The smart labels market witnessed remarkable growth in 2022, reaching a valuation of approximately US$ 9.5 Billion and recording a noteworthy year-on-year growth of 9.6%. Projections indicate a robust CAGR of 11.2%, propelling sales to a staggering US$ 24.8 Billion by the year 2030.
The growing prevalence of Internet of Things (IoT) integration has opened up avenues for the widespread acceptance of cloud platforms and rapid networking technologies, expanding the potential for smart labels. The increased accessibility of devices like smartphones and laptops has spurred the evolution of innovative labeling solutions.
In the United States, the rapid expansion of the smart labels market is fueled by the increasing prevalence of retail establishments and supermarkets, driven in part by stricter regulations mandating enhanced product information transparency. Simultaneously, American businesses are strategically investing in technologies such as blockchain and smart labels to bolster transparency and traceability within their distribution networks.
Meanwhile, India’s smart labels market is experiencing robust growth, buoyed by the flourishing e-commerce and organized retail sectors. The surge in the organized retail industry has created lucrative opportunities for RFID label manufacturers to capitalize on this burgeoning market. India’s appeal as a smart label production hub is further accentuated by lower labor costs compared to many other nations. The escalating demand for perishable goods, coupled with a concerted effort to minimize food wastage and advancements in the pharmaceutical sector, is driving the escalating demand for RFID labels in India.
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The Major Key Players Are:
• Honeywell International Inc.
• Avery Denison Corporation
• CCL Industries Inc.
• Zebra Technologies Corporation
• SATO Holdings Corporation
• Checkpoint Systems Inc.
• Thin Film Electronics ASA
• others
Competitive Landscape
Market players are focusing on expanding their global outreach through diversification of product portfolios, collaborations, product launches, and doling out customized labeling solutions for various industries.
For instance,
• In September 2020, Avery Dennison Corporation introduced a completely biodegradable tag fastener for the apparel industry. The tag is highly eco-friendly, being able to decompose upon exposure to soil microbes and leaving behind no microplastics or other harmful substances.
• In November 2020, CCL Industries Inc., a leading player in the smart labels industry, announced the acquisition of Super Enterprises Printing (Malaysia) Sdn, a leading supplier of decorative panels, liquid crystal & touch screen display covers, and in-mold decorated components for the consumer electronics and automotive sectors across Asia.
The Benefits of Embracing Smart Labels
Embracing the Smart Labels Market offers a plethora of benefits that extend beyond traditional labeling methods. Some of the notable advantages include:
• Enhanced Transparency: Smart Labels provide real-time information about the product’s journey, origin, and handling, fostering transparency and trust among consumers.
• Improved Inventory Management: Businesses can optimize inventory levels, reduce stockouts, and streamline reordering processes with accurate real-time data.
• Efficient Recall Management: In case of product recalls, Smart Labels enable targeted recall efforts, minimizing the impact on consumers and reducing waste.
• Counterfeit Prevention: Smart Labels incorporate anti-counterfeiting measures, safeguarding brands and consumers from fraudulent products.
High Cost of Devices in Smart Label Printing Likely to Restrict Market Growth
Investments in smart label printing are an expensive task, consuming a significant portion of industry funds. Therefore, its application is largely restricted to premium products and high revenue-generating domains, thereby limiting market penetration.
Due to its expensive nature, small & medium organizations cannot afford smart label printing solutions, preferring to rely on conventional barcodes. This factor is proving to be a major hindrance in the predicted growth trajectory of the smart labels market for the decade.
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Key Segments Of Smart Labels Industry Survey
By Labelling Technology :
• RFID
• NFC Tags
• EAS
• Sensing Labels
• Electronics Shelf Labels
By Printing Technology :
• Flexographic Smart Labels
• Digital Smart Labels
• Gravure Smart Labels
• Screen Smart Labels
By End Use :
• Smart Labels for Healthcare
• Smart Labels for Automotive
• Smart Labels for FMCG
• Smart Labels for Logistics
• Smart Labels for Retail
• Others
By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa (MEA)