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Smart Food Labels Global Market Report 2024 - By Share, Size, Trends And Demand, Forecast To 2033
Smart Food Labels Market
As per the report, the smart food label market size has grown exponentially in recent years. It will grow from $10.27 billion in 2023 to $12.39 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The smart food label market size is expected to see exponential growth in the next few years. It will grow to $26.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%.
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Rising Demand for Packaged Foods Fuels Growth in the Smart Food Labels Market
The growing demand for packaged foods is expected to propel the growth of the smart food labels market going forward. Packaged foods are food products that are pre-prepared, pre-measured, and often pre-cooked, then packaged and sold to consumers in a ready-to-eat or ready-to-cook state. The demand for packaged food is due to its long shelf life, convenience, advancements in food technology, and globalization. Smart food labels are helpful for packaged food as they enhance transparency, traceability, and consumer engagement by providing detailed product information and tracking data. For instance, in October 2023, according to Agriculture and Agri-Food Canada (AAFC), a Canada-based government department for agriculture and food-related products, in 2022, exports of processed food and beverage products reached an all-time high of $54.3 billion, marking a 14.1% increase compared to 2021. These exports represented 34.7% of the total production value. Therefore, the growing demand for packaged foods will drive the smart food labels market.
Innovative Smart Food Labels Revolutionizing the Industry
Major companies operating in the smart food labels market are adopting strategic partnership approaches to leverage each other's strengths, enhance their product offerings, and expand their market reach. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in January 2021, Innoscentia AB, a Sweden-based sensor technology firm, partnered with Ynvisible Interactive Inc., a Canada-based electronic device and appliances manufacturer, to develop dynamic expiry date smart food labels that will enable real-time food quality monitoring based on environmental and storage conditions. This smart label is designed to provide updated information about the packaged food products' expiry date and shelf life.
The smart food labels market covered in this report is segmented -
1) By Technology: Sensing Labels, Radio-Frequency Identification (RFID), Dynamic Display, Other Technologies
2) By Applications: Electronic And Information Technology (IT) Asset, Perishable Goods, Security Access, Smart Wrist Bands, Other Applications
3) By End-User: Food And Beverage, Healthcare And Pharmaceutical, Automotive, Fast-Moving Consumer Goods, Logistics, Retail, Other End Users
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Major companies operating in the smart food labels market are NXP Semiconductors N.V., Avery Dennison Corporation, Zebra Technologies Corporation, CCL Industries Inc, Checkpoint Systems Inc, HID Global Corporation, Sato Holdings Corporation, Intermec Technologies Corporation, Impinj Inc., Paragon ID, Confidex Oy, Invengo Information Technology Co Ltd, Lyngsoe Systems A/S, Alien Technology Inc, Xerafy Ltd., Tageos SAS, Thin Film Electronics ASA, MSM Solutions Ltd., UWI Technology Limited, Qliktag Software Inc.
Contents of the report:
1. Executive Summary
2. Smart Food Labels Market Report Structure
3. Smart Food Labels Market Trends And Strategies
4. Smart Food Labels Market - Macro Economic Scenario
5. Smart Food Labels Market Size And Growth
…..
27. Smart Food Labels Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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