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(Health-NewsWire.Net, October 18, 2021 )
Market Overview:
Smart food labels facilitate consumers to get additional details about the product by scanning a bar code or doing an online search. It helps the consumer to get all the information they want to know about the food product. Further, smart food labels help the consumer to purchase a food product according to their diet.
Several other food labels use sensing technology by a label that can change its color, thereby letting consumers know if the food is good to eat. The change in the color of the smart food labels occurs whenever the chemicals present in these labels detect any form of microorganisms growing inside the food packet. Using smart labels to reduce food waste and improve food safety is a key trend shaping the market.
Referring to the IOF2020 newsletter, 1.3 billion tons of food is wasted each year. These labels can help to decrease food waste by tracing the freshness of the product and give customers and suppliers visibility of the information. As a result, steps can be taken to avoid wastage of food. Smart labels food packaging is being adopted on a large scale by the manufacturers.
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Market Dynamics:
The growing consumer demand for safe, healthy, and authentic food is driving the market
Ensuring food safety is a shared responsibility between governments, producers, industry, and consumers. Food labeling is a way in which consumers get knowledge about the food they consider buying. Correctly following the information provided on food labels (such as expiry dates, handling instructions, and allergy warnings) helps consumers in preventing unnecessary food-borne illness and allergic reactions.
In the European Union (EU), an intricate set of legislation and standards have been developed and implemented to ensure safety throughout the entire food chain. Perishable foods, judged from a microbiological point of view (such as cooked meat products, prepared foods, and salads), display a use-by date on the package and should not be eaten after this date, as this could present a health risk.
In addition, many foods display a 'best before date, which indicates the "minimum durability," or the period during which the food retains its specific properties when properly stored. Storage instructions are required on certain food products combined with the expiry date to ensure proper handling by consumers.
Food poisoning bacteria such as Salmonella and Listeria can grow to levels that may cause illness if food is not stored correctly. These instructions may also indicate how to store the food once the package is opened. Consumers often use storage conditions and preparation guidelines when they buy a new product.
In a recent quantitative study, Irish consumers were asked to rate the importance of mandatory labeling information for pre-packaged foodstuffs. The majority (over 70%) regarded storage conditions and ‘instructions for use (where necessary)’ as important information on the label. Other important information presents on food labels includes allergy warnings that help consumers who have specific food allergies to avoid allergens present in specific food products.
In an age of highly publicized food recalls and food security concerns (such as Salmonella in onions and fresh produce or foreign particle contamination), QR codes and data tracking on food labels help quickly trace supply chains, vendors, retail destinations, and lot codes.
The European Commission has funded labels that can detect when chicken is beginning to spoil by measuring the gases released by the poultry. This changes the color of the label, called 'Fresh code,' so both consumers and the retailers can determine the freshness of the chicken.
Market Segmentation:
By Technology
• Quick Response codes (QR)
• Electronic Article Surveillance (EAS)
• Radio-frequency Identification labels (RFID)
• Near Field Communication Tag
• Others
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Geographical Penetration:
The U.S.A and Canada led North America to the top of the smart food label market
North America is anticipated to grow with the highest market share on the back of the nation, being one of the most advanced in terms of adoption of technology, coupled with numerous end users who have the infrastructure to operate with smart food labels.
Additionally, the market in the region is primarily driven by nations such as U.S. and Canada, where the U.S.A is anticipated to have the largest market share in the coming years. There has been a high rise in QR code usage, with nearly 11 million households scanning a QR Code in 2020 in the USA alone.
This is due to an increase in smartphone penetration that went from 10% in 2014 to 38% in 2018 and access to high-speed mobile internet, which increased from 48% in 2014 to 61% in 2018. In addition to this, internet users have grown by 7% from Jan 2020 to Jan 2021. 96 % of device ownership belongs to smartphone users.
These factors have led to the massive adoption of QR Codes. QR codes' utility has increased a lot, and they are used for many applications, including food labels. According to a survey conducted between 2018 and 2019 revealed that about 39 percent of U.S. food consumers bought products with the claim 'natural on the label, while another 38 percent of respondents was convinced to purchase a food product due to the claim 'No added hormone or steroids' advertised on the label. In general, food claims were more impactful in the food shopping experience than in out-of-home eating.
Competitive Landscape:
The food label market is fragmented and competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include JK LABELS, Honeywell International Inc., Consolidated Label Co., Star Label Products, Avery Dennison, The Label Printers, ALL 4 LABELS Global Packaging Group, XEIKON, CCL Industries, and Lofton Label & Packaging among others. Mergers and acquisitions activities are likely to expand the market size. In the current scenario, players are focusing on strategic partnerships and mergers to expand market growth and strengthen the market position.
CCL Industries Inc., a world leader in specialty label, security, and packaging solutions for global corporations, government institutions, small businesses, and consumers, announced acquired InTouch Label and Packaging Co., Inc., a specialized short-run digital label converter based near Boston, in June 2020 for approximately USD 10.9 million.
Avery Dennison announced an agreement to acquire JDC Solutions, Inc., a privately-owned manufacturer of pressure-sensitive specialty tapes headquartered in Mount Juliet, USA, for USD 24 million in February 2021.
Tenex Capital Management, a private equity firm has acquired and merged US-based Consolidated Label and Online Labels (together “Consolidated”) in partnership on 27 July 2020. Tenex has recapitalized and merged Consolidated Label and Online Labels.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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