Artificial Intelligence
Global Smart Label Market to Generate Revenue of $21.04 Billion by 2028 | By 2050, Over 60% Food Products will be Smart Labelled
Westford, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) — As the world moves towards a more digital age, many companies in the global smart label market are starting to adopt standardized ‘smart labels’ for their products. A smart label uses embedded technology like RFID, NFC, and QR Code, among others to communicate specific information about the product. This information can include the manufacturing country of origin, ingredients, nutritional values, expiry and more. The benefits of using smart labels are manifold. For one, they allow consumers to make more informed choices about what they buy. This can help reduce environmental waste and improve food safety. Moreover, it can help companies tap into new markets by targeting specific demographics with relevant information.
Some of the manufacturers in the smart label market who are leading the way in developing smart labels include Coca-Cola, PepsiCo, General Mills, Mondelez International, and Unilever. These companies are investing in technologies such as RFID tracking, natural ingredients, and real-time analysis of product data. They are also working to create sustainable supply chains that protect workers’ rights and ecosystems.
As more companies adopt smart labels, the global smart label is expected to grow rapidly. This will help to ensure that products are ethically sourced and transparently labeled. The benefits of using smart labels include increased consumer confidence and reduced environmental impact.
SkyQuest has published a report on global smart label market. The report provides detailed insights about market analysis, market forecast, dynamics, key players, consumption, technology landscape, market share analysis, pricing analysis, value chain analysis.
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Growing Adoption of Smart Label to Reduce Food Wastage
With more and more people becoming aware of the food waste problem, companies are starting to adopt smart label technology in order to reduce the amount of food that goes to waste. So far, companies like Amazon, Coca-Cola, and Nestle have been some of the largest adopters of smart label technology, and they’ve seen great results.
There are many different types of labels available in the global smart label market, but the simplest type is an electronic tag that is attached to individual food products. This tag has a code that can be read by a scanner in the grocery store. When the code matches the code on the label, the product is assumed to be safe to eat. This system has had a large impact on reducing food waste in Europe. Between 2010 and 2021, food waste decreased by 30% in Europe using this technology.
In 2021 alone, Amazon reduced food waste by 28% across all its global operations. In addition, they saved an estimated 346 million pounds (153 million kilograms) of food from going to landfills. Another player in smart label market, Coca-Cola also saw great results with their smart label program. Between 2018 and 2021, the company reduced food waste by 2.5 billion pounds (1.1 billion kilograms). Nestle also saw positive results with their smart label program. Between 2016 and 2018, the company reduced food waste by 1 trillion calories. This is a massive reduction considering that in 2016 food waste amounted to approximately 1.3 trillion calories worldwide.
Recently in August 2022, Oli Tec has brought innovation in the smart label market with its advanced technology. Wherein, the smart label makes the expiry date obsolete by indicating quality packaged food on color scale. The label is temperature sensitive and changes it color from yellow to red. Also, it shows blue if stored at required temperature. Currently, the company is in talks with numerous supplier and supermarket based in the US and UK to perform the trials in real life environment. This would further help the manufacturers to understand if their any disturbance in cold supply chain or know if there is any breach in supply chain.
SkyQuest has done through market research for global smart label market and have identified how the market is changing and shifting to smart label. The report covers current adoption and future prospective in the market. This will help the market players in gaining insights about consumer behavior, industry dynamics, top manufacturers, top vendors, leading companies using smart label and their source, and supply chain analysis, among others.
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SkyQuest Says, over 60% of all Food products are Likely to be Smart Labelled by 2050
By 2050, over 60% of all food products will be labelled with some form of smart technology. As per SkyQuest study, the growth potential for smart label market is vast. From providing information about ingredients to automating data collection for nutritional analysis and fortifying tracking of safety recalls, there are countless opportunities for manufacturers to leverage smart labels to improve the quality, safety and transparency of their products.
The aim of smart labelling is to help consumers make informed choices about their food. By providing information about specific ingredients and nutritional values, consumers can be more confident about the quality and content of the food they are buying.
According to the Food Standards Agency (FSA), smart label market could have a significant impact on consumer behavior. Smart labelling could lead to a reduction in consumer intake of unhealthy foods, and it could also help to encourage people to eat more fruit and vegetables.
Governments across the world are Increasingly supportive of Smart Labelling and are taking steps to make it a reality. The UK, one of the early adopters in the global smart label market, has announced that it will invest £240 million over the next 10 years in support of Smart Food Initiatives, and Brazil is planning to implement a National Program for Label Innovation by 2023. Smart labelling is already becoming a reality in some countries, including Australia and New Zealand. In Europe, there are a number of regulations that require companies to label food products with nutritional information, product origin, and GMO information.
Latest Technology Developments in Smart label Market
- In August 2022, Oli Tec developed a temperature sensitive smart label that can detect breach in cold supply chain, indicate quality of food by color coding
- In August 2022, Adrich, US based players, have developed a smart label that can help track the data and usage and allow the uses to automatically reorder, also called smart-replenishment options. This can also be a revolution in the smart home labeling industry. Recently, the company has signed a pact with Amazon for embed replenishment option for the e-commerce giant and it they are planning to introduce the option in 2023
- In August 2022, All4Labels Global Packaging Group introduced new ‘QR Marketing GmbH’ brand for brand protection and improving customer engagement
SkyQuest has tracked all the latest development related to the smart label market and prepared report. This development will help you understand how the market is changing and what technology are being introduced and developed. The report would also provide complete analysis of technology and its impact on market and existing players.
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Top Trends in Global Smart Label Market
- One of the most exciting trends in the smart labelling industry is the increase in transparency within the food supply chain. This means that consumers have access to more information about what they are eating, which is good for their health and the environment. Another trend in the smart labelling industry is the use of QR codes on food packaging. This allows people to scan the code and access additional information, such as ingredients and nutrition facts.
- Increased adoption of RFID technology in smart label market for tracking and tracing smart labeling products throughout the supply chain.
- Adoption of Smart Labels by Major Retailers: One of the most important trends in the smart labelling industry is the adoption of labels by major retailers such as Walmart, Kroger, Aldi, and Carrefour. They are gradually introducing these labels in their stores to help consumers make more informed choices about their food.
- Use of artificial intelligence (AI) to analyze data from smart labels
- Proliferation of standards and certification in smart labelling:
As the smart label market grows, there is a proliferation of standards and certification bodies that are trying to ensure the quality and accuracy of their products. This has led to the development of more specific and intensive requirements for products labelled as smart, such as the need for biometric data to be verified or for labeling to be compliant with certain regulations.
Top Players in Global Smart Label Market
- Avery Dennison Corporation (US)
- Advantech Co., Ltd. (Japan)
- Checkpoint Systems, Inc. (US)
- Alien Technology, Inc. (US)
- CCL Industries Inc. (US)
- Multi-Color Corporation (US)
- Invengo Technology Pte. Ltd. (China)
- Mühlbauer Group (Germany)
- Thin Film Electronics ASA (US)
- Sato Holdings Corporation (Japan)
- Zebra Technologies Corporation (US)
- Smartrac N.V. (EU)
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