Tags Market Trends Reach A Valuation Of US$ 19,510.4 Million By 2033: Exploring the Latest Innovations and Demand Drivers | FMI Study

The global tags market size is poised to exceed a valuation of US$ 11,530.8 million in 2023. It is anticipated to attain a valuation of US$ 19,510.4 million by 2033. The market is slated to develop at a CAGR of 5.4% from 2023 to 2033.

The United States dominates the North America tags market, projected to claim an impressive 84% share by 2033, a substantial increase from its 16.2% share in the global market in 2022. Several factors fuel this growth, including urbanization, a shift from rural to urban living, higher disposable incomes, and a growing focus on premium food products. Notably, the United States ranks second in meat consumption according to the OECD, a factor expected to drive demand for tags within the region. These dynamics indicate a promising future for tags in the United States, making it a key player in the global market.

Europe has developed a retail industry, broad manufacturing sectors, stringent regulatory frameworks, and expanding e-commerce businesses. This all contributes to the region’s high tag demand. Product safety, traceability, and customer information are highly prioritized in Europe. The region’s well-established industrial and retail industries, as well as the growing popularity of online purchasing, all help to drive demand for tags.

China, as the world’s second-largest economy, is renowned for its robust infrastructure and industrial development. With a 6.1% share of the global market in 2022, China’s reputation for early technology adoption and cost-effective manufacturing is a magnet for tags producers worldwide. It’s Asia’s dominant food and food services market, as revealed by the National Health & Nutrition Survey, making it an enticing prospect for tag manufacturers. With a growing population and increasing demand for diverse goods and services, the market is poised for exponential growth. Manufacturers are keen to tap into this potential, as China is anticipated to experience a 5.7% CAGR during the forecast period.

Effective product identification, tracking, and traceability are becoming more important in several industries, including manufacturing, transportation, healthcare, and retail. Unique identifying codes, serial numbers, barcodes, or QR codes that enable effective inventory management, supply chain visibility, and product verification are provided by tags. The need to increase operational effectiveness, decrease mistakes, boost security, and adhere to regulatory standards is what fuels the market for tags.

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The demand for tags has substantially expanded due to the growth of e-commerce and online shopping. The importance of labeling and tagging items for shipping, inventory control, and order fulfillment grows as more firms turn to online platforms. Products are identified by tags, which also offer pertinent information and guarantee efficient logistics and delivery procedures. The demand for tags has increased as e-commerce has grown, particularly for shipping labels, barcodes, and tracking labels.

In North America, there is an enormous demand for tags because of factors like thriving retail and e-commerce sectors, advanced supply chain management systems, and strict regulatory requirements. The region has a well-established retail market with a focus on inventory management, monitoring, and product identification. The need for tags is driven by the requirement for effective logistics, order fulfillment, and adherence to labeling laws. The development of e-commerce and online shopping has also increased the demand for product identification tags, tracking tags, and delivery labels.

Key Takeaways from Tags Market:

• The global tags industry size expanded at a CAGR of 3.8% from 2018 to 2022.
• In 2018, the global market size stood at US$ 9,408.6 million.
• The global market size stood at US$ 10,940.1 million in 2022.
• In 2022, the RFID tag type segment captured 56.1% shares in the global market.
• In 2022, the plastic segment under material type, captured 42.8% shares in the global market.
• In 2022, the United States garnered 16.2% shares in the global market.
• In 2022, China captured 6.1% shares in the global market.

Key Players in the Global Market:

• Zebra Technologies Corp.
• Honeywell International
• Sato Holdings Corp.
• Finotex USA Corp.
• CCL Industries Inc.
• Pacific Coats Bach Label Inc.
• NXP Semiconductors
• Confidex Ltd.
• GAO RFID Inc.
• HID Global Corp.
• Dortex Werbung und Vertrieb GmbH

Recent Developments Observed by FMI:

• Several new products were unveiled by SIVA IoT, a manufacturer of RFID and wireless IoT tags and labels, in April 2022. The multi-national company has added battery-assisted tags, sensor-based labels, tamper-proof tags, and dual frequency tags to its lineup of products.
• CCL Industries Inc. announced in January 2021 that it had purchased two software-powered tag and card firms for its Avery division.
• Zebra Technologies Corp. added solutions to streamline fulfillment procedures to its range of fetch robotics in October 2021.

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