Time Temperature Indicator Labels Market Trends By Detailed Business Analysis 20
Posted by rohit on March 12th, 2020
Time temperature indicator is a smart device that collects real-time data related to temperature and time. Premature perishing of food products are the signs of physical, chemical, micro-biological, and enzymatic reactions. Time temperature indicators detect product degradation, which may be caused by internal and external effects, by providing an alert notification. By providing such real-time information, it ensures high quality of products, in turn reducing health risks.
Pharmaceutical products are sensitive to temperature and require proper handling and care. Packaging in the pharmaceutical industry is of utmost importance. Inappropriate handling of medicines can result in serious losses and in certain cases can be hazardous for the life of the consumer. Smart pharmaceutical packaging not only involves offering information of tracking and verifying the products contents, but also, verifying if the level of temperatures being maintained throughout the value chain of the product. Therefore, adoption of time temperature indicators is increasing in pharmaceutical packaging. This is expected to aid in growth of the market.
This report provides in-depth analysis of time temperature indicator labels market size (US$ Million), and Compound Annual Growth Rate (CAGR %) for the forecast period (2018– 2028), considering 2017 as the base year
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Increasing adoption of time temperature indicator in the food industry is attributed to increasing awareness regarding quality of food products such as sea food, meat, and packaged food products. Temperature can affect the quality of a food product, further resulting in safety issues during the time of distribution, transport, and storage. According to Coherent Market Insights’ analysis, as of 2016, the total food and agriculture industry was valued at around US$ 8 trillion, whereas the global sales of packaged food was valued at US$ 2.2 trillion. Thus, growing food packaging industry is leading to increasing demand for smart technology to track quality and safety of products. This in turn, is expected to proportionally boost growth of the time temperature indicator labels market during the forecast period.
However, cost of these time temperature indicator labels in hindering market growth. In developed economies, food items are valued at higher prices as compared to the price of 1 TTI label, whereas in emerging economies, the time temperature indicators are valued at about similar or even higher price than the food item itself. Therefore, players in such regions are hesitant to adopt these products, which could affect their profit margins. Moreover, it becomes difficult to check exact color of the indicator and it might lead to ambiguity in terms of credibility and trustworthiness of the freshness of the product.
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Major players operating in the global time temperature indicator labels market include 3M Company, Temptime Corporation, Thin Film Electronics ASA, DeltaTrak, Inc., NiGK Corporation, Freshpoint Quality Assurance Ltd, LCR Hallcrest, LLC, CCL Industries Inc., Biosynergy, Inc., and American Thermal Instruments.
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About the Authorrohit
Joined: February 6th, 2020
Articles Posted: 341
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