The global spoil detection based smart label market is expected to grow at a CAGR of 12.8% during the forecast period. The market is valued at US$ 2.4 billion as of 2022, and by 2032, it is expected to reach a valuation of US$ 8 billion.
Increasing adoption of smart packaging owing to an inclination towards purchasing hygienic food products is expected to surge the demand for spoil detection based smart label.
Apart from that, the implementation of strict norms pertaining to food wastage is expected to further increase the growth of the market.
Apart from that, the spoil detection-based smart label is being increasingly employed in the pharmaceutical and medical sectors because of the information it provides for tracking the real-time spoilage of various health monitoring equipment. This as well is expected to surge the sales of spoil detection based smart labels.
Moreover, the integration of RFID sensors with spoil detection based smart labels ensures the proper distribution of food materials along the supply chain. This presents a huge opportunity for the market during the forecast period.
Most importantly, government policies across the world to promote hygiene is expected to increase the market share of spoil-detection-based smart label during the forecast period.
Moreover, the ability to provide transparent information regarding the product is expected to support the spoil detection based smart labels market growth going forward.
Furthermore, there is a lot of investment being done in the Research and Development aspect of spoil detection based smart labels. This is expected to increase the efficiency of these labels, as a result of which adoption of spoil detection based smart labels might well increase during the forecast period.
However, there are a few factors that are hampering the market growth. One of them is the form factor. Apart from that, there is an absence of a uniform standard to measure the performance of the spoil detection based smart labels, which might further hamper the market growth during the forecast period.
Based on the product type, it has been observed that the time-temperature indicator segment is expected to have the highest market share.
As far as the regional analysis is concerned, the Asia Pacific region is expected to have the highest market share during the forecast period owing to the massive developments that are taking place in the healthcare and food sector.
However, if we talk about the key players, there is a massive investment being made in order to make use of the latest technology and to increase the precision of the spoil detection based smart labels.
Apart from that, the key players are also investing heavily in mergers and acquisitions to expand their footprints and cater to new markets.
Moreover, there is an effort to focus on developing application-based spoil detection based smart labels to cater to a particular niche, which would help in maintaining strategic partnerships with players from another niche.
However, the introduction of NFC-based spoil detection based smart labels remains one of the hottest discussion points that is making rounds in the market.
| Attributes | Value |
|---|---|
| Spoil Detection Based Smart Label Market Valuation (2022) | US$ 2.4 billion |
| Spoil Detection Based Smart Label Market Projected Size (2032) | US$ 8 billion |
| Spoil Detection Based Smart Label Market Expected CAGR (2022 to 2032) | 12.8% |
A smart label uses the technology beyond conventional bar codes, and forms a crucial facet of printed electronics through the sensor technology. Spoil detection-based smart labels especially capture an important portion of the printed electronics market, as they are extensively used for groceries, and other food and beverage products all over the globe.
While a sizeable population across the globe is a dedicated packaged food products buyer, it has been observed that consumers are finding it easy to read the detailed product information stored in a chip, using their smartphones, computers, or scanners.
According to the U.S. Grocery Manufacturers Association (GMA), around 80% of products belonging to food and beverages, pet and personal care, and household verticals will do feature a smart label, within the next five years. Drupa (the largest printing equipment exhibition in the world, held in Germany) indicates that an increasing number of companies are relying on smart labels to provide traceability of their food products to consumers. Leading food manufacturing brands, including Hershey Co., Kellog Company, The J.M. Smucker Company, and Nestle have started using smart labels.
The global market for spoil detection-based smart labels is rapidly growing and is anticipated to witness robust growth during the forecast period 2016-2026. Spoil detection-based smart labels detect the exact freshness of products and facilitate the entire process of monitoring the product spoilage in real time.
They also serve to monitor and measure the factors; temperature, pH, moisture, and microbial growth to mention the basic ones. This strong attribute is a key factor influencing the overall growth of the market.
Food materials are predicted to propel the demand for spoil detection-based smart labels. According to FMI’s research, vegetables, fruits, meat, and fish will continue to drive heavy growth of the market globally. With rising adoption of smart packaging and increasing consumer population inclined toward purchasing hygienic food products, the market is expected to gain traction in the packaged food products sector.
A few developed nations are currently following strict norms related to minimal food wastage, prompting at elevated demand for spoil detection-based smart labels for virtually tracking food spoilage.
Apart from food and beverage industry, smart labels are being increasingly used in pharmaceuticals, medical and healthcare, chemical, and logistics, which is foreseen to bolster the market growth over the forecast period. Moreover, growing collaborative efforts from several private and government entities is said to play a major role in improving the quality and efficiency of products, thereby supporting the market to thrive.
In addition, favourable governmental regulations and policies will act a key driving force in strengthening the spoil detection-based smart label market globally. Increasing number of food safety standards monitoring agencies all over the globe is also an important reason for widespread adoption of smart labels.
According to regional analysis, the global market is segmented into seven key regions, including North America, Latin America, Eastern Europe, Western Europe, Japan, Asia Pacific excluding Japan (APEJ), and Middle East and Africa (MEA). North America and Western Europe are currently having a strong hold in the market, driven by higher consumer awareness about packaged food safety and technological advancements in the food and beverages packaging industry.
APEJ is projected to witness considerable growth opportunity over the forecast period. Over the forecast period, increasing demand for packaged food products and growing consumer awareness about packaged food safety are expected to dramatically bolster the growth of spoil detection-based smart labels in the APEJ region.
Some of the key players identified to lead the market include Sato Holdings AG, Zebra Technologies, Thinfilm Electronics ASA, Invengo Information Technology Co., Ltd., Smartrac N.V., and Muhlbauer Holding AG & Co. KGAA. Many of these companies are concentrating on application-specific products development to cater to individual business-related needs. Product innovation strategies are foreseen to continue accounting for increased revenues.
In 2015, the collaboration of PakSense (a leading U.S.-based logistics company) with Thinfilm started offering smart labels to food industry, particularly for temperature monitoring. The same year, Flexstr8, a U.S. start-up started providing NFC-enabled labels for consumer products, pharmaceuticals, and chemicals.
Tyson Foods Inc., a leading U.S. meat and poultry producing company, has recently added a QR code to some of its chicken products in order to support expansion in the Chinese market, where consumers prefer to buy very fresh poultry products. The Italian pasta and sauce maker Barilla recently teamed with Cisco, Penelope S.p.A., and NTT Data for the development of QR codes, assuring safety for foods.
In the early 2016, Thinfilm Electronics, partnered with Constantia Flexibles, collaborated with Hopsy for introducing wireless NFC tags to a variety of locally produced craft beers across the U.S.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global spoil detection-based smart label market is segmented on the basis of product type, application, and region.
On the basis of product type, the market is further segmented into time- temperature indicator, oxygen indicator, carbon-dioxide indicator, pathogen indicator, and others. The time-temperature indicator segment holds key importance in adoption of spoil detection-based smart labels.
The market is likely to register a CAGR of 12.8% through 2032.
The market is currently valued at US$ 2.4 Bn in 2022.
The market is likely to grow to a valuation of US$ 8 Bn by 2032
Asia Pacific is likely to be a leading market during the forecast period.
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Spoil Detection Based Smart Label Market
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