The global spoil detection based smart label market is expected to witness significant growth over the forecast period. A smart label uses the technology beyond conservative bar codes and forms a crucial surface of printed electronics through the sensor technology. Spoil detection-based smart labels particularly capture an important portion of the printed electronics market, as they are widely 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 product 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.
The ability of runtime detection of the degree of freshness of food material and increased customer liking for the hygiene of food material is lashing the spoil detection-based smart label industry. Whereas, the lack of uniform standards and form factors of the label are restraining the growth of this market. The global spoil detection based smart label market is segmented on the basis of type, product type, application, and region. On the basis of type, the global market is classified into fish, meat, vegetables, dairy products, processed foods, others.
The market for fish-related products is expected to grow at the highest CAGR during the forecast period of 2014 to 2025 with maximum market share. Governing bodies of various countries have outlined policies to inspire the use of labels in fishery products. For example, according to the E.U. relation no. 1169/2011, frozen meat including seafood should possess the label of date of freezing, date of expiry, frozen meat preparation methods along with the name and address of the manufacturer/packer. They also contain several other general rules which cover nutrition, country of origin, and health claims. Such supportive government regulation helps the spoil detection based smart label market in the fishery industry to grow.
On the basis of product type, the global market is classified into a time-temperature indicator, oxygen indicator, carbon-dioxide indicator, pathogen indicator, and other. The time-temperature indicator segment holds the largest market share of the overall spoil detection based smart label market and is projected to remain leading over the forecast period of 2014 to 2025. Though, the drift of assimilating sensors such as RFID with spoil detection based smart labels is likely to be introduced in the market in the coming years. This integration will lead to the usage of spoil detection based smart labels in supply chain management, in order to manage the distribution and supply of food materials.
On the basis of applications, the global market is divided into the food and beverage and healthcare industries. These labels are used in food materials to monitor their degree of freshness. Food can be lost or spoiled during the supply chain, from early agricultural production to final household consumption. The labels are the ideal products to trace such loss and reduce the wastage of food materials.
Geographically, the global market is segmented into North America (U.S., Canada), Latin America (Mexico, Brazil), Western Europe (Germany, Italy, France, England, Spain, Nordic Countries, Belgium, The Netherlands, Luxembourg), Eastern Europe (Poland, Russia), Asia Pacific (China, India, ASEAN, Australia, and New Zealand, Japan), Middle East and Africa (GCC, South Africa, North Africa).
North America is projected to hold the largest market share during the forecast period, which is then followed by Europe and the Asia Pacific excluding Japan. This is due to increasing customer liking for hygienic food material and supportive customs by the Food and Drug Administration (FDA) and the U.S. Department of Agriculture (USDA) to reduce the wastage of food due to contamination of food material during distribution is expected to the increasing market in North America, and it is estimated to grow at the highest CAGR.
APEJ is estimated to witness significant growth opportunities over the forecast period. Over the forecast period, increasing demand for packaged food products and growing consumer awareness about packaged food safety are likely to dramatically reinforce the growth of spoil detection based smart labels in the APEJ region. The key players of the global market are Sato Holdings AG, Zebra Technologies, Thinfilm Electronics ASA, Invengo Information Technology Co., Ltd., Smartrac N.V., and Muhlbauer Holding AG & Co. KGAA.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.