About the Report
The time temperature indicator labels market will continue expanding backed by the rising demand for intelligent packaging solutions. Increasing application in both pharmaceuticals and food & beverages sector is a chief growth driver. Future Market Insights (FMI) in a new study offers exclusive insights into the market uncovering hidden opportunities and highlighting potential threats. It also offers a comprehensive overview of growth trajectory exhibited by the market across key segments.
Over the years, the time temperature indicator (TTI) labels market has been largely driven by growing use in supply chains in the food & beverage, pharmaceutical, and chemical sectors. High scope of penetration in developing countries is expected to create attractive opportunities for manufacturers in the market.
The recent market study released by Future Market Insights (FMI) has stated that the market is projected to surpass US$ 776 Mn through 2020. The analysis has forecast the market to exhibit a healthy 6.6% CAGR between 2020 and 2030, even as drug and vaccine development activities surge in the foreseeable future.
In recent years, the market has witnessed a steady rise with growing interest in the food & beverage sector towards cold storage infrastructure as a part of supply chains. Also, the need for temperature maintenance in medicine transport has positively influenced growth.
International Drug and Vaccine Trade Drives Demand
In the pharmaceutical sector, shipping businesses play a key role in ensuring product temperatures in compliance with local regulations, under operational terms of formal service level agreements. With drug and vaccine formulations requiring adequate storage and transport conditions to remain in specific temperature ranges, the use of temperature indication labels remain crucial to the industry. Higher focus on smart pharmaceutical packaging also is a key driver.
TTI labels have become crucial for temperature controlled, quality-assured active, and passive packaging systems, to allow healthcare practitioners and patients to ensure appropriate levels of humidity. This minimizes the consumption of compromised and ineffective drugs. Lucrative opportunities are made available owing to the COVID-19 outbreak and the surging demand for associated vaccines. These factors will ensure adoption rates continue rising for a long term.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Transition to Intelligent Packaging Solutions Supports Development
Rising focus on product safety, sustainability, and strict quality standards in the food and pharma sector has been fuelling the demand for intelligent packaging solutions. These solutions are gaining increased traction for long term monitoring of quality and to share information with consumers.
The use of time and temperature indicator technology can help in minimizing wastage of products, while improving consumer satisfaction for the end product. Innovations in these labels not only allow detecting changes in temperature, but also in gas leaks, humidity, and biomarkers to prevent contamination and spoilage. With scales tipping in favor of intelligent packaging solutions, the demand for time temperature indicator labels is poised to rise.
Food and Beverage Supply Chain Applications Gain Ground
Time temperature control is a major concern encountered in cold supply chains for food and beverage logistics. TTI labels have become a mainstream tool in the processed and packaged foods & beverages sectors to display product quality information from the time of production till its sale, covering data on time and temperature changes.
Degradation of food products generate physical, chemical, enzymatic, and microbiological indications have necessitated the use of appropriate time and temperature indicator labels. Also, improvements in logistics infrastructure for wine and seafood in developing countries in recent years are likely to aid developments for the foreseeable future.
The global market is rapidly becoming mainstream, especially in the food and beverage sector. However, the industry will face challenges in the near future. Primarily, low awareness among consumers and end user businesses about time temperature indicator technologies will hinder market growth.
Conventional methods of gauging the freshness and quality of foods will remain popular, which will further slowdown the rate of adoption. This is especially true in rural areas and developing countries which has limited market penetration.
Europe Time Temperature Indicator Labels Market
Europe is the leading market for temperature indicator labels accounting for more than US$ 244 million in 2019. Strict regulations on food safety and quality particularly in the European Union is a major factor driving adoption in the region.
Consumers are increasingly aware about time temperature label technologies, especially in the countries with warmer climates. Maturity of the processed food and beverage sector in Europe is another key factor supporting the growth of the temperature indicator labels market in the long term.
Furthermore, Europe is home to key time temperature indicator label manufacturers including Timestrips, Fresh-Check TTI, CheckPoint TTI, OnVu TTI, eO TTI, and TT Sensor TTI. Also, the rising demand for quality and safety assurance systems to prevent contamination, while maintaining critical environmental parameters is expected to have a positive impact on adoption in the European food and beverage and pharmaceutical sectors.
North America Time Temperature Indicator Labels Market
North America is the second leading regional market for time temperature indicator labels, accounting for more than a fourth of the global market share. Led by the U.S., the demand from the regional pharmaceutical sector is a key driver of the market.
Service providers in the North America healthcare sector and pharmacy businesses have been giving increased attention to the use of time and temperature indicator tech. The presence of global leaders of the pharma sector in the U.S. is a chief driver. In addition, rising demand in the region for fresh foods and the resultant need for cold supply chain infrastructure will support demand.
East Asia Time Temperature Indicator Labels Market
East Asia, led by China, is projected to exhibit a higher-than-average rate of growth. Increasing investments towards regional pharmaceutical and food sectors and improved supply and distribution network infrastructure in the organized sector will drive growth.
The growing number of retail and ecommerce businesses is expected to positively influence the development of intelligent packaging, and cold storage resources in the region. Time temperature indicator labels are being increasingly used for ready-to-eat foods, poultry, meats, and seafood. The growing consumption of packaged foods will also boost the prospects of the market here.
Color (Only) Based Labels Preferred
Time temperature indicator labels can be segmented on the basis of product type into color (only) based and barcode-based product offerings. Color (only) based options are projected to hold over 60% of the overall market share throughout the forecast period.
Irreversible variants of color (only) labels hold significant market share as compared to reversible options. Further, the demand for color (only) based labels are expected to witness a steady decline over the coming decade, as consumers are manufacturers gradually transition towards barcode-based alternatives.
