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Smart Label Market Size, Share Analysis, Challenges, Future Growth, Industry Demand And Business Strategies - Avery Denison Corporation, CCL Industries Inc., Checkpoint Systems Inc., Thin Film Electronics ASA
Smart Label Market
Smart Label Market Size, Growth Rate, And Forecast
The global smart label market size is expected to grow from $8.05 billion in 2022 to $9.38 billion in 2023 at a compound annual growth rate (CAGR) of 16.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart label market size is expected to reach $16.47 billion in 2027 at a CAGR of 15.1%.
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Smart Label Market Drivers
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the smart label market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Smart labels add traceability to the product which is important for tracing the source of the food that helps in preventing fake goods, as a result, increasing demand from end users such as the food and beverage industry increases the demand for the smart label market. For instance, in 2023, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the exports of food and drink increased by 31% in 2022 compared to 2021. Additionally, the food and beverages industry have a turnover of US$3.52billion (£10.3 billion) in 2022, accounting for 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the smart labels market.
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Smart Label Market Segments
• By Component: Batteries, Transceivers, Microprocessors, Memories, Other Components
• By Labeling Technology: Radio Frequency Identification (RFID), NFC Tags, Electronic Article Surveillance (EAS), Sensing Labels, Electronics Shelf Labels
• By Printing Technology: Flexographic Smart Labels, Digital Smart Labels, Gravure Smart Labels, Screen Smart Labels
• By Application: Retail Inventory, Perishable Goods
• By End-User: Retail, Healthcare And Pharmaceuticals, Food And Beverages, Consumer Electronics, Supply Chain and Logistics, Transportation, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the smart labels market.
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Smart Label Market Key Players
Major competitors in the smart label market are Avery Denison Corporation, CCL Industries Inc., Checkpoint Systems Inc., Thin Film Electronics ASA, Alien Technology Inc., Zebra Technologies Corporation, SATO Holdings Corporation, Invengo Technology Pte. Ltd., Advantech USA, Muehlbauer Holding AG & Co. KGaA.
The Business Research Company's "Global Smart Label Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Smart Label Market Include:
1. Executive Summary
2. Smart Label Market Characteristics
3. Smart Label Market Trends And Strategies
4. Smart Label Market - Macro Economic Scenario
5. Smart Label Market Size And Growth
………………
27. Smart Label Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Label Market
29. Smart Label Market Future Outlook and Potential Analysis
30. Appendix
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