Spoil Detection-Based Smart Label Market Expected to Thrive Impressively: FMI’s Forecast for 2016-2026

Overview: Spoil Detection-Based Smart Label Market

A smart label uses the technology beyond conventional bar codes, and forms a crucial facet of printed electronics through the sensor technology. Spoil detection-based smart labels especially capture an important portion of the printed electronics market, as they are extensively used for groceries, and other food and beverage products all over the globe. While a sizeable population across the globe is a dedicated packaged food products buyer, it has been observed that consumers are finding it easy to read the detailed product information stored in a chip, using their smartphones, computers, or scanners.

According to the U.S. Grocery Manufacturers Association (GMA), around 80% of products belonging to food and beverages, pet and personal care, and household verticals will do feature a smart label, within the next five years. Drupa (the largest printing equipment exhibition in the world, held in Germany) indicates that an increasing number of companies are relying on smart labels to provide traceability of their food products to consumers. Leading food manufacturing brands, including Hershey Co., Kellog Company, The J.M. Smucker Company, and Nestle have started using smart labels.

Future Outlook: 2016-2026

The global market for spoil detection-based smart labels is rapidly growing and is anticipated to witness robust growth during the forecast period 2016-2026. Spoil detection-based smart labels detect the exact freshness of products and facilitate the entire process of monitoring the product spoilage in real time. They also serve to monitor and measure the factors; temperature, pH, moisture, and microbial growth to mention the basic ones. This strong attribute is a key factor influencing the overall growth of the market.

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Key Drivers: Spoil Detection-Based Smart Label Market

Food materials are predicted to propel the demand for spoil detection-based smart labels. According to FMI’s research, vegetables, fruits, meat, and fish will continue to drive heavy growth of the market globally. With rising adoption of smart packaging and increasing consumer population inclined toward purchasing hygienic food products, the market is expected to gain traction in the packaged food products sector. A few developed nations are currently following strict norms related to minimal food wastage, prompting at elevated demand for spoil detection-based smart labels for virtually tracking food spoilage.

Apart from food and beverage industry, smart labels are being increasingly used in pharmaceuticals, medical and healthcare, chemical, and logistics, which is foreseen to bolster the market growth over the forecast period. Moreover, growing collaborative efforts from several private and government entities is said to play a major role in improving the quality and efficiency of products, thereby supporting the market to thrive. In addition, favourable governmental regulations and policies will act a key driving force in strengthening the spoil detection-based smart label market globally. Increasing number of food safety standards monitoring agencies all over the globe is also an important reason for widespread adoption of smart labels.

Trends and Opportunities

Use of spoil detection-based smart labels in pharmaceutical industry is highly trending against the issues such as safety and authenticity of products, expiry dates and overstocking, and post-sales product returns.

The medical and healthcare industry is increasingly using spoil detection-based smart labels for tracking the real time spoilage of various health monitoring equipment, blood and other test samples, and hospital-specific goods.

SCM is anticipated to be an attractive sector for the spoil detection-based smart labels market, since it forms an integral part of various industrial verticals, including pharmaceuticals, medical and healthcare, and food and beverages.

FMI indicates strong growth opportunities for established as well as emerging companies in the market, owing to rising use of sensory labels in healthcare industry, burgeoning supermarket chains in the U.S. and Europe, and innovative R&D by key players.

Focusing on the transparency about providing product information along with the products’ origin could be an opportunity for entrants to new geographical markets.

Spoil Detection Based Smart Label Market: Segmentation

The global spoil detection-based smart label market is segmented on the basis of product type, application, and region.

On the basis of product type, the market is further segmented into time- temperature indicator, oxygen indicator, carbon-dioxide indicator, pathogen indicator, and others. The time-temperature indicator segment holds key importance in adoption of spoil detection-based smart labels.

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Regional Outlook

According to regional analysis, the global market is segmented into seven key regions, including North America, Latin America, Eastern Europe, Western Europe, Japan, Asia Pacific excluding Japan (APEJ), and Middle East and Africa (MEA). North America and Western Europe are currently having a strong hold in the market, driven by higher consumer awareness about packaged food safety and technological advancements in the food and beverages packaging industry.

APEJ is projected to witness considerable growth opportunity over the forecast period. Over the forecast period, increasing demand for packaged food products and growing consumer awareness about packaged food safety are expected to dramatically bolster the growth of spoil detection-based smart labels in the APEJ region.

Key Players in the Global Spoil Detection Based Smart Label Market

Some of the key players identified to lead the market include Sato Holdings AG, Zebra Technologies, Thinfilm Electronics ASA, Invengo Information Technology Co., Ltd., Smartrac N.V., and Muhlbauer Holding AG & Co. KGAA. Many of these companies are concentrating on application-specific products development to cater to individual business-related needs. Product innovation strategies are foreseen to continue accounting for increased revenues.

In 2015, the collaboration of PakSense (a leading U.S.-based logistics company) with Thinfilm started offering smart labels to food industry, particularly for temperature monitoring. The same year, Flexstr8, a U.S. start-up started providing NFC-enabled labels for consumer products, pharmaceuticals, and chemicals. Tyson Foods Inc., a leading U.S. meat and poultry producing company, has recently added a QR code to some of its chicken products in order to support expansion in the Chinese market, where consumers prefer to buy very fresh poultry products. The Italian pasta and sauce maker Barilla recently teamed with Cisco, Penelope S.p.A., and NTT Data for the development of QR codes, assuring safety for foods.

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In the early 2016, Thinfilm Electronics, partnered with Constantia Flexibles, collaborated with Hopsy for introducing wireless NFC tags to a variety of locally produced craft beers across the U.S.

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This release was published on openPR.