Smart Food and Beverage Label Market Size, Status and Forecast to 2029
Posted by BIS RSRCH on November 9th, 2020
The smart food and beverage label market comprises major companies providing different forms of smart label options and solutions to incorporate them. This chapter details the latest strategies and developments adopted by the key market players in the smart food and beverage labeling market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.
Key players in the smart food and beverage label market are coming up with the launch of new products and various developmental activities in order to generate public awareness about their existing and new products to provide more economical solutions and compete with the competitor’s product portfolio. In this context, industry attractiveness refers to the maximum profitability in the smart food and beverage labeling industry. It further gauges the competitiveness persisting in the industry. The overall industry attractiveness does not imply that every player in the market earns the same profit. Companies apply their core competency and strong network in order to achieve profits above the industry average.
Porter’s Five Forces analysis derives the five major forces from the industry that determine the competitive intensity and attractiveness of the industry. This is achieved by the analysis of the five key forces majorly impacting the industry. These five forces include the threat of substitute products, the competitiveness among the existing firms, the threat of new entrants, the bargaining power of suppliers, and the bargaining power of customers.
Each of the five forces is analyzed against a criterion set of key factors influencing the impact of that particular force. Each factor is then assigned a risk rating, depending upon its impact on the force (high, medium, and low). The detailed analysis of each of the market forces is given in the subsequent sections.
The smart food and beverage label market constitutes of various reputed market players such as Avery Dennison Corporation, Label Insight, Inc., Zebra Technologies Corporation, Honeywell International Inc., and Qliktag Software Inc. The smart labels for food and beverage involve RFID/NFC tags, time temperature indicators, and data embedded QR codes. These labels provide consumers, retailers, and distributors with detailed information about how the product was manufactured, what are the key ingredients used, and after the product is opened, it also provides real-time information about the product quality and its best before time. These labels also help the manufacturers in several ways, for instance, it helps them to track their products so that the chances of low shelf life goods stuck during travel and being wasted are minimized. The smart food and beverage label industry is expected to have medium-high risk from the new entrants in the market.
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The food packaging market is witnessing tremendous growth due to the spread of COVID-19. Customers moved to online shopping and panic stocking due to the lockdown, which resulted in increased demand for essential food products such as baby food, milk, and vegetables. In comparison, concerns about food safety due to COVID-19 is increasing the demand for pure and fresh food. The consumers are demanding clarity and accountability in the supply chain. The situation has made consumers more vigilant toward their consumption behavior. A significant portion of consumers is engaging with the labels to get a clear understanding of the products they are consuming. There is an immense opportunity for CPG brands and retailers to capitalize on these customers' demands to provide product transparency, discoverability to revenue of e-commerce products, and promote customer loyalty and trust in a time of uncertainty. The changing consumer behavior will undoubtedly boost the demand for smart labeling in the food and beverage industry.
