Technologies Corporation, SATO Holdings Corporation, Checkpoint Systems Inc, Thin Film Electronics ASA, Muehlbauer Holding AG, Invengo Technology Pte. Ltd, OPRFID Technologies, and MPI Label Systems.
The market for smart labels is projected to have limited income creation potential due to the continuous level of standards and lack of mechanical susceptibility.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Smart Labels market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst