With a predicted CAGR of 5.7% from 2022 to 2032, the global track and trace packaging market is expected to reach US$ 4,204.65 million in value by 2033, up from US$ 2,415.35 million in 2023.
A major worry across many industrial sectors worldwide is preventing the counterfeiting of delicate and vulnerable items, and this is exactly what track and trace packaging addresses, driving up demand for it. Thus, there is a growing need for track and trace packaging since it is an essential tool in the fight against crime that endangers the safety of consumers, the manufacturer, and the product itself.
Also, it cuts down on the personnel and time needed to handle products in the supply chain. Additionally, it plays a significant part in tracking and tracing prescription pharmaceuticals and cutting the medical and healthcare sector’s expenditures by billions of dollars.
Gain an Unfair Advantage in the Track and Trace Packaging Market – Request our report sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-3123
Blockchain technology is gaining considerable popularity as it finds more uses in more sectors. The supply chain is one of the main areas where blockchain technology enables visibility and traceability of the items across networks. Blockchain implementation reveals enormous prospects for the food industry regarding monitoring and tracing.
Key Takeaways for Track and Trace Packaging Market:
- Europe is the second leading market after North America, with a share of 31.3% in 2022. This growth is attributed to the emerging technologies in the region.
- The track and trace packaging market was significantly expanding, with a size of US$ 2.2 billion in 2022.
- Due to advancements in pharmaceutical packaging, the United States is predicted to lead the North American track and trace packaging market throughout the forecast period.
- In 2022, the United States developed in the track and trace packaging business with a share of 22%.
- Several innovative startup teams and ambitious entrepreneurs seek fresh strategies to solve global problems and establish excellent product-market fit.
- Due to the industry’s quick adoption of track and trace solutions, the pharmaceuticals sector had a 27% revenue share in 2022, dominating the market based on end use.
Key Manufacturing Companies
- Robert Bosch GmbH.
- ESS Technology Inc.
- Optel Vision Inc.
- PennWell Corporation
- Siemens AG
- Uhlmann Packaging Systems LP
- Marchesini Group S.p.A
Competitors Winning Strategies
Due to the increasing deployment of track and trace systems by pharmaceutical and medical device businesses, the industry is predicted to experience considerable growth. Companies in the pharmaceutical and biopharmaceutical industries need help with drug counterfeiting. Thus, companies focus on track and trace solutions for supply chain monitoring.
Recent Developments:
- Rfxcel, an Antares Vision Group company, and the Ministry of Public Health of the Lebanese Republic signed a five-year collaboration agreement to establish a GS1-compliant traceability center for the whole pharmaceutical supply chain in Lebanon.
- The debut of V-TRACE, a comprehensive and guaranteed traceability solution for managing COVID-19 vaccine supply chain logistics, was announced by OPTEL and Bureau Veritas in January 2021.
- In collaboration with Gallarus and SeaVision, Domino developed “K600G” in December 2020, a blister foil and web digital printing system for pharmaceutical solutions. It incorporates a wide range of solutions that allow different installation types and an additional feature that allows direct printing on the blister foil packs.
Transparency in Research: Request Our Methodology to See How We Conducted Our Study: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-3123
Key segmentation
By Printing Type:
- Inkjet
- Laser Marking
- Thermal Transfer
By Product Type:
- Radio-Frequency Identification (RFID)
- Barcode Reader and Real-Time Locating System
By End Use:
- Food & Beverages
- Pharmaceutical
- Automotive
- Electrical and Electronics
- Consumer Goods
- Cosmetic & Personal Care
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube