NEWARK, Del, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The global thermochromic labels market size is anticipated to grow from US$ 398.9 Mn in 2022 to US$ 653.7 Mn by 2030, accelerating at a CAGR of 6.4% throughout the forecast period (2022-2030). Extensive usage in end-use industries like food & beverages, pharmaceutical, cosmetics, automotive, etc. is driving demand for thermochromic labels in the market.
Thermochromic labels are heat-sensitive labels that are reactive to temperature to indicate a color change. These labels are ideally used for packaging, anti-counterfeiting, branding, and labelling purposes. One of the foremost factors boosting the growth of the thermochromic labels market is improved usage of the product in the food and beverage industry.
The food and beverage industry is utilizing thermochromic labels in a creative way which is improving the demand for the product in the market. The labels are designed to indicate appropriate consumption temperature, product condition, and lottery prize winners.
Thermochromic labels are slowly replacing scratch-off labels and other peel-off labels as a technologically advanced and sustainable option. Furthermore, thermochromic labels are used by brands to attract customers through creative branding on the packaging. All these factors are cumulatively acting as catalysts triggering the growth of thermochromic labels market.
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Key Takeaways from Thermochromic Labels Market
- By label type, the irreversible segment is projected to remain the leading segment for the thermochromic labels market, holding around 4/5th portion by the end of 2022.
- By end use, food and beverage segment is estimated to capture more than 38% market share in terms of value while the pharmaceuticals segment is likely to witness a CAGR of 7.7% during the forecast period 2022-2030.
- Asia Pacific thermochromic labels market is expected to create an incremental opportunity of US$ 132.7 Mn during 2022-2030.
- Germany is estimated to account for around 20% of the Europe thermochromic labels market
- The thermochromic labels market in India is poised to generate a revenue of US$ 27.5 Mn by the end of 2022.
“Combating counterfeits and extending drug lifespan in the pharmaceutical industry and the rise of organized retail food sectors in the Asia Pacific are expected to act as catalysts in the growth of thermochromic labels market.” –says FMI Analyst
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Rise of Organized Retail Food Sector in the Asia Pacific is Boosting the Sales of Thermochromic Labels Market
According to Invest India, food and groceries are the largest segment present in the retail sector in India and account for almost 66% of the total retail spending by the nation. The retail food sector in the country is being shaped by the evolving lifestyles of consumers and the increasing number of buyers for food and groceries. Permeation of thermochromic labels in the organized food sector is improving with the need to monitor and safeguard the food products during transportation and storage.
According to the U.S. Department of Agriculture, US$ 717 Bn of retail food and non-food products were sold in retail stores in the country in the year 2019. Supermarkets and smaller grocery stores accounted for the largest share of all stores, which was almost 92%. Due to a significant increase in Walmart and Costco stores, retail trade in the U.S. has taken a flight to significant growth and is expected to hence boost the demand for thermochromic labels.
Who is Winning?
Some of the key players in the thermochromic labels market are Avery Dennison Corporation, CCL Industries Inc., Siltech Limited, Chromatic Technologies Inc. (CTI), Gravic Group, LCR Hallcrest LLC, Eltronis, Multi-Color Corporation (MCC), DeltaTrak, Inc. and E. Textint Corp among others.
Leading thermochromic label manufacturers are continuously innovating to introduce highly efficient products that can meet end user demand. Besides this, they are adopting strategies like mergers, partnerships, acquisitions, collaborations, etc. to expand their presence.
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Thermochromic Labels Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global thermochromic labels market, analysing historical demand from 2017-2021 and forecast statistics for 2022-2030. The study reveals market growth projections on the thermochromic labels market based on label type (reversible, irreversible) and end use (pharmaceuticals, food & beverages, cosmetics & personal care, media & entertainment, automotive, and other manufacturing (aerospace, etc.) across seven regions
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The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Thermochromic Labels Market by Category
By Label Type:
- Reversible
- Irreversible
By End Use:
- Pharmaceuticals
- Food & Beverages
- Cosmetics & Personal Care
- Media & Entertainment
- Automotive
- Other Manufacturing (Aerospace, etc.)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Macro Factors and Forecast Factors
3.4. Value Chain Analysis
3.4.1. Profit Margin Analysis
3.4.2. Raw Label Type Suppliers
3.4.3. Manufacturers, Wholesalers and Distributors
3.4.4. End Users/ Customers
3.5. Regional Parent Market Outlook
3.6. Production and Consumption Statistics
3.7. Global Average Pricing Analysis Benchmark
4. Global Thermochromic Labels Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
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Multi-Part Labels Market: Multi-part labels are additional labels with part-specific content, aside from the base label on the packed products.
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