The smart food label market will exceed 26.87 billion US dollars by 2030 from 5. 30 billion US dollars in 2020 at a compound annual growth rate of 17.62% in the coming years, i.e., 2020-30. Product Overview
NEW YORK, May 30, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Smart Food Labels Market: Segmented By Technology: By Applications: By End User and Region – Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts” Until 2030″ – https://www.reportlinker.com/p06191984/?utm_source=GNW
Smart food labels make it simple for consumers to obtain complementary information about a packaged food product either by scanning a bar code or by performing an online search. The change in color of smart food labels occurs when the chemicals in these labels detect any form of microorganisms growing inside the food packaging. The Nutrition Facts label also includes five essential nutrients which are; Calories, Total Fat, Sodium, Total Carbs, Protein. When it comes to manufacturing or importing foodstuffs in the United States, the work of food manufacturers does not end with their stable food products ready for distribution. A food product first needs a brand. The US Food and Drug Administration is the federal agency that oversees food labeling, and its complex labeling protocols often cause a headache for food producers.
The smart food label market is expected to register a remarkable compound annual growth rate of 17.62% in 2030.
The growing retail segment and the growing security concerns associated with anti-theft are key drivers of the Smart Food Labels market. With the rapid growth of the retail and manufacturing sector, the demand for smart tags in stock and asset tracking has soared. Smart Food Labels make it easy for consumers to obtain additional details about a product by scanning a bar code or performing an online search. It helps the consumer to get all the information he wants to know about the food product. Moreover, smart food labels help the consumer to buy a food product according to his nutrition. The global smart food label market is expected to grow with robust growth during the forecast period i.e. 2020-2030. Moreover, it is envisaged to increase awareness among consumers regarding food products and to expand the adoption of innovative technology by the food industry to beautify the growth of the smart food label market.
Smart Food Label Market: Segments
The RFID sector grows at the highest compound annual growth rate during 2020-30
The smart food label market is segmented by technology into sensor labels, RFID, dynamic display, and others. The RFID label market reported the highest share of Smart Label market in 2019 due to cost-effectiveness, expensive traceability, ease of processing, unevenness and other aspects. Such types of labels are mainly implemented in the retail, automotive, manufacturing and other industrial sectors for supply chain management, inventory management and asset tracking tenders. Moreover, the dynamic display segment has also seen significant growth in the smart food label market, due to the ease of displaying product and pricing information for accuracy and ease of price management.
The perishable goods sector grows at the highest compound annual growth rate during 2020-30
The smart food label market is segmented by application into electronic and information technology assets, perishable goods, security access, smart wristbands, and others. Perishable goods dominate the application segment in the smart food label market. Smart food labels have boosted the food and packaging business. It enhances product traceability which is crucial to trace food source and prevent counterfeit goods. In general, it helps to expand the scope of food safety and security, which is mainly important for perishable goods, such as meat, seafood and dairy products.
Increasingly important in achieving customer satisfaction
Mass Merchandising has been rated as a major adopter of the Internet of Things in production, packaging, labeling, material handling, and distribution. There is a shift in the focus of these suppliers towards assigning customers with smart packaging solutions to achieve the next level of customer satisfaction. This results in the use of smart packaging solutions authentication, stock reordering, temperature detection, traceability, and many other factors. This is set up to drive the Smart Food Label market during the forecast period 2020-2030. Moreover, the rapid spread of smart technology and growing consumer concerns about food products is another major driver for boosting market growth.
Research and development in nanotechnology
Nanotechnology is a kind of advancement in the smart food label market, which is expected to depend on the expansion of nanoparticles and nanomaterials. This technology enables sensors in the food and packaging industry to control product quality during various logistics processes and ensure product quality for the end user. Emerging markets are willing to accept new technologies while consumers in some regions are less responsive. The increasing development of smart enterprises tends to drive the growth of the global smart food label market.
High cost of replacing the electronic screen
The high cost in electronic screen replacement is one of the major constraints to hamper the growth of the smart food label market. The compatibility of smart labels with interoperability also acts as an important champion in restraining the growth of the Smart Food Labels market. However, many companies or major major players in the market have started investing in smart tags to develop their anti-theft systems to avoid any kind of revenue loss and damage to their stocks, which will increase the prerequisite or demand during the expected period.
Smart Food Label Market: Major Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, KPIs, Risk Analysis, Recent Developments, Regional Presence, SWOT Analysis
Avery Dennison Company
thin film electronics
Sato Holding Company
Smart Food Label Market: Regions
The 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 had the highest market share in the smart food label market in terms of revenue. Moreover, it continued to maintain its dominance in the regional market, due to the heavy reliance on technologically advanced products. The smart food label market is mainly determined by the presence of major smart label industries in the region. Rapid urbanization and the increasing demand for smart food labels have made Europe the second largest market for smart food labels. The Asia Pacific region is expected to witness high growth in emerging economies such as India and China in the coming years.
The Smart Food Label market is segmented by region into:
North America market size, share, trends, opportunities, annual growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – Mexico, Argentina, Brazil, Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, Rest of Asia Pacific Region
Middle East and Africa market size, share, trends, opportunities, annual growth and CAGR – North Africa, Israel, GCC, South Africa and rest of the MENA region
The Smart Food Label Market report also contains analysis on:
According to applications
Electronic assets and information technology
smart wrist bands
by end user
selling by pieces
Smart Food Label Market Dynamics
Smart Food Label Market Size
Supply and demand
Competition and companies participating in the market
market value chain
Market drivers and constraints
Read the full report: https://www.reportlinker.com/p06191984/?
ReportLinker is an award winning market research solution. Reportlinker finds and organizes the latest industry data so you have all the market research you need – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001