Global Smart Label Market Size 2024, Forecast To 2033
6 Mar, 2024
The smart label market has witnessed rapid growth, escalating from $9.38 billion in 2023 to $10.91 billion in 2024, demonstrating a notable compound annual growth rate (CAGR) of 16.2%. This growth in the historic period is attributed to retailer demand for efficiency, supply chain optimization, cost reduction strategies, increased concerns about counterfeit products, and the integration of data analytics. Moving forward, the market is expected to maintain its rapid growth, reaching $18.9 billion in 2028, with a slightly lower CAGR of 14.7%. The forecast period will be characterized by an increased focus on brand authentication, consumer demand for sustainability, the growth of e-commerce, personalized consumer experiences, health and safety concerns, and the development of a connected packaging ecosystem. Key trends in this period include the integration of IoT, the proliferation of QR codes, anti-counterfeiting measures, product innovations, and the seamless integration of mobile apps.
Global Smart Label Market Key Driver
The expected increase in demand from end users, particularly the food and beverage industry, is poised to boost the smart label market. The food and beverage industry, encompassing businesses involved in processing, packaging, and distributing uncooked food, benefits from smart labels that enhance product traceability. This traceability is crucial for preventing counterfeit goods and maintaining the integrity of the supply chain. Notably, the exports of food and drink increased by 31% in 2022 compared to 2021, as reported by the Food & Drink Federation in February 2023. Additionally, the industry achieved a turnover of US$3.52 billion (£10.3 billion) in 2022, constituting 33% of total Scottish manufacturing. Hence, the rising demand from end users, particularly the food and beverage industry, remains a key driver for the smart label market, with market sizes of 2023, 2024, and 2028 integral to this growth narrative.
Get A Free Sample Of The Global Smart Label Market ReportGlobal Smart Label Market Segments
The smart label market covered in this report is segmented –
1) By Component: Batteries, Transceivers, Microprocessors, Memories, Other Components
2) By Labeling Technology: Radio Frequency Identification (RFID), NFC Tags, Electronic Article Surveillance (EAS), Sensing Labels, Electronics Shelf Labels
3) By Printing Technology: Flexographic Smart Labels, Digital Smart Labels, Gravure Smart Labels, Screen Smart Labels
4) By Application: Retail Inventory, Perishable Goods
5) By End-User: Retail, Healthcare And Pharmaceuticals, Food And Beverages, Consumer Electronics, Supply Chain and Logistics, Transportation, Other End Users
By Geography:The regions covered in the smart label market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the smart labels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global smart label market during the forecast period. The regions covered in the smart label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Smart Label Industry Players
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 Pvt. Ltd., Muehlbauer Holding AG & Co. KGaA, Smartrac N.V., Multi-Color Corporation, Intermec Inc., SML Group Limited, CGL Industries Inc., Centre for Process Innovation, PRAGMATIC SEMICONDUCTOR LIMITED, ShipBob Inc., UnitedMasters, Accroma Labtec Ltd., Smart Planet Technologies Inc., Adrich, Uwitechnology Ltd., Cypak AB, General Mills Inc., PepsiCo Inc., Mondelez International, The Coca-Cola Company, Unilever plc, William Frick & Company, Honeywell International Inc., Scanbuy Inc.
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Smart Label Market Overview
Smart labels are special labels that contain advanced technology to provide additional information beyond a traditional label. It is used as directions for using or preparing the product, tips for recycling the packaging, warnings about safety and handling, and scrumptious recipes.
Smart Label Global Market Report 2023 provides data on the global smart label market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart label market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.