Overview and Scope
Smart labels are special labels that contain advanced technology to provide additional information beyond a traditional label. It is used as directions for using or preparing the product, tips for recycling the packaging, warnings about safety and handling, and scrumptious recipes.
Sizing and Forecast
The smart label market size has grown rapidly in recent years. It will grow from $9.38 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to retailer demand for efficiency, supply chain optimization, cost reduction strategies, increased counterfeit concerns, data analytics integration.
The smart label market size is expected to see rapid growth in the next few years. It will grow to $18.9 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to brand authentication, consumer demand for sustainability, e-commerce growth, personalized consumer experiences, health and safety concerns, connected packaging ecosystem. Major trends in the forecast period include iot integration, qr code proliferation, anti-counterfeiting measures, product innovations, mobile app integration.
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The smart label market covered in this report is segmented –
1) By Component: Batteries, Transceivers, Microprocessors, Memories, Other Components
2) By Labeling Technology: Radio Frequency Identification (RFID), NFC Tags, Electronic Article Surveillance (EAS), Sensing Labels, Electronics Shelf Labels
3) By Printing Technology: Flexographic Smart Labels, Digital Smart Labels, Gravure Smart Labels, Screen Smart Labels
4) By Application: Retail Inventory, Perishable Goods
5) By End-User: Retail, Healthcare And Pharmaceuticals, Food And Beverages, Consumer Electronics, Supply Chain and Logistics, Transportation, Other End Users
North America was the largest region in the smart labels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global smart label market during the forecast period. The regions covered in the smart label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the smart label market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Smart labels add traceability to the product which is important for tracing the source of the food that helps in preventing fake goods, as a result, increasing demand from end users such as the food and beverage industry increases the demand for the smart label market. For instance, in Febuary2023, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the exports of food and drink increased by 31% in 2022 compared to 2021. Additionally, the food and beverages industry have a turnover of US$3.52billion (£10.3 billion) in 2022, accounting for 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the smart labels market.
Key Industry Players
Major companies operating in the smart label market report are Avery Denison Corporation, CCL Industries Inc., Checkpoint Systems Inc., Thin Film Electronics ASA, Alien Technology Inc., Zebra Technologies Corporation, SATO Holdings Corporation, Invengo Technology Pte. Ltd., Advantech Pvt. Ltd., Muehlbauer Holding AG & Co. KGaA, Smartrac N.V., Multi-Color Corporation, Intermec Inc., SML Group Limited, CGL Industries Inc., Centre for Process Innovation, PRAGMATIC SEMICONDUCTOR LIMITED, ShipBob Inc., UnitedMasters, Accroma Labtec Ltd., Smart Planet Technologies Inc., Adrich, Uwitechnology Ltd., Cypak AB, General Mills Inc., PepsiCo Inc., Mondelez International, The Coca-Cola Company, Unilever plc, William Frick & Company, Honeywell International Inc., Scanbuy Inc.
The smart label market report table of contents includes:
1. Executive Summary
2. Smart Label Characteristics
3. Smart Label Trends And Strategies
4. Smart Label – Macro Economic Scenario
5. Global Smart Label Size and Growth
…..
32. Global Smart Label Competitive Benchmarking
33. Global Smart Label Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Label
35. Smart Label Future Outlook and Potential Analysis
36. Appendix
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