FMI has forecast that the demand and sales of tags will be definite and in increasing order. Factors such as increase middle class family income, increase in millennial generation’s e-commerce expenses, convenience factor coupled with advance tracking processes will exponentially increase the tags sales globally.
Key Takeaways from Tags Market
- By material type, the plastic segment accounts for the leading share of 43% in the global tags market.
- On basis of tag type, RFID tags will remain more preferred due to their durability and ease in inventory & asset management. The segment is anticipated to increase 1.8 times during next 10 years.
- In terms of end use, the clothing & apparel segment will create incremental opportunity of US$ 2,444.1 Mn because of the rise in disposable income of middle class families in emerging economies.
- South Asia and East Asia collectively are expected to register maximum growth rate of 7.2% and 6.5%, respectively by 2032.
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“The usage of RFID tags is increasing rapidly across the globe. Their application especially in consumer electronics has created abundant opportunities for tags manufacturers. Increasing emphasis on ease in logistical and inventory management is anticipated to redefine the tags market growth” says FMI analyst.
Increase in Demand for RFID Tags to Increase Sales in Market
In the last decade, usage of RFID tags has drastically increased in the consumer electronics segment. They have been proven quite useful & handy when it comes to logistical management.
RFID tags are a type of tracking system which uses radio frequency to track, search, communicate and track with items or people. RFID tags are known as smart labels, as they easily store a ton of varied range of information like a short description, serial numbers or even pages of data.
Due to usage of low, high & ultra-high radio frequencies in market to identify shoplifters and other risks to different merchandise which in turns uplifts the revenue generation.
Nowadays, usage of RIFD tags have seen an increase in end use industries such as clothing & apparel and cosmetics. This trend is exponentially increase the demand for RFID tags which helps in asset management. This will result an increase in the demand of RFID tags over the forecast period.
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Tags Market Landscape
Dortex Werbung und Vertrieb mbH, Zebra Technologies Corp., Honeywell International, Sato Holdings Corp., Finotex USA Corp., CCL Industries Inc., Pacific Coast Bach Label Inc., NXP Semiconductors, Confidex Ltd., GAO RFID Inc., HID Global Corp. are also the noticeable players in the tags market. The Tier 3 players in the market hold 65-70% in the global tags market. In conclusion, key players contribute almost 30-35% of the global market.
Tags Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global tags market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals growth projections on the tags market on the basis of material type (plastic, paper, fibers, others (metal, etc.)), tag type (RFID tag, hang/ swing tag, loop tag), and end use (food & beverage, clothing & apparels, hospitality & travel, beauty & cosmetic care, consumer electronics, etc.) across seven regions.
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