Surging demand for packaging materials in food, beverage, logistics and automotive industry becomes the prime driving factor for smart labels production. Asia-Pacific region to dominate worldwide.
DUBAI, UAE / ACCESSWIRE / October 7, 2020 / 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.
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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.
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FMI's report provides proper segmentation and analysis of market trends and macro-economic factors on the basis of labelling technology (RFID, NFC tags, EAS), printing technology (digital, screen, flexographic etc.), end-use (retail, food, beverages, logistics, automotive, healthcare etc.) and region-wise segmentation (North America, Asia-Pacific, Eastern and Western Europe).
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SOURCE: Future Market Insights