The global smart food and beverage label market was valued at US$ 11.1 billion in 2021. The global smart food and beverage label market is forecast to grow to US$ 35.79 billion by 2030 by growing at a compound annual growth rate (CAGR) of 18.8% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Smart packaging is gaining rapid traction, owing to the growing consumer demand for innovations and healthy food. Furthermore, the rising demand for packaging that ensures product quality will contribute to the growth of the global smart food and beverage label market.
Radio-frequency identification (RFID) and smart labels are easy to incorporate and offer various benefits, such as deterring fraud and locating items. Thus, it will contribute to the growth of the global smart food and beverage label market during the forecast period.
Growing initiatives from government organizations will escalate the growth of the global smart food and beverage label market. The Food Safety Modernization Act (FSMA) requires CPGs to offer essential information related to the manufacturer and distributor of a product. Such mandates will benefit the smart food and beverage label market during the forecast period.
Smart labels are also used to check the temperature and consistency of the products. Moreover, it also ensures the protection of customers. Furthermore, this technology helps avoid recalls and mitigate the chances of contamination. All of these factors will escalate the growth of the global smart food and beverage label market.
Rising employment rate and urbanization will boost the growth of the smart food and beverage label market. The growing number of expansion strategies by market players will offer ample growth opportunities for the market. For instance, Label Insight extended its operations in the Canadian market in 2020 with the aim to offer Smart Label.
COVID-19 Impact Analysis
The global smart food and beverage industry witnessed significant growth due to the changing purchasing capacity of consumers. In addition, the demand for frozen food surged significantly. It also increased the demand for healthy food and maintain nutritional quality. As a result, it fueled the growth of the global smart food and beverage label market.
Regional Analysis
The Asia-Pacific smart food and beverage label market is forecast to grow at the fastest growth rate. The region holds one of the world's largest dairy markets. In addition, the rising demand for packaged food and beverages will contribute to the growth of the smart food and beverage label market in the coming years. Additionally, growing urbanization and per capita income will benefit the market during the study period. Increasing demands from the population to maintain the hygiene standards will offer ample growth opportunities for the smart food and beverage label market.
Competitors in the Market
Market Segmentation
The global smart food and beverage label market segmentation focuses on Application, Product, and Region.
By Application Outlook
By Product Outlook
By Regional Outlook
