#smartlabel

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The global smart label market is expected to reach USD 16.12 billion by 2025, according to a new report by Grand View Research, Inc. Installation of efficient anti-theft and anti-counterfeit system in several end-user industries is projected to propel the demand. Constant research and innovation efforts to design advanced and application specific products are expected to be the key trend in the global smart label market over the next few years.

Rapid urbanization and rise in disposable income of consumers have propelled key end-user industries such as retail, FMCG, and healthcare & pharmaceutical in Asia Pacific in the recent past. Growing economic trends in China, India, Japan, South Korea, and South East Asian countries have created lucrative opportunities in the smart label market.

Usage of smart label helps companies to prevent key issues such as theft, shop lifting, and counterfeit. Thus, emerging presence of key retail and manufacturing industries in developing regions is projected to accelerate the growth of smart label market in the next few years.

To request a sample copy or view summary of this report, click the link below: http://www.grandviewresearch.com/industry-analysis/smart-label-market

Further key findings from the report suggest:

The global     market for smart label was valued at around USD 4.21 Bn in 2015 and is     expected to reach over USD 16.12 Bn by 2025, growing at a CAGR of 14.7%     from 2016 to 2025

RFID labels     accounted for over 60% of global volumes in 2015, and is expected to grow     over the next nine years on account rising demand in retail sectors

In terms of     components, batteries segment was estimated to dominated the global smart     label market in 2015

Retail     inventory accounted to be the largest application segment in 2015,     accounting for over 22% of the global smart label market volume owing to     excellent real time tracking efficiency

Perishable     goods application segment is anticipated to exhibit promising trend by     expanding at the fastest CAGR from 2016 to 2025 due to rising use in     medication management and medical instruments

Retail is     expected to be the highest revenue generating end-user segment of the     smart label market growing at a double digit CAGR of over 14% from 2016 to     2025, owing to improved supply chain efficiency obtained from smart label

Asia Pacific     is projected to witness the fastest growth rate over the forecast period,     owing to promising trend in retail and FMCG industries in developing countries

Avery     Dennison Corporation, CCL Industries, Inc, Zebra Technologies Corporation,     Alien Technology Inc, Intermec Inc, Checkpoint Systems, Inc are some of     the key players operating in smart label market

The major     smart label manufactures are focusing to enhance their presence in     emerging BRIC counties through introduction of new products and capacity     expansion

See More Reports of This Category: https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

About Grand View Research:

As a technology company working closely with companies within the consumer products manufacturing, pharmaceutical products and retail industries, we’ve been working through approximately a dozen product labeling or transparency regulations in the last few years. Regulations around labeling within the industries are in constant flux, bringing with them frequent changes to requirements and content, often leaving enterprises struggling to comply. Why are these changes occurring so frequently?

Consumers today have become more conscious of their health, their purchases and the effects of their choices on themselves and the world around them. They are concerned about what they eat and how their purchases can have repercussions on communities and the environment. Because of near universal access to the internet through smartphones, this socially aware generation is used to quickly pulling up information about everything and is more likely to take their business to brands that are perceived as socially good. Echoing these shifts in consumer mindsets, governments across the globe are enforcing or in the process of introducing regulations for labeling and packaging that take into account the safety and concerns of their citizens. Let us take a look at the areas inspiring these regulation changes.

Growth of illicit trade in counterfeit products

Governments across the world are turning to traceability features and introducing regulations for serialization on pharmaceutical packaging or in the process of doing so. These regulations come in the wake of rising criminal activities in the form of illicit trade in fake and substandard medicines, continued existence of parallel supply chains and supply chain inefficiencies. The Drug Supply Chain Security Act (DSCSA) in the US came out in 2015 with the goal to create an electronic system that can track and trace certain prescription drugs, with dispensers, pharmacies, manufacturers, repackagers, wholesale distributors, third-party logistics providers, and trading partners being responsible for reporting all transactions as well as providing support in the investigation of suspect drugs. The act aims to electronically integrate all prescription drugs at the unit level into the system by 2023. Similarly, the EU’s Falsified Medicines Directive, that went live in February of 2019, looks to attach a unique serial code embedded into a 2D data matrix code on individual packaging, that can carry verified data associated at the unit, batch and pallet level.

Compliance to these regulations have thus become the major focus for all pharmaceutical manufacturers and supply chain partners, who now have to assign serialized codes and integrate them into their information management systems, ensure the authenticity and security of the data associated with each unique code and share the same with regulatory bodies for compliance.

Rise in demand for consumer transparency and clean labels

This information driven age has aided in the growth of social and environmental consciousness, and people today have become aware of their responsibilities and the impact their lifestyle choices have on societies and the environment. What consumers want from product labels goes beyond a simple ingredient list. They want to know the provenance of the bar of chocolate they want to buy; is it an authentic product? Does it contain anything they could be allergic to? Is it safe for a diabetic? Was it ethically and sustainably sourced and produced? Consumers are demanding more transparency not just into the contents of products but the processes involved in producing and distributing them as well.

In order to encourage healthier eating habits and lifestyle choices while keeping in mind widespread health concerns, regulatory bodies want enterprises to be responsible with their products and nutritional claims and they want that to reflect on the labeling. They are putting in place regulations to ensure that product labels have accurate nutritional information, in standardized formats that are easy to read and absorb. The National Bioengineered Food Disclosure Standard (NBFDS) which came into force this year, with a mandatory compliance date in 2022, is a reflection of these concerns. It is intended for manufacturers, importers, retailers and other entities in retail space for the disclosure of bioengineered food and ingredients on product labels. Through it, the USDA has established four channels to do so: (1) text, (2) symbol, (3) electronic or digital link or (4) text messages.

Regulatory bodies are also looking into revamping labels so that they are less confusing. For example, the UK’s FSA is exploring options on how to incorporate allergen content on pre-packed food for direct sale, that is quick to spot and easy to discern. GMA’s SmartLabel initiative is another example of enterprises and regulatory bodies embracing digitization for greater transparency in order to deliver standardized digital labels on everyday consumer products that display information in a clear and attractive format.

Changing political climates

Another cause for shift in regulations that will impact the design and content of product packaging and labeling is the changing political climate. The impending Brexit situation will bring changes in labeling regulations for certain food and beverages, in the event that the UK leaves the EU without a deal on October 31, 2019. The UK government will introduce changes to labeling concerning goods produced or imported or placed on the UK market after exit day. Retailers, manufacturers and distributors will need to remove all logos and trademarks with the EU emblem to reflect the change.

Operating in global supply chains

Modern enterprises operate massive and complex supply chains sprawled across the world. They sell their products in a large number of countries while maintaining compliance with the labeling regulations of each. The more global their reach, the more regulations they need to comply with.

A global presence also means a highly diverse audience, consisting of people speaking a wide variety of languages. For example, the EU requires all medical devices sold within its territories to have labels in languages of its member states. Similarly, multilingual countries like Belgium and Canada have regulations in place to ensure their linguistic diversity is reflected on all labels and packaging within their territories.

Why go digital?

The answer to keeping up with changing labeling regulations may lie in going digital. Electronic or digital disclosure of product information are in congruence with the habits of technology savvy modern consumers who are used to turning to their smartphones for information on just about everything. Electronic labels leverage the internet and a browser available on most smartphones as a means to deliver consumer specific product information which can be activated straight off the packaging. Unlike their print counterparts, changes to electronic labels can be done with quicker turnaround times, doesn’t require packaging reprints and cost a lot less in money and effort while being able to deliver more information to the consumer.