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North America Smart Label Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 164
Delivery Format: PDF+Excel

$2,950.00

Self-adhesive smart labels are RFID (radio-frequency identification)-enabled labels with an integrated circuit and antenna that may transmit product information. Smart labels are used for supply chain management and product verification on a variety of consumer goods, including food and beverage items. The market for smart labels in North America is anticipated to expand at a CAGR of 8.8% from 2019 to 2024. The rising demand for food safety and security as well as the rising demand for product identification are the main drivers propelling the growth of the smart label market in North America.

The North American smart label market is expanding mostly as a result of the US and Canada. North America’s largest smart label market is in the US, followed by Canada. During the projected period, the US market is anticipated to grow at a CAGR of 9.0%, while the Canadian market is anticipated to develop at a CAGR of 8.3%.

Zebra Technologies Corporation (US), Avery Dennison Corporation (US), CCL Industries Inc. (Canada), Intermec Technologies Corporation (US) and Brady Corporation are the top competitors in the North American smart label market (US). At a CAGR of 8.8% over the forecast period, the smart label market in North America is anticipated to increase from USD 1.9 billion in 2019 to USD 3.0 billion by 2024. The rising demand for food safety and security as well as the rising demand for product identification are the main drivers propelling the growth of the smart label market in North America.

The North American smart label market is expanding mostly as a result of the US and Canada. North America’s largest smart label market is in the US, followed by Canada. During the projected period, the US market is anticipated to grow at a CAGR of 9.0%, while the Canadian market is anticipated to develop at a CAGR of 8.3%.

North America Smart Label Market Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Market Restraints for Smart Labels
Manufacturers and merchants are increasingly using smart labels to track and trace their items as a crucial component of supply chain management. The market for smart labels is being constrained by a few factors, though. The expensive price of smart labels is one of the main obstacles. Because a smart label includes an RFID tag or an NFC tag, which raises the price overall, it is more expensive than a conventional label. Additionally, the price of RFID tags is anticipated to decrease in the upcoming years, which is anticipated to fuel the expansion of the market for smart labels.

The lack of consumer knowledge is another barrier limiting the market for smart labels. Numerous end users are unaware of the advantages of adopting smart labelling. One of the main difficulties that smart label producers must deal with is this. To stimulate the market’s expansion, they must raise end users’ understanding of the advantages of utilising smart labelling

.The absence of standards also places limitations on the smart label business. The lack of industry standards makes it challenging for manufacturers to develop smart labels in big quantities. One of the biggest obstacles facing the industry for smart labels is this.
Despite these obstacles, the market for smart labels is anticipated to expand significantly over the course of the forecast period. The market’s expansion is primarily being driven by the expanding use of RFID technology and the rising demand for track and trace solutions.

Key Trends in the Smart Label Market
Between 2020 and 2025, the smart label market is anticipated to expand at a CAGR of over 15%. The growing need for tamper-proof and track & trace solutions as well as the expanding use of RFID technology are the main factors propelling the growth of the smart label market. The high cost of RFID tags and the lack of standardization are the main factors limiting the growth of the smart label market.
The growing use of IoT and the expanding use of smart labels in the healthcare sector present the most development prospects for the market for smart labels. The use of NFC tags, inlay-based tags, and the usage of smart labels in the food and beverage industry are the three main trends in the market for smart labels.

1. Wider die Anwendung von NFC Tags
During the forecast period, NFC tags are anticipated to have considerable expansion in the smart label market. Numerous applications, including contactless payments, access management, and asset tracking, are increasingly using NFC tags.

2. Increasing Use of Inlay-Based Tags
The market for smart labels is anticipated to have significant growth for inlay-based tags throughout the projected period. The advantages of inlay-based tags are their small size, simplicity of integration, and increased sturdiness.

3. Growing Adoption of Smart Labels in the Food and Beverage Sector
During the projection period, the food and beverage industry is anticipated to experience significant expansion in the use of smart labels. Smart labels provide many advantages, including tamper-proof packaging, product tracing, and tracking of expiration dates.

Market Drivers for Smart Labels
The market for smart labels is anticipated to expand at a CAGR of roughly 9% from 2019 to 2024. Growing demand for track and trace solutions in the healthcare and food and beverage sectors is the key factor driving the market.

One of the main end-users of smart labels is the healthcare sector. Track and trace solutions, which aid in tracking and monitoring the movement of pharmaceutical and medical supplies, are in increasing demand in the market. In the healthcare sector, North America is a significant market for smart labels. Some of the top healthcare organisations in the world, including Johnson & Johnson and McKesson Corporation, are based in the area. Additionally, the region is seeing an increase in demand for patient safety and adherence to laws like the Drug Supply Chain Security Act (DSCSA).

One other significant end-user of smart labels is the food and beverage sector. The need for track and trace solutions, which assist in tracking and monitoring the flow of food goods, is expanding throughout the sector. A significant market for smart labels in the food and beverage sector is North America. Some of the biggest food and beverage firms in the world, including Nestle and Coca-Cola, are based in the area. Additionally, the region is seeing an increase in demand for food safety and adherence to laws like the Food Safety Modernization Act (FSMA).
One more significant end-user of smart labels is the retail sector. Track and trace systems, which aid in tracking and observing the movement of retail goods, are in increasing demand in the market. In the retail sector, North America is a significant market for smart labels. Some of the top retail businesses in the world, including Walmart and Target, are based in the area. Supply chain management and retail compliance are also in high demand in the region.

