Time Temperature Indicator Labels Industry Growth: World's Top Players Include DeltaTrak, NiGK Corporation, LCR Hallcrest, CCL Industries, Biosynergy And American Thermal Instruments

The Time Temperature Indicator Labels Market was valued at US$ 43.6 million in 2017, and is expected to increase to US$ 140.8 million by 2028, registering a CAGR of 11.5% over the forecast period (2018–2028), according to Time Temperature Indicator Labels Market Report, by Product Type (Color-based and Barcode-Based), by Label Information (Critical Temperature Indicator (CTI), Critical Time Temperature Indicators (CTTI), and Time Temperature Indicators (TTI)), by End User (Food and Beverages, Pharmaceutical, and Chemicals and Fertilizers), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.

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The food packaging industry has witnessed advancement in terms of packaging, which ensures optimum quality and hygiene. This trend is expected to grow at a significantly higher pace, owing to multiple factors such as decreasing cost of manufacturing of the time temperature indicator labels. This is expected to aid in growth of the market. Adoption of these labels has witnessed high adoption in emerging economies on account of mass production. This growth in adoption can be attributed to increasing level of awareness among consumers. Technological advancements such as ease of manufacturing sensors are aiding in reducing manufacturing cost of sensors, hence a large number of manufacturers are expected to explore opportunities in the market and players from emerging economies in the regions such as Asia Pacific and Africa are expected to invest in mass production of the time temperature indicator labels.

Key Trends and Analysis of the Global Time Temperature Indicator Labels Market:

- Food and beverage segment is expected to be valued at US$ 41.7 Mn by 2028, witnessing a CAGR of 12.3% over the forecast period. Adoption of time temperature indicator labels in the food and beverage sector is increasing, in order to monitor the quality and safety of food products. Availability of cost-effective and user-friendly devices to monitor and record the overall effect of temperature on the food quality, as temperature is a crucial factor affecting quality and safety of food products is another factor affecting growth of the market.

- Critical Time Temperature Indicators (CTTI) segment is expected to be valued at US$ 115.8 Mn by 2028. Critical temperature/time integrators (CTTI) are useful in indicating whether the products have been subjected to temperature variations during the distribution chain. Moreover, they are useful to monitor the quality and safety of products, which can readily undergo unfavorable reactions when exposed above the critical product temperature. CTTI provides response reflecting the cumulative time-temperature exposure of the product above a reference critical temperature. The response from CTTI can be translated into an equivalent exposure time at the critical temperature.

Asia Pacific TTI labels market expected to witness highest CAGR over the forecast period (2018–2028)

The market for Asia Pacific is expected to register highest CAGR during forecast period. The market in Asia Pacific is expected to be valued at US$ 44.5 million by 2028. This growth is attributed to growing number of retail stores, e-commerce businesses, and super markets in emerging economies such as China and India. For instance, according to India Brand Equity Foundation (IBEF), the e-commerce market is expected to reach US$ 64 billion by 2020 from US$ 38.5 billion in 2017. Indian e-commerce industry has been on a rising growth trajectory and is anticipated to exceed the U.S. to turn into the second largest e-commerce market in the world by 2034. This in turn, is expected to increase the demand for cold storage, intelligent packaging, and temperature monitoring technology in the region. Time temperature indicators are increasingly being adopted by the packaging industry to maintain quality of seafood, meat, poultry, and ready-to-eat food products. According to Coherent Market Insights’ analysis, in 2014, around 2,091 billion units of packaged food products were sold in this region and is projected to reach 2,578 billion units by 2019. This increasing consumption of packaged food, in turn, is expected to boost growth of time temperature indicator labels market.

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Key Players:
Major players operating in the global time temperature indicator labels market include 3M Company, Temptime Corporation, Thin Film Electronics ASA, DeltaTrak, Inc., NiGK Corporation, Freshpoint Quality Assurance Ltd, LCR Hallcrest, LLC, CCL Industries Inc., Biosynergy, Inc., and American Thermal Instruments.

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.