Global Smart Food and Beverage Label Market: Focus on Product Type, Application, Industry Analysis (Initiative, COVID-19 Impact, and Emerging Trend) and Region – Analysis Forecast, 2019-2029
Global Smart Food and Beverage Label Market to Reach $51.9 Million by 2029.
Market Report Coverage - Smart Food and Beverage Label
- Product Type - RFID, NFC, Temperature Sensing Labels, Others
- Application - Food, Beverages
- North America – U.S., Canada
- Europe – Germany, France
- Asia-Pacific and Japan – Australia and New Zealand, Japan, and India
- Growing Consumer Demands for Food Authentication
- Ability of Smart Labels to Enhance Food Safety and Reduce Food Waste
- Adoption and Implementation of Smart Food Labels by Major Food and Beverage Industry Manufacturers
- High Implementation Cost for the Smart Food Label
- Lack of Consumer Knowledge and Accessibility Disproportionality
- Growing Confidence and Increasing Consumer Dependence on IoT Technologies
- Growing Need for Smart Inventory Management in Retail Industry
Key Companies Profiled
Avery Dennison Corporation, CCL Industries Inc., Honeywell International Inc., Label Insight, Inc., and Sato Holding Corporation, among others
Key Questions Answered in this Report:
- What is the expected global smart food and beverage label market size in terms of value during the period 2018-2029?
- What are the labeling challenges faced by the food and beverage manufacturers?
- What is the on-going initiative to transform the global smart food and beverage label market?
- Which region is the largest market for the global smart food and beverage label market?
- What is the expected future scenario and the revenue generation by different geographical regions and countries in the smart food and beverage label market such as North America, South America, the U.K., Europe, the Middle East and Africa, China, and Asia-Pacific and Japan?
- What is the impact of COVID-19 on the smart food and beverage label market?
- Which product type is currently dominating the smart food and beverage label market, and which is likely to dominate in the future?
- What are the emerging trends in the global smart food and beverage label market?
- What are the market dynamics of the global smart food and beverage label market, including market drivers, restraints, and opportunities?
- What are the major market driving trends for the global smart food and beverage label market in terms business model, market consolidation, and new product offerings?
The adoption of smart labels has witnessed a sharp increase in the food industry as demand for product authentication and the ability to improve food safety continues to rise. Having connected packaging solutions like smart labels allows end consumers to access all traceable information across the supply chain. Smart labeling provides consumers with a digital source of nutrition, ingredients, allergen, and additional information which may or may not appear on the physical label printed on the packaging or attached to the product itself. Moreover, smart labels also help the consumer to pursue a wide range of products from design to shelf.
The rising number of customers with access to packaged food is proliferating relative to the world's population. The purchasing power of the customer for packaged food, on the other hand, is also growing. The growth in smart labeling is increasing with more and more expenditure on packaged food. Food authenticity evaluation has been required rapidly in the food and beverage industry. The evaluation ensures the originality and safety of any food product that comes into the market. This evaluation is achieved by using specific advanced methods and techniques. Some of the ways include Radio Frequency Identification (RFID) labels that can be attached to food products and can use electromagnetic fields to track products through the supply chain automatically. It brings traceability to the product, which is essential to trace the source of food and avoid counterfeit products.
Within the research report, the market is segmented based on product type, application, and region. Each of these segments covers the market's snapshot of the propensity of market revenue, underlying patterns, and trends over the projected years by using analytics on the primary and secondary data obtained.
The rise in the adoption of smart labeling in the food and beverage industry across the globe has led companies to invest in this industry. The competitive landscape for the smart food and beverage label market demonstrates an inclination toward companies adopting strategies such as product launches along with partnerships and collaborations. The result of the emerging strategies and developments is already surging the market in the form of product launch and developments.
Driven by the rapid evolution of the food packaging sector, there has been swift growth in research and development activities by many important players in this market, leading to an increase in the number of product launches and developments since 2017. For instance, in July 2020, Label Insight, Inc. launched Explore Market Navigator, which will help CPG manufacturers improve online discoverability and increase the sales of their products.
The business expansion strategy has also been significantly employed for the expansion in the smart food and beverage label market. As the global market continues to expand, businesses operating in this sector are forced to develop collaborative strategies in order to maintain themselves in an extremely competitive market. Key players are also engaging in business expansions in regions where there is a strong demand for smart labeled products. Industry leaders in this market are actively opting for this strategy to improve their market position. For instance, in April 2020, Label Insight, Inc., expanded its operations in the Canadian market to offer SmartLabel and accelerate the adoption of SmartLabel to support the needs of customers.
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