Smart Food and Beverage Label Market worth USD 31.79 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Food and Beverage Label Market by Application (Food, Beverage), by Product (RFID, NFC, Temperature Sensing Labels, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart food and beverage label market was valued at USD 10.97 billion in 2020 to USD 31.79 billion by 2027, at a CAGR of 19.8% from 2021 to 2027. A smart label is an advanced way to meet customers' demands. With a smartphone scan, customers will access essential ingredient information using on-label quick response (QR) codes, similar to barcodes. Although the smart label strategy sounds like an improvement with the QR code strategy, there are some inherent issues.

First and foremost, smart labels can keep essential information off the packet and out of sight by relegating sensitive information such as genetically engineered material to cyberspace. This is especially relevant when people realize that less than two-thirds of consumers have smartphones. The access disproportionality is lacking in low-income, elderly, and rural communities, precisely the most susceptible to deprived nutrition. Research conducted by Mellman Group in the U.S. found that nearly 90% of those surveyed favored on-package labels over bar-code-based ingredient information, and only 16% used a QR code over capture information in a grocery store. Although the companies behind smart labels are stating a good faith attempt to provide information to customers, the fact is that few consumers will use this technology due to a lack of awareness and technological transparency. Until adequate advertisements and preparation are carried out, most consumers will remain in the dark about how their food is made.

Global Smart Food and Beverage Label Market Segmentation

The overall smart food and beverage label market has been segmented into application, product, and regions.

• By Application (Food, Beverage)
• By Product (RFID, NFC, Temperature Sensing Labels, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Software, by application, is estimated to hold the largest market share during the forecast period

Based on the application, the global smart food and beverage label market has been segmented into food and beverage. In 2020, Food accounted for the largest market share of 63.63% in the global market of smart food and beverage labels and had a CAGR of 18.3% during the forecast period.

Smart labels can be applied to food products and, by using electromagnetic fields, can automatically track products across the supply chain. This adds traceability to the commodity, essential to monitoring the food source and preventing counterfeit products. Ultimately, this helps improve the safety and protection of food, especially crucial for perishable products such as meat, dairy, and seafood. As the packaged food industry continuously expands, the clarity of ingredients is often compromised with its variation. Growing health concerns has dramatically increased the demand for clear labeling of the products.

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North America accounts for the largest market share during the forecast period in the smart food and beverage label market

Based on the regions, the global smart food and beverage label market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 74.59% in the global smart food and beverage label market. It was anticipated to maintain its dominance throughout the forecast period, followed by the Asia Pacific.

North America is an emerging market for the smart labeling of food and beverage products. The strong economy of the U.S. and Canada have profoundly influenced the growth of the industry. Large beverage companies in the region and regular innovation by the food and beverage sector have increased the demand for smart labeling of beverage and food products. North American exports are substantially large in terms of dairy, food, and beverage. The companies are actively implementing the smart label technology to maintain transparency in the supply chain and provide detailed product information, such as ingredients and other product attributes. The U.S. is a significant market leader in North America. As smart labeling technology is in its early stages, the lack of consumer knowledge and the manufacturer's fear that the production cost will go higher hold back the industries’ growth. Product pricing and the packaged food industry's competitive environment restrict private companies from entering the technology. Even big giants involve a tiny percentage of their higher-end goods because they fear losing the market share.

Some of the major companies that operate in the global smart food and beverage label market are Thin Film Electronics ASA and Qliktag Software Inc., Avery Dennison Corporation, Checkpoint Systems, Inc., Sato Holdings Corporation, and Alien Technology, LLC.

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