Smart Food and Beverage Labels Market Size, Share, Growth, and Industry Analysis by Type (RFID, NFC, and Temperature Sensing Labels) By Application (Food and Beverages) Regional Forecast By 2031

Updated On: 08 April 2024

Smart Food and Beverage Labels Market Report Overview

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The global smart food and beverage labels market size was USD 10.2 million in 2022, as per our research, the market is expected to reach USD 55.71 million by 2031, exhibiting a CAGR of 17.07% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with smart food and beverage labels experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Brilliant food markings give customers the option to look up a packaged food item's standard identifier as well as conduct an online search to find out more information. Additionally, many other food brands employ detection technology via a variety shifting name that enables customers to determine whether the product is safe for consumption. As the need for product verification and the capacity to promote food safety continues to grow, the use of smart labels has seen a fast rise in the food industry. Smart labels and other connected packaging solutions give customers access to all the traceable data across the supply chain. With the help of "smart labeling," consumers can access online nutritional, ingredient, allergen, and other data that may or may not be included on the product's physical label, which is printed on its packaging or fastened to it. It gives the product traceability, which is necessary to identify the source of food and prevent the use of fake goods.

Additionally, smart labels enable the consumer to explore a variety of products from conception to shelf. The proportion of consumers who have access to packaged food is growing relative to the global population. On the other hand, customers' ability to purchase packed food is expanding. Along with rising spending on packaged foods, smart labelling is expanding. In the food and beverage market, the evaluation of food authenticity has become increasingly necessary.  Any new food product evaluated is guaranteed to be unique and secure.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth                    

According to a 2020 Health & Food Survey conducted by the International Food Information Council (IFIC), 85% of consumers' eating and food preparation habits had been impacted by COVID-19. The survey indicates that people are snacking more, cleaning fresh vegetables more frequently, and cooking at home more often. People are thinking about food more frequently than normal and are making healthier diet choices after the coronavirus outbreak. The shifting consumer spending power has led to a major increase in the global smart food and beverage labels market. Additionally, there was a huge increase in demand for frozen meals. Additionally, it increased demand for nutritious food while maintaining nutritional quality. As a result, it stimulated the expansion of the smart food and beverage labels market globally

LATEST TRENDS

"Business Expansion Strategy to Boost Market Growth"

The smart food and beverage labels market has grown tremendously with the help of the business expansion strategy. Companies have invested in this sector as a result of the increased use of smart labeling in the global food and beverage industry. The competitive environment for the smart food and beverage labels market shows a propensity for businesses to use tactics like product launches along with alliances and collaborations. In the form of product launches and developments, the outcomes of developing strategies and developments are already booming the smart food and beverage labels market. Important players are also expanding their businesses in areas where there is a high demand for goods with smart labels. Industry leaders in this market are actively using this approach to strengthen their position there.

Smart Food and Beverage Labels Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: RFID, NFC, and Temperature Sensing Labels. RFID is the major segment in the smart food and beverage labels market share.

• By Application Analysis

Based on application, the market is segmented as follows: food and beverage. The primary use of smart labels in the smart food and beverage labels market in 2020 was retail inventory, which accounted for more than one-fifth of the global smart food and beverage labels market share.

DRIVING FACTORS

"Increased Adoption for Industrial Purposes to Facilitate Market Development"

Theft and shoplifting are typically avoided, and businesses are investing in upgrading their anti-theft program to prevent revenue loss and damage to inventory from theft and shoplifting. Counterfeiting is a major issue across many industries that contributes to subpar outcomes, deterioration of branding, and threatened consumer protection. These factors together will assist to enhance the total smart food and beverage labels market. Furthermore, it is anticipated that increased awareness of the negative effects of industry-wide counterfeit products, particularly in the manufacturing and industrial sectors, will further stimulate demand for the smart food and beverage labels market.

"Consumer Awareness of Product Information to Promote Industry Progress"

Customers can acquire correct information about their items thanks to the labels' inventive and distinct digital and intelligent equipment marking. The global smart food and beverage labels market is expanding, giving consumers better access to information about the products they purchase. The opportunity to offer consumers precise information about cutting-edge technology products and intelligent equipment has increased packaging industry advertisements for the worldwide smart label market.

RESTRAINING FACTORS

"High Installation Cost to Hinder Market Growth"

Since 2017, there have been more product releases and developments due to the smart food and beverage labels market's rapidly evolving research and development operations, which have been accelerated by the food packaging industry's quick transformation. For instance, Label Insight, Inc. introduced Explore Market Navigator in July 2020 to assist CPG firms in increasing their product sales and online discoverability. Costs involved with the installation of smart label tracking systems would probably hinder developing countries. Additionally, it is anticipated that the lack of uniformity and low vulnerability in the standardizing technique will impede smart food and beverage labels market growth during the anticipated time frame.

Smart Food and Beverage Labels Market Regional Insights

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"Increase in Demand for Packaged Foods to Propel Market Progress in Asia"

As the largest worldwide sector in 2020, Asia accounted for more percentage of global demand. Together with the accelerated urbanization of developing areas, the rise of the retail, logistics, and FMCG businesses in the region has increased availability revenue. Asia is anticipated to experience the fastest smart food and beverage labels market growth. The smart food and beverage labels market is anticipated to expand at the fastest rate. One of the largest dairy marketplaces in the world is located in this area. The market for smart food and beverage labels will expand in the upcoming years as a result of the increasing demand for packaged foods and beverages. The smart food and beverage labels market will also profit from rising urbanization and per capita income during the research period. The population's growing demands for maintaining cleanliness standards will provide the smart food and beverage labels market with plenty of room to grow.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Qliktag Software Inc. (U.S.)
• Label Insight, Inc. (U.S.)
• Avery Dennison Corporation (U.S.)
• Thin Film Electronics ASA (Norway)
• Honeywell International Inc. (U.S.)
• UWI Technology Limited (U.S.)
• Alien Technology, LLC. (U.S.)
• Zebra Technologies Corporation (U.S.)
• Sato Holding Corporation (Japan)
• CCL Industries Inc. (Canada)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.