Critical Time Temperature Indicators Drive Revenue
On the basis of label information, time temperature indicator labels can be classified into critical temperature indicators, critical time temperature indicators, and time temperature indicators. The demand for critical time temperature indicators (CTTI) will remain significantly higher than other variants through the assessment period.
Critical time temperature indicators remain highly sought after owing to easy access to essential storage information, cost benefits, and lower weight. However, time temperature indicators (TTI) are estimated to reflect a high growth rate through the forecast period, aided by improvements in terms of increased details in labeling.
Enzymatic Technologies Hold Major Market Share
Time temperature indicator labels can be divided on the basis of technology into microbiological, diffusion, polymer-based, photochemical, enzymatic, and others. The enzymatic labels segment is holds a relatively larger market share, and a faster than average growth rate.
The demand for enzymatic time temperature indicator labels can be attributed to the rising adoption of intelligent packaging solutions for varied food systems, with specific activation and kinetic energies which minimize the risk of thermal abuse boosting time temperature indicator labels sales.
Pharmaceutical Applications Drive Demand
Time temperature indicator labels play critical role in pharmaceutical, food & beverage, chemical & fertilizer sectors. The pharmaceutical sector accounts for more than 60% of the global market share. However, food and beverage applications will reflect a relatively faster growth rate through 2030.
Growing international trade of pharmaceutical products including temperature sensitive drugs and vaccines, coupled with strict safety regulations on storage and transport are major factors driving growth. Also, the adoption of cold-supply chains to maintain shelf life of food and beverage products will drive growth.
Presence of several companies has rendered the time temperature indicator labels market fragmented. Leading players have been largely focusing on product research and geographic expansion strategies to widen their portfolios. Market players are also pushing for strategic acquisitions and mergers to consolidate market position.
For instance, in November 2020, Timestrip a market leader in smart indicator technologies announced the introduction of new time temperature indicator labels to support applications for frozen coronavirus vaccine packaging, with the aim of identifying vaccines that have been subject to temperature breeches.
Open Life Packaging Limited has collaborated with Dynamic Input for the development of Oli-Tec (Open Life Indicator Technology) time temperature indicator (TTI) system. The product is a multi-layer structure with multiple fluid reservoirs. The label is designed to trigger a fail-safe mechanism in cases of internal failure to generate a red indicator.
Bizerba SE & Co. KG has partnered with grocery chain - Fresh & Easy in Torrance CA to supply Fresh Meter time temperature indicator for the retailer’s seafood products. The label is activated inline during packaging, and aids consumers through assuring quality and food safety for varied products.
These developments are expected to have a positively impact on the time temperature indicator label industry throughout the forecast period.
Aside from these market participants, other leading players in the market include:
- 3M Company
- CCL Industries Inc.
- Temptime Corporation
- Delta Trak Inc.
- Thin Film Electronics ASA
- Biosynergy Inc.
- Evigence Sensors
- Insignia Technologies Ltd.
- La-Co Industries Inc.
The list is only indicative – full list of time temperature indicator labels market key players is available upon request.
Time Temperature Indicator Labels Market Report: Scope
Historical Data Available for
US$ Million for value, Mn Units for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA)
Key Countries Covered
US, Canada, Brazil, Mexico, Argentina, Germany, U.K., France, Italy, Spain, BENELUX, Nordics, Russia, Poland, China, Japan, South Korea, India, Indonesia, Malaysia, Thailand, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered
Product Type, Label Information, Technology, End Use Industry, and Region
Key Companies Profiled
3M Company, CCL Industries Inc., Temptime Corporation, Bizerba SE & Co. KG, Delta Trak Inc., Thin Film Electronics ASA, Biosynergy Inc., Evigence Sensors, Insignia Technologies Ltd., and La-Co Industries Inc. (only indicative list)
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered by the Report
- What is the size of the time temperature indicator labels market?
The global time temperature indicator labels market size crossed US$ 742 million in 2019. The time temperature indicator labels market is estimated to rise at a healthy at 6.6% CAGR between 2020 and 2030.
- Which is the largest market for time temperature indicator labels?
Europe is expected to remain the largest market for time temperature indicator labels for the duration of the assessment period, owing to strict regulations associated with packaging of perishables.
- Which are the top companies in global time temperature indicator labels market?
3M Company, CCL Industries Inc., Temptime Corporation, Bizerba SE & Co. KG, Delta Trak Inc., Thin Film Electronics ASA, Biosynergy Inc., Evigence Sensors, Insignia Technologies Ltd., and La-Co Industries Inc. are some of the market leaders in the time temperature indicator labels market.
- What are the applications of time temperature indicator labels?
Time temperature indicator labels largely play roles in pharmaceutical, food, beverage, and chemical products to record the history of the item and effects in terms of exposure to excess temperature over a set period of time.
- What are the prospects for the time temperature indicator labels market in East Asia?
The time temperature indicator labels market outlook for countries in the East Asia region is reflecting relatively faster growth than other regional markets on the back of growing applications in retail and e-commerce supply chains in the industry.
- What is the near-term competitive outlook of the global time temperature indicator labels market?
The global time temperature indicator labels market is fragmented, with manufacturers focusing on strategies for geographical expansion and research into product developments to sustain long-term growth.
Enquiry before Buying
- Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst.
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions.
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Time Temperature Indicator Labels Market Segmentation
- Color (Only) Based
- Barcode Based
- Critical Temperature Indicators (CTI)
- Critical Time Temperature Indicators (CTTI)
- Time Temperature Indicators (TTI)
- Polymer Based
- Food & Beverage
- Chemical & Fertilizers
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Benelux, Nordics, Russia, Poland, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
- Oceania (Australia and New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)