The smart labels market is expected to unfold by 3.36x with US$ 18 billion through 2030. When talking about the packaging market, the adoption of smart labels is gaining maximum traction in the 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 a 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 the highest CAGR of 14% among others.
- According to research analysts at FMI, the smart labels market is expected to expand by 3.36x with a CAGR of 13% through 2030.
- The 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 are driving the market.
- Rising disposable income, improving lifestyle, and escalating demand for meat products and seafood are widening the demand/supply chain and bringing in new opportunities.
- The alcoholic beverage industry demands immense use of smart labels to identify the 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 market growth.
- Higher investment values and the expensive nature of small and medium enterprises are acting as a major hindrance.
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Expected Impact on Market by Coronavirus Outbreak
The smart Labels market might experience considerable pressure due to reduced production. In times like these, social distancing and proper hygiene are 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 are gaining traction. There will be a surging demand for COVID-19 testing kits, masks, and gloves which will be uptaken by packaging industries too, thereby, helping the market is witnessing steady growth.
Competition Landscape
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 portfolios to maintain a better mark.
For example, Avery Dennison Corporation has introduced eco-friendly and biodegradable tags. This feature helps in eliminating microplastics and harmful substances.
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