Smart food labels that provide information about the quality of the food and transparency in the supply chain can help tackle the issues. The considerable implementation cost is still the barrier for the smart food and beverage label industry as they require expensive equipment to carry out the analysis. Although, the key industry companies are investing significant amounts, they aim to solve this problem by developing a safe and cost-effective monitoring platform that delivers food information that consumers can easily recognize. Much development in the past, such as different forms of time-temperature indicators and smaller and comparatively cheaper RFID labels, has shown that the industry has great potential to tackle the issue and provides a complete solution.
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North America is an emerging market for the smart labeling of food and beverage products. The strong economy of the U.S. and Canada have profoundly influenced the growth of the industry. The presence of large food and beverage companies in the region and regular innovation by the food and beverage sector have increased the demand for smart labeling of beverage and food products. North American exports are substantially large in terms of dairy, food, and beverage. The companies are actively implementing the smart label technology to maintain transparency in the supply chain and provide detailed product information such as ingredients and other product attributes.
The strategies followed by various prominent companies of the global smart food and beverage label market to sustain the competition and expand their market share vary from product launches to collaborations and partnerships. In the past years (January 2017- August 2020), the global smart food and beverage label market witnessed approximately 41 synergistic developments (agreements, collaborations, and partnerships). Among the different key developments, synergistic strategies (new product launch and development) constitute the dominant contributor’s strategies. The medium and small-medium enterprises are also venturing into the market and sustaining the competition through business expansion and contacts and by partnering, collaborating, and forming joint ventures. The following figure provides the share of different key developments and strategies for the period January 2017- August 2020.
The result of the emerging strategies and developments in the form of new product launch and development are already leading to visible market growth. Moreover, the growing demand for a smart food and beverage label is further expected to increase the involvement of companies across different segments of the value chain. Increasing consumer dependence on packaged goods and parallelly growing demand for transparency in the food and beverage products drives the industry and leads to improved adoption rates. At present, the industry is dominated by the North America region, particularly the U.S., because of the presence of most RFID companies in the country. Additionally, the companies are continuously undergoing R&Ds and further making their initial sales in the country, which positively impacts the U.S. market for smart labels.
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Increased demand for packaged products has been created by the growing population, urbanization, and disposable income. Presently, the changing work conditions and the fast-paced lifestyle have also significantly transformed the packaged food industry. Consumers rely heavily on packaged goods for their everyday lifestyle. The increasing health problems, on the other hand, leave customers uncertain about their buying habits. All these issues can be tackled with the use of smart label usage in the food and beverage industry. The smart label helps resolve concerns in the consumers’ mind by providing them with a complete set of information about the packaged product, allowing them to make informed decisions.
UPCOMING INDUSTRY TRENDS 