The smart labels market is expected to unfold by 3.36x with US$ 18 billion through 2030. When talking about packaging market, adoption of smart labels is gaining maximum traction in Asian-Pacific region. Due to the increment in need for convenient packaging solutions in food and beverage or retail industries, demand is gaining popularity in the market.
“Availability of wide range of printing technologies, improved communication network and higher preference for sustainable packaging solutions across the world, demand for smart labels has escalated in a dexterous manner. This has also helped the manufacturers get an insight about the kind of production this market demands,” says the FMI Analyst.
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-2704
Smart Labels Market – Key Highlights
- Asia-Pacific region is dominating the market and is expected to register highest CAGR of 14% among others.
- According to research analysts at FMI, smart labels market is expected to expand by 3.36x with a CAGR of 13% through 2030.
- Logistics industry is likely to accent revenue and witness a four-fold growth through the forecast period.
- Flexographic printing technology will cover most of the market in digital label printing due to cost effectiveness and easy use.
Smart Labels Market – Driving Factors
- Automotive, logistics, healthcare, aerospace and FMCG products require smart labels for packaging solutions.
- Internet of things, better network technologies and increased access to smartphones is driving the market.
- Rising disposable income, improving lifestyle and escalating demand for meat products and sea food is widening the demand/supply chain and bringing in new opportunities.
- The alcoholic beverage industry demands immense use of smart labels to identify date of manufacturing and expiry dates.
Smart Labels Market – Key Restraints
- Lack of awareness about advanced technology and growing cases of poverty is likely to restrict the market growth.
- Higher investment values and expensive nature of small and medium enterprises is acting as a major hindrance.
Expected Impact on Market by Coronavirus Outbreak
Smart Labels market might experience considerable pressure due to reduced production. In times like these, social distancing and proper hygiene is demanded. The packaging market has always been in demand therefore healthcare and FMCG industry might revive soon to the pre-pandemic position. Value added features like cost-efficiency and user-friendly technology is gaining traction. There will be a surging demand for COVID-19 testing kits, masks and gloves which will be up taken by packaging industries too, thereby, helping the market in witnessing steady growth.
Key manufacturers are incorporating innovative techniques like organic printing and packaging to enhance market growth. Major players in the market Honeywell International Inc., Avery Denison Corporation, CCL Industries Inc., Zebra Technologies Corporation, SATO Holdings Corporation, Checkpoint Systems Inc.,Thin Film Electronics ASA, Muehlbauer Holding AG, Invengo Technology
For an instance, key companies are focussing on adopting better printing technologies and patterns without any signs of deterioration. Manufacturers are investing in expanding product portfolio to maintain a better mark.
For example, Avery Dennison Corporation has introduced eco-friendly and biodegradable tags. This feature helps in eliminating micro plastics and harmful substances.
Key Questions Answered in the Report
- What is the scope for smart labels market in the upcoming decade?
The global smart labels market is slated to witness staggering growth, expanding at a value CAGR of 12.9% until 2030. The market shall expand 3.36x in value terms during the upcoming decade, representing a US$ 18 Bn incremental opportunity
- What factors are driving smart labels sales?
Development of the organized retail sector; usage of smart labels in cloud platforms and high-speed networking technologies; and development of e-commerce industry are all anticipated to provide traction to the market
- Which end-use industry promises to emerge as a fertile arena for smart labels?
By end-user, the logistics industry is slated to expand the fastest, registering nearly four-fold growth in the upcoming smart labels market forecast period. Growth of global smart lables market is primarily underpinned by a surging e-commerce sector due to deepening internet and smart devices penetration
- Identify the possible impediment(s) to smart labels market expansion.
Smart labels are generally used for perishable products, owing to its high prices. Due to this, applications are limited to premium products only. Consequently, small & medium sized enterprises are unable to afford this investment, thus impeding market growth