New York, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Spoil Detection Based Smart Labels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06227798/?utm_source=GNW
, and are viewed as an ideal means to achieve greater efficiencies and profitability while providing the authenticity of an item and its traceability
Key Highlights
Smart labels provide detailed information about individual items in less time and offer it in real-time, and also help in ensuring authenticity and supply-chain integrity while creating new opportunities for brands to engage with customers. Also, the rising customer preference for the hygiene of food material coupled with the ability for runtime detection of the degree of freshness of food material is expected to drive the market demand for the spoil detection-based smart labels over the forecast period.
The increases in food and pharmaceutical recalls in recent years have raised global awareness about the genuine challenges of maintaining safe product temperature ranges during the production, handling, and administration of specific “cold chain” goods. In January 2020, FUSION IV Pharmaceuticals, Inc dba. AXIA Pharmaceutical voluntarily recalled all unused sterile drug products within expiry, to the user level, due to a lack of assurance of sterility.
Further, the emergence of the COVID-19 pandemic has led toward an increase in visible behavioral changes due to a higher inclination toward safe and traceable food on e-commerce platforms and raised public consciousness of health and safety in general. According to an IBM study (2020), approximately 71% of consumers were willing to pay an additional average premium of around 37% for companies providing full transparency and traceability of their products. Under such conditions, end-to-end visibility within the supply chain has become one of the top priorities for the businesses that are seeking to build trust with their consumers, where blockchain and IoT are expected to make a significant impact.
Smart labels in the pharmaceutical, healthcare, and food industries are buoyed by the increasing need to track and maintain the quality of the products in these industries. Some smart labels are also equipped to detect spoilage, especially during transit. Many kinds of sensors are integrated into these labels, such as optical, ultrasonic, and capacitive sensors. They are durable and provide information about moisture, temperature, movement, location, and many other factors.
Companies deploying such sensors can use them to check the condition of the products to prevent spoilage of the products and validate their freshness. Companies may also check the temperature of storage facilities to prevent spoilage.
Key Market Trends
RFID Segment is Expected to hold a Major Market Share
The trend of integrating sensors such as RFID with spoil detection-based smart labels is likely to be introduced across various industry verticals in the next few years. RFIDs have a limited cost and negligible maintenance, which make them appealing for numerous applicative scenarios such as manufacturing, logistics, healthcare, agriculture, and food.
Smart label development is an innovative application of RFID. Typical RFID systems are made up of two major components: the reader and the label. The smart label consists of an RFID system and a graphical user interface (GUI). Principally, the two main components involved in the RFID system are the transponder (the label that is attached to the antenna) and the interrogator (RFID reader).? Spoil detection-based smart labels convey the exact degree of freshness of the food material by changing their texture, color, or even communicating to the system with the help of RFID tags.
On a global level, about 33% of food is wasted in the supply chain according to FAO data, and as per the European Commission, this figure amounts to over 40% of food products before reaching the retail market. The key reasons for this food waste in the supply chain range from its production origin, its transformation, and packaging, largely for its aesthetic reason, HORECA purchasing management, distribution, and retail. Many distribution centers and warehouses have been investing in improving process efficiency to increase the efficiency of the processes as a part of improvement programs. Such investments are expected to drive growth for RFID-based smart labels.?
Moreover, RFID technology has generated demand for a printer capable of concurrently printing text, bar codes, and graphics on the surface of the Label in addition to reading, programming, reading, and verifying the RF tag embedded in the label. Smart label printers function as traditional printers when creating graphics, bar codes, and human-readable text. Though, they also have RFID encoders and readers embedded inside.?
An RFID system enables the unique traceability per product without the need for a direct line of sight for data reading. This exclusive automation results in the visibility of supply chain and logistics processes, which reduces errors, unknown losses, and out-of-stock to a minimum while simplifying and lowering inventory management and purchasing forecasting.
North America is Expected to Hold the Largest Share
North America is one of the largest markets for spoil detection-based smart labels globally, with the United States accounting for the significant share in the region. The country’s huge demand can be attributed to the vast presence of retail stores, both small and big. The United States is led by retail giants, such as Walmart and others, driving the upsurge in activity, largely contributing to the country’s growth of the studied market.
According to the US Department of Agriculture, food waste is estimated at between 30-40% of the food supply annually in the United States. Food waste has led to huge food insecurity in the country. The country is expected to witness 50 million people suffering from food insecurity in 2022 alone. This staggering increase in food security is expected to fuel large-scale initiatives to reduce food spoilage, driving the growth of the studied market. To address the alarming food wastage on the shelves of various retail stores, vendors in the market are introducing new spoil detection-based smart labels to minimize such wastage.
Technology proliferation in the studied market has allowed smart labels to predict freshness and help consumers and distributors understand spoiled ones. Research studies have helped in the development of indicator labels that can predict on-package freshness for guavas without altering the quality of the fruit.
Also, USDA and FDA (Food and Drug Administration) has announced a framework agreement to label cell-based meats and potentially other food products in 2019. This is expected to augment the size of the market in the country further. Moreover, vendors in the country invest in technologies that drive greater traceability throughout their supply chains, with blockchain being increasingly used along with the spoil detection-based smart labels.
Besides the rise in healthcare expenditure in the country, RFID technology is expected to propel the spoil detection-based smart label market in the healthcare and medical sectors. The increased spending is anticipated to create new avenues of deployment for spoil detection-based smart labels. Overall, the market is anticipated to mature significantly in the country over the forecasted period.
Competitive Landscape
The competitive rivalry in the spoil detection-based smart labels market is high owing to the presence of some key players such as Evigence Sensors, Insignia Technologies, and many more. The players in the industry have been able to successfully come up with product developments through continuous research and development by entering into strategic partnerships that have enabled them to boost market growth.
July 2021 - Avery Dennison signed an agreement to acquire Vestcom, a privately held provider of pricing and branded labeling for retailers and consumer packaged companies, for USD 1.45 billion in cash to accelerate its Smart Labels strategy further. Vestcom has about USD 400 million in annual revenue. Vestcom had 11 production facilities in the United States and about 1,200 employees, selling across retail channels.
January 2021 - Timestrip UK Limited launched two-time strip complete temperature indicators to track any breach of the temperature outside the designated range. The TC489 has upper and lower limit alarms and can communicate wirelessly using near field communication (NFC), and the TC490 is a simpler device monitoring similar ranges with 180-day service life.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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