New York (US), June 07, 2023 (GLOBE NEWSWIRE) -- Security Label Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Security Labels Market Information by Identification Method, Vertical, and Region - Forecast till 2027”, The market for security labels can anticipate being worth USD 27,907 million by 2030 while recording a CAGR of 5.30% from 2022 to 2030.
Market Synopsis
Nearly 8–9% of all global trade is impacted by product counterfeiting and tampering, making it one of the main causes of worry for brand owners and brand marketers. Therefore, for significant brands, counterfeit and fraud mitigation is now not only optional but also a crucial component of upholding the brand's reputation and safeguarding their customers.
Consumer electronics, food and beverage, luxury cosmetics, and medicines are a few industries that produce a lot of need for security labels.
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Market Competitive Landscape:
The important firms active in the security labels industry are
- 3M Company (US)
- Avery Dennison Corporation (US)
- CCL Industries (Canada)
- UPM (Europe)
- Honeywell International Inc (US)
- Tesa SE Group (Germany)
- Data Label (Europe)
- Polylabel.com (US)
- Star Label Products (US)
- Watson Label Products (US)
- All4Labels Global Packaging Group (Germany)
- Multi-Color Corporation (US)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 27,907 million |
| CAGR | 5.30% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Identification Method, Product Form, and Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
| Key Market Drivers | Increasing demand from the consumer goods sector to aid market growth |
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Market USP Covered:
Market Drivers:
Since holographic labels improve the functionality of product packaging and these are aesthetically beautiful. Security labels provide further defense against product fraud. Additionally, the variety of embossing patterns on the label aid in the consumers' comprehension of the product's legitimacy.
Customers desire to be informed about the products they purchase and do not wish to be duped by false information. This has accelerated the market growth for security labels, in addition to the packaging sector's explosive growth. The global market will benefit in the next years from increased demand for these labels in the retail and food & beverage industries.
The demand for security labels has gone up as the e-commerce sector has become increasingly well-known on a global scale. Logistics, consumer durables, and electronics are a few additional important application areas for security labels, and these industries will experience significant commercial growth in the years to come.
Market Restraints:
Consumers today are acutely dedicated to making sustainable purchasing decisions and are extremely conscious of the environmental impact of the various things they purchase. Among the main raw materials used for creating labels are vinyl, polypropylene, polystyrene, and foam film sheets. However, these goods have large carbon footprints and cannot degrade naturally. In addition, a lot of greenhouse gases are produced throughout the production process. All of these elements may work against the global market in the years to come.
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COVID 19 Analysis
The security labels industry has been drastically affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing security labels along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Identification Method
Identification methods covered include RFID, barcode, holographic, and others. In 2016, the highest growth was noted by the barcode segment, as these are majorly deployed in diverse sectors including consumer goods, pharmaceuticals, transportation & logistics, and retail, keeping track of all their products and detecting the outgoing shipments along with equipment. Barcodes are reliable, cost-effective, and considered to be the best technique for collecting the necessary data. However, in the coming years, the RFID segment can achieve the fastest growth rate, due to its substantial demand in supply chains.
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By Product Form
With respect to product form, the major segments are reels and sheets. The sheets segment has been in the lead since 2016.
By Application
Security labels have applications in food & beverages, pharmaceuticals, consumer goods, and others. Due to the extensive use of advanced security labels in this industry and the growing importance of labelled products with the essential information provided on the label, the food and beverage application is the market leader. Barcodes and labelling are crucial for both sellers and customers because the food and beverage packaging industry is heavily regulated and subject to numerous government regulations and standards. Due to the growing concerns about prescription fraud, high operational expenses in the healthcare sector, and frightening increases in medical device thefts, the pharmaceutical industry is also doing well.
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Regional Insights
Given the vibrant retail sector, APAC currently has the greatest revenue-generating market for security labels. The most appealing markets in the Asia Pacific are India, Japan, China, and Indonesia, with China taking the top rank. Because of the booming consumer goods and food & beverage sectors, China is doing incredibly well. The escalating strictness of the laws and guidelines governing the food packaging industry can also be associated with the APAC market expansion. A growing number of firms are implementing cutting-edge processes to produce tamper-proof goods as a result of the opportunities. As a result, the food and beverage industries have been encouraged to utilise security labeling.
With applications in snack foods, ready-to-eat meals, frozen dinners, and more, North America, the second largest market, stands to benefit from the rising need for security labels in the pharmaceuticals and food and beverage industries. Additionally, the booming pharmaceutical sector promotes corporate expansion. Given the growing preference for smart labels over traditional barcode data, the US industry is incredibly lucrative.
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