The global smart labels market is set to grow at a 13% CAGR, reaching US$ 25 Bn by 2030, driven by RFID and digital printing technologies.
The global smart labels market is forecast to reach a valuation of nearly US$ 25 Bn by 2030, registering an US$ 18 Bn incremental opportunity. Growth is majorly underpinned by a flourishing organized retail sector across developing and developed countries.
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Ascending disposable incomes owing to rapid urbanization and improving living standards is stimulating demand for various consumer goods across the traditional and e-commerce retail segments respectively. There is an increase in footfalls across brick and mortar stores for purchasing various products.
As a result, demand for proper packaging solutions is on the rise. Manufacturers are abandoning conventional barcodes in favour of advanced smart label solutions such as RFIDs and NFCs to provide clear information regarding product formulation, expiry and manufacturing process.
Key Takeaways from the Smart Labels Market Report
“Government directives to ensure transparency in product information is compelling industries to adopt smart labelling solutions, prompting vendors to introduce market-specific labelling technologies,” concludes the FMI analyst.
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COVID-19 Impact Analysis
In spite of witnessing a major slump across key industry verticals, the market for smart labels is anticipated to remain sustained in the wake of surging demand for processed foods, healthcare consumables and FMCGs.
Consumers are availing the aforementioned products via e-commerce channels due to social distancing, which requires vendors to package and label the goods properly and deliver them to their customers. Hence, RFID and QR aided labelling are witnessing widespread adoption.
During this unprecedented era when personal hygiene takes precedence over everything else, it is imperative for manufacturers to ensure that healthcare and disinfectant products are adulteration free, thus increasing the need for proper inventory tracking solutions, thus uplifting smart labels growth prospects.
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Who is winning?
Prominent players in the global smart labels landscape are Avery Dennison Corporation, Honeywell International Inc., Zebra Technologies Corporation and CCL Industries Inc. These players collectively capture 15-20% of the revenue share.
Their primary strategies include product launches, expansion of product portfolios and strategic collaborations and acquisitions.
In September 2020, Avery Dennison Corporation introduced a dual-technology AD-362r6-P inlay combining item-level tracking and digital ID capabilities of a high-performance RAIN RFID (UHF) tag for a wide range of retail apparel products.
Zebra Technologies Corporation, another prominent player, offers handheld RFID scanners, fixed readers, antennae, labels & tags and printers. In 2016, it introduced RFID-based labels for fresh meat products.
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The article discusses the growth prospects of the global smart labels market, expected to expand significantly by 2030.
RFID and digital printing technologies are major drivers of the smart labels market growth.
The retail and logistics industries are leading in the adoption of smart labeling solutions.
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