The global Smart Labels Market is valued at around US$ 9.5 Bn in 2022, registering Y-o-Y growth of 9.6%. Sales of smart labels are projected to increase at a healthy CAGR of 11.2% and attain a valuation of US$ 24.8 Bn by 2030.
Ascending disposable incomes owing to rapid urbanization and improving living standards is stimulating demand for various consumer goods across the traditional and e-commerce retail segments respectively. There is an increase in footfalls across brick and mortar stores for purchasing various products.
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As a result, demand for proper packaging solutions is on the rise. Manufacturers are abandoning conventional barcodes in favour of advanced smart label solutions such as RFIDs and NFCs to provide clear information regarding product formulation, expiry and manufacturing process.
Key Takeaways from the Smart Labels Market Report
- Global smart labels market is slated to expand at a value CAGR worth 11.2% from 2022-2030
- RFID labelling to witness prolific adoption, comprising almost 60% of the revenue share by 2030
- Digital printing technology is likely to acquire 480 BPS attributed to the need for clear labelling and information provision
- Retail & logistics industries to collectively account for over half of the revenue share
- North America to remain market hegemon, APEJ to register a dexterous growth trajectory
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COVID-19 Impact Analysis
In spite of witnessing a major slump across key industry verticals, the market for smart labels is anticipated to remain sustained in the wake of surging demand for processed foods, healthcare consumables and FMCGs.
Consumers are availing the aforementioned products via e-commerce channels due to social distancing, which requires vendors to package and label the goods properly and deliver them to their customers. Hence, RFID and QR aided labelling are witnessing widespread adoption.
During this unprecedented era when personal hygiene takes precedence over everything else, it is imperative for manufacturers to ensure that healthcare and disinfectant products are adulteration free, thus increasing the need for proper inventory tracking solutions, thus uplifting smart labels growth prospects.
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Key Segments Of Smart Labels Industry Survey
By Labelling Technology:
- RFID
- NFC Tags
- EAS
- Sensing Labels
- Electronics Shelf Labels
By Printing Technology:
- Flexographic Smart Labels
- Digital Smart Labels
- Gravure Smart Labels
- Screen Smart Labels
By End Use:
- Smart Labels for Healthcare
- Smart Labels for Automotive
- Smart Labels for FMCG
- Smart Labels for Logistics
- Smart Labels for Retail
- Others
By Region:
- North America Smart Labels Market
- Latin America Smart Labels Market
- Europe Smart Labels Market
- East Asia Smart Labels Market
- South Asia & Pacific Smart Labels Market
- Middle East & Africa (MEA) Smart Labels Market
Who is winning?
Prominent players in the global smart labels landscape are Avery Dennison Corporation, Honeywell International Inc., Zebra Technologies Corporation and CCL Industries Inc. These players collectively capture 15-20% of the revenue share.
Their primary strategies include product launches, expansion of product portfolios and strategic collaborations and acquisitions.
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