New York, June 29, 2023 (GLOBE NEWSWIRE) -- The Spoil Detection-Based Smart Label Market was valued at US$ 1.5 billion in 2023. According to Persistence Market Research, sales of spoil detection-based smart labels are estimated to reach US$ 4.8 billion by 2033, expanding at a CAGR of 12% from 2023 to 2033.
The growing consumer preference for convenient goods is fueling the market demand for smart labels with spoil detection. Factors such as the rise in health-conscious lifestyles and high purchasing power contribute to this trend. Further, Convenient food options like salad bags, fresh herb packs, chopped vegetable bags, and single-serve salad packs exemplify this demand.
Manufacturers are utilizing spoil detection labels to ensure product freshness and expiration dates, reducing food waste through innovative packaging and smart labeling. The issue of food waste is increasingly concerning, with around 40% of food in the United States ending up in landfills (Industrial Packaging Inc.).
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The increasing prevalence of foodborne diseases is a key driver for the growth of the spoil detection-based smart label market. Contaminated food consumption leads to illness, emphasizing the importance of ensuring freshness and quality control in food products to enhance hygiene standards.
Smart labels, incorporating indicators for pathogens, time, or temperature through color or texture variations, enable efficient detection of spoilage in processed or packaged foods, ensuring high safety standards.
The escalating number of deaths, hospitalizations, and incidents of foodborne diseases underscores the necessity for smart labels. According to a report from the Centers for Disease Control & Prevention (CDC) published in April 2020, there were 36 confirmed cases of foodborne outbreaks across 17 states, resulting in 30 hospitalizations and 4 deaths, highlighting the persistent prevalence of foodborne illnesses. These statistics drive the market growth for spoil detection-based smart labels.
Nanotechnology involves the manipulation and control of matter on a microscopic scale, with applications in various fields. In the smart label market, advancements in nanoparticles and nanomaterials play a crucial role. Nanosensors enabled by nanotechnology find utility in the food and packaging industry, ensuring product quality throughout logistics processes and reaching the end-user.
Nanotechnology, combined with Internet protocols, facilitates asset tracking, authentication, and product features for specific markets. However, the adoption of nanotechnology varies across markets and regions. Consumers in the Asia Pacific show a great willingness to embrace new technologies compared to those in the Middle East and Africa.
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Key Takeaways from Market Study
- The market in China is expected to capture an impressive CAGR of 13.1% during the forecast period.
- The demand for spoil detection-based smart labels in the United States is projected to expand with a CAGR of 10.8% between 2023 and 2033.
- The United Kingdom is anticipated to generate demand with a CAGR of 11.2% throughout the forecast period.
- By type, the time temperature indicator segment is expected to dominate the market by recording a CAGR of 11.9% from 2023 to 2033.
The increasing prevalence of food-borne diseases is expected to fuel the demand for spoil-detection-based smart labels during the forecast period - comments an analyst at Persistence Market Research.
Competitors Profiled in the Market:
Several key players are expanding their manufacturing capabilities to gain a notable share of the market. The increasing number of partnerships and collaborations is expected to benefit key players seeking to expand their presence in the market. Further, the spoil detection-based smart label market is dominated by the leading players.
Key Innovations in the Market:
- In April 2022, Avery Dennison, a global leader in materials science and manufacturing, began operations in its advanced manufacturing facility in Greater Noida. This new facility allows the company to streamline manufacturing operations, meet customer demands effectively, and benefit from the latest technology and enhanced efficiencies.
- In April 2022, SpotSee introduced FreezeSafe, a cost-effective temperature indicator designed to protect life sciences products in the supply chain. This easily readable device confirms if a product has been exposed to excessively low temperatures, offering two temperature thresholds: 0°C and 2°C.
- SpotSee introduced the Vaccine Vial Indicator in December 2021 to support the integrity of the cold vaccine chain. This temperature-monitoring device offers conclusive proof of temperature breaches before vaccine administration, ensuring the quality and effectiveness of vaccines.
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Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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