Tags Market Set to Soar, Projected to Reach a Valuation of US$ 19,510.4 Million by 2033 | FMI

Projected to witness substantial growth from 2023 to 2033, the global tags market is poised to surpass a valuation of US$ 11,530.8 million in 2023, with expectations to further escalate to US$ 19,510.4 million by 2033, according to a research report by Future Market Insights. The market is anticipated to exhibit a robust Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period, reflecting a sustained demand for tags across various industries and applications worldwide. This positive growth trajectory underscores the crucial role of tags in diverse sectors and their contribution to efficient identification and labeling processes.

In various industries, effective logistics and inventory management play a pivotal role in overseeing essential aspects like storage, tracking, and the seamless movement of goods from manufacturers to consumers. Acknowledging the significance of streamlined operations, major players in the logistics sector worldwide are increasingly embracing labeling and tags solutions. These solutions contribute significantly to optimizing inventory management, ensuring accurate asset tracking, facilitating efficient material handling operations, managing shipments and receiving processes, and enhancing the tracking of work-in-progress. This widespread adoption underscores the crucial role of labeling and tags in improving overall operational efficiency in the logistics and supply chain domain.

The United States is poised to dominate the North America tags market, projected to account for 84% of the overall market value by 2033. In 2022, the country already secured a significant 16.2% share in the global market. Factors such as urbanization, the migration of the average American population from rural to urban areas, increasing disposable income, and a growing focus on high-quality food products in the United States are creating favorable conditions for the growth of food and food services packaging solutions. The robust demand for tags is further anticipated to be supplemented by the country’s significant position in meat consumption, ranking second globally according to the Organization for Economic Co-operation and Development (OECD).

Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-14347

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.

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.

Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/14347