Another important end-user of smart labels is the transportation and logistics sector. Track and trace systems, which assist in tracking and monitoring the movement of transportation & logistics products, are in increasing demand in the market. The North American region is a significant market for smart labels in the logistics and transportation sector.

Impact of the Smart Label Market Covid19
The market for smart labels has been significantly impacted by the novel coronavirus (COVID-19) outbreak. Due to the worldwide economic slump and the COVID-19 epidemic, smart label demand has decreased. In the second half of 2020, as the global economy starts to improve, the smart label industry is anticipated to rebound.

The North American market for smart labels has been negatively impacted by the COVID-19 epidemic. Due to the slowdown in the US economy, a decline in the market for smart labels is anticipated in the region. The US is North America’s biggest market for smart labels. The pandemic has had a profound impact on the nation. In 2020, it is anticipated that the US GDP would shrink by 3.5%. The need for smart labels is anticipated to decline as a result of this reduction. In 2020, demand for Canadian smart labels is anticipated to slightly decline. Compared to the US, the country has suffered less from the pandemic.

In the second half of 2020, as the global economy starts to improve, the smart label industry is anticipated to rebound. The market is anticipated to expand at a CAGR of 5.5% over the anticipated time frame (2020-2025). The market is anticipated to increase as a result of the food and beverage industry’s growing adoption of smart labels as well as the rising demand for track and trace solutions.
In North America, demand for smart labels has decreased as a result of the COVID-19 outbreak. In the second half of 2020, as the global economy starts to improve, the market is anticipated to rebound. The market is anticipated to expand at a CAGR of 5.5% over the anticipated time frame (2020-2025).

Key Industry Developments for the Smart Label Market
During the projection period, it is anticipated that the worldwide smart label market would expand at a CAGR of 7.1%. (2019-2024) The growing requirement for supply chain management, the rising demand for food safety, and the rising demand for track and trace solutions are the main factors propelling the market’s expansion. But the hefty price of smart labels is limiting business expansion.
During the forecast period, the North American smart label market is anticipated to expand at a CAGR of 7.2%. (2019-2024).

The growing requirement for supply chain management, the rising demand for food safety, and the rising demand for track and trace solutions are the main factors propelling the market’s expansion. But the hefty price of smart labels is limiting business expansion.
The US is North America’s biggest market for smart labels.

Due to the changing lifestyles of the populace and the rising demand for packaged foods, the food and beverage sector in the nation is expanding significantly. The largest food and beverage industry in the world, that of the US, is anticipated to expand at a CAGR of 3.5% during the course of the projected year. The demand for smart labels in the nation is anticipated to increase as a result.
CCL Industries, Inc., Brady Corporation, Avery Dennison Corporation, Zebra Technologies Corporation, and Honeywell International Inc. are a few of the major companies active in the North American smart label market.
1. CCL Industries Inc.
Leading producer of pressure-sensitive and extruded film materials for labelling purposes is CCL Industries Inc. Adhesives, extruded films, and pressure-sensitive materials are just a few of the many goods that the business supplies. Additionally, a wide range of services are offered, including technical support, graphic design, and product creation. The business has a vast network of sales and distribution channels, giving it a significant presence in North America.
2. Brady Company
Brady Corporation is a top supplier of goods and services that identify and safeguard properties, things, and people. The business produces and sells a wide variety of goods, such as labels, signs, and safety equipment.

Future Market Outlook for Smart Labels
The growing demand for these labels from a variety of end-use industries bodes well for the future of the North American smart label market. This is because smart labels have so many advantages, including the capacity to track and trace products, tamper-proofing, and delivering real-time product information. From 2019 to 2024, the market is anticipated to expand at a CAGR of 9.4%.

Government mandates for product safety and traceability as well as the need for improved product security and traceability are the main forces behind the market’s expansion. The high price of these labels and the lack of standardisation are the main factors limiting market expansion.
Growing smart label use and the development of new technologies like Near Field Communication (NFC) and Augmented Reality represent the market’s biggest opportunities (AR).
Avery Dennison Corporation (US), CCL Industries Inc. (Canada), Zebra Technologies Corporation (US), Brady Corporation (US) and SATO Holdings Corporation are the leading participants in the market (Japan).

SegmentationBy Technology

  • Electronic Article Surveillance (EAS) Security
  • RFID
  • Sensing Labels
  • Near Field Communication Tag
  • QR Code/2D Barcode
By End-User

  • Retail
  • Healthcare & Pharmaceuticals
  • Food & Beverages
  • Consumer Electronics
  • Supply Chain and Logistics
  • Transportation
  • Others (Automotive, Manufacturing)

 

  • Avery Dennison Corporation
  • CCL Industries Inc.
  • Checkpoint Systems, Inc.
  • Displaydata Ltd.
  • Graphic Label, Inc.
  • Intermec Inc. (Honeywell International Inc.)
  • Invengo Information Technology Co., Ltd.
  • Muehlbauer Holding Ag & Co.
  • Sato Holdings Corp.
  • Scanbuy Inc.
  • Smartrac N.V.
  • Thin Film Electronics ASA
  • William Frick & Company
  • Zebra Technologies Corporation

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