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Smart Food Labels Market Outlook 2024-2033: Opportunities, Strategies, and Forecast
Smart Food Labels Market Outlook
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased consumer demand for transparency, growth in concerns about food safety, regulatory mandates for nutritional labeling, advancements in technology enabling innovative labeling solutions, high prevalence of food allergies and intolerances, heightened awareness about sustainability prompting eco-friendly labeling initiatives, and the expanding market for personalized nutrition.
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%. The growth in the forecast period can be attributed to advancements in smart packaging technologies, stringent regulations regarding food safety and labeling, growing adoption of IoT and NFC-enabled devices, rising concerns about food allergies and dietary restrictions, expanding awareness about sustainability and ethical sourcing, and the proliferation of smartphones and mobile applications. Major trends in the forecast period include advancements in technology enabling real-time tracking of nutritional information, rising adoption of IoT devices in kitchens, growing awareness regarding food allergies and dietary restrictions, emergence of personalized nutrition solutions, expanding regulatory requirements for food labeling, and the integration of augmented reality for interactive product information.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Smart Food Labels Market 2024 Key Insights:
• 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%.
• Rising Demand for Packaged Foods Fuels Growth in the Smart Food Labels Market
• Innovative Smart Food Labels Revolutionizing the Industry
• North America was the largest region in the smart food label market in 2023
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