Smart Food Labels Global Market Report 2024

The smart food label market size has grown exponentially in recent years. It will grow from $10.27 billion in 2023 to $12.39 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth observed in the historical period can be attributed to several factors. These include increased consumer demand for transparency in food products, growing concerns about food safety, and regulatory mandates for nutritional labeling. Additionally, advancements in technology have enabled innovative labeling solutions, the high prevalence of food allergies and intolerances has driven the need for detailed ingredient information, heightened awareness about sustainability has prompted eco-friendly labeling initiatives, and the expanding market for personalized nutrition has further supported the adoption of smart food labels.

The smart food label market size is expected to see exponential growth in the next few years. It will grow to $26.53 billion in 2028 at a compound annual growth rate (CAGR) of 21%. The anticipated growth in the forecast period can be attributed to several key factors. These include advancements in smart packaging technologies, the implementation of stringent regulations regarding food safety and labeling, the growing adoption of IoT (Internet of Things) and NFC (Near Field Communication)-enabled devices, rising concerns about food allergies and dietary restrictions, expanding awareness about sustainability and ethical sourcing practices, and the widespread availability of smartphones and mobile applications. Major trends expected during this period encompass advancements in technology facilitating real-time tracking of nutritional information, the increasing adoption of IoT devices in kitchens, growing awareness regarding food allergies and dietary restrictions, the emergence of personalized nutrition solutions, expanding regulatory requirements for food labeling, and the integration of augmented reality for interactive product information.

The rising demand for packaged foods is set to drive the growth of the smart food labels market in the future. Packaged foods, which are pre-prepared, pre-measured, and often pre-cooked products, offer consumers convenience, long shelf life, and are a result of advancements in food technology and globalization. Smart food labels play a crucial role in enhancing transparency, traceability, and consumer engagement by providing comprehensive product information and tracking data. For example, in October 2023, Agriculture and Agri-Food Canada (AAFC) reported that processed food and beverage exports reached a record high of $54.3 billion in 2022, marking a 14.1% increase from the previous year, accounting for 34.7% of total production value. Hence, the increasing demand for packaged foods is anticipated to fuel the growth of the smart food labels market.

Key players in the smart food labels market are pursuing strategic partnerships to capitalize on synergies, bolster their product portfolios, and extend their market presence. Strategic partnerships involve leveraging complementary strengths and resources to achieve mutual growth and success. For example, in January 2021, Innoscentia AB, a sensor technology firm based in Sweden, collaborated with Ynvisible Interactive Inc., a Canadian manufacturer of electronic devices and appliances, to develop dynamic expiry date smart food labels. These labels facilitate real-time monitoring of food quality based on environmental and storage conditions, providing consumers with updated information on expiry dates and shelf life.

In October 2023, ProMach Inc., a manufacturer of packaging and processing machinery, acquired Lofton Label Inc. to bolster its labeling and coding capabilities. This acquisition allows ProMach Inc. to incorporate Lofton Label Inc.'s product line, including flexographic packaging roll stock films, stand-up pouches, sachets, and stick packs, into its offerings. Lofton Label Inc., based in the United States, specializes in manufacturing labels and printed flexible packaging materials.

Major companies operating in the smart food labels market are NXP Semiconductors N.V., Avery Dennison Corporation, Zebra Technologies Corporation, CCL Industries Inc, Checkpoint Systems Inc, HID Global Corporation, Sato Holdings Corporation, Intermec Technologies Corporation, Impinj Inc., Paragon ID, Confidex Oy, Invengo Information Technology Co Ltd, Lyngsoe Systems A/S, Alien Technology Inc, Xerafy Ltd., Tageos SAS, Thin Film Electronics ASA, MSM Solutions Ltd., UWI Technology Limited, Qliktag Software Inc.

North America was the largest region in the smart food label market in 2023. The regions covered in the smart food labels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart food labels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart food labels refer to packaging labels that incorporate advanced technologies to provide consumers with comprehensive information about a product's nutritional content, sourcing, allergens, and environmental impact. These labels aim to empower consumers to make informed food purchase decisions and promote transparency within the food industry.

The main technologies utilized in smart food labels include sensing labels, radio frequency identification (RFID), dynamic display, and others. Sensing labels are equipped with sensors that can detect and transmit information about environmental factors such as temperature, humidity, or tampering status. The applications of smart food labels span a variety of sectors, including electronic and information technology (IT) assets, perishable goods, security access, smart wristbands, and others. These labels serve various end users across industries such as food and beverage, healthcare and pharmaceuticals, automotive, fast-moving consumer goods, logistics, retail, and more.

The smart food labels research report is one of a series of new reports that provides smart food labels market statistics, including the smart food labels industry's global market size, regional shares, competitors with a smart food labels market share, detailed smart food labels market segments, market trends and opportunities, and any further data you may need to thrive in the smart food labels industry. This smart food labels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart food labels market consists of sale of quick response-coded food packaging, near-field communication-enabled labels, and radio frequency identification tags. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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