The global spoil detection based smart label market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the ability to offer real-time data related to spoilage.
A smart label goes beyond traditional bar codes and with the help of sensor technologies, it becomes an important aspect of printed electronics. Smart labels with spoil detection account for a significant percentage of the printed electronics market, as they are widely utilized for grocery and other food & beverages product worldwide. While a substantial portion of the global population is dedicated to purchasing packaged foods, it has been found that customers consider it easy to read the complete product information recorded in a chip using their cellphones, computers, or scanners.
The COVID-19 outbreak has brought negative impact on the market. Due to the lockdown imposed by governments globally, the spoil detection based smart label market faced supply chain disruptions, which is likely to hamper the market expansion. The market is expected to recover soon as several industries resumed their operation owing to subsiding the COVID cases gradually worldwide.
Market Trends, Drivers, Restraints, and Opportunities
- Rising adoption for smart packaged foods is one of the key factors driving the market growth.
- Increasing consumer population for purchasing of hygienic food products globally is expected to boost the market growth in the coming years.
- Ability for detection of the degree of freshness in food material is anticipated to fuel the market expansion during the forecast period.
- Lack of form factors and uniform standards related to product label presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Stringent government regulations related to minimal food wastage is projected to create significant growth opportunities for the market in the near future.
Scope of Spoil Detection Based Smart Label Market Report
The report on the global spoil detection based smart label market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Spoil Detection Based Smart Label Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Vegetables, Fish, Meat, Dairy Processed Foods, Products, and Others), Applications (Healthcare and Food & Beverages), and Products (Oxygen Indicator, Pathogen Indicator, Time-temperature Indicator, Carbon-dioxide Indicator, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Invengo Information Technology Co., Ltd.; Zebra Technologies Corp.; Thinfilm Electronics ASA; Smartrac N.V.; Muehlbauer Holding AG & Co. KGAA; and SATO Holdings Corp.
Spoil Detection Based Smart Label Market Segment Insights
Fish segment to grow at a rapid pace
Based on types, the global spoil detection based smart label market is divided into vegetables, fish, meat, dairy processed foods, products, and others. The fish segment is expected to grow at a rapid pace during the forecast period owing to the regulation bodies worldwide, which inspired the use of labels in fishery products. However, the meat segment is anticipated to hold a key share of the market in the coming years due to the level of information provided on the label and package.
Degree of freshness to drive the food & beverages segment
In terms of applications, the market is bifurcated into healthcare and food & beverage. The food & beverages segment is projected to expand at a considerable CAGR during the forecast period attributed to the ability to offer information related to degree of freshness. On the other hand, the healthcare segment is anticipated to account for a major market share during the forecast period due to rise in demand for pharmaceutical for maintaining safe product temperature range in cold chain goods during the handling, production, and administration.
Time-temperature indicator segment to hold significant market share
On the basis of products, the global spoil detection based smart label market is segmented into oxygen indicator, pathogen indicator, time-temperature indicator, carbon-dioxide indicator, and others. The time-temperature indicator segment is anticipated to hold significant market share in the coming years owing to wide usage in supply chain sectors, which helps in offering real-time data for analysis. However, the pathogen indicator segment is expected to register a considerable CAGR during the forecast period due to food safety concern among consumers and for assessment in overall sanitation.
North America to constitute a key market share
In terms of regions, the global spoil detection based smart label market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to increasing customer liking for hygienic food material in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing demand for packaged food products across the region.
The global spoil detection based smart label market has been segmented on the basis of
- Dairy Processed Foods
- Food & Beverages
- Oxygen Indicator
- Pathogen Indicator
- Time-temperature Indicator
- Carbon-dioxide Indicator
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global spoil detection based smart label market are Invengo Information Technology Co., Ltd.; Zebra Technologies Corp.; Thinfilm Electronics ASA; Smartrac N.V.; Muehlbauer Holding AG & Co. KGAA; and SATO Holdings Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.