Smart Food Labels Market Overview
Smart food labels facilitates consumer to get additional details about the product by scanning a bar code or doing an online search. It helps the consumer to get all the information they want to know about the food product. Further, smart food labels help the consumer to purchase a food product according to their diet.
Market Size and Forecast
The global smart food labels market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, growing awareness among the consumers regarding food products and rising adoption of innovative technology by food industry are envisioned to flourish the growth of smart food labels market.
In terms of region, North America accounted for the largest market in smart food labels in terms of revenue in 2016. Further, North America region is expected to continue its dominance by the end of 2024 owing to huge adoption of technologically advanced products. The market of smart food labels is majorly driven by the presence of major smart labels industries in the region. Moreover, U.S. and Canada are expected to be the dominating countries during the forecast period owing to growing adoption of technologically advanced products.
Europe region captured the second largest market of smart food labels in 2016. The major countries witnessing the augmented demand for smart food labels are U.K. and Germany. Rapid urbanization coupled with growing use of digital technology by food manufacturers for labeling of food products is likely to expand the growth of Europe smart food labels market over the forecast period. Asia-Pacific region is expected to showcase a highest CAGR over the forecast period due to emerging economies nations such as China and India. Moreover, Japan is the dominating country in this region owing to huge adoption of smart technology. In addition to this, rise in per capita income and growing awareness among the consumers regarding food products are envisioned to foster the growth of smart food labels market in Asia-Pacific region.
Our in-depth analysis segmented the global smart food labels market in the following segments:
Global smart food labels market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Spiked penetration of smart technology and growing consumer concerns regarding food products are anticipated to be the dynamic factor behind the rapid growth of smart food labels market across the globe. Further, rising development of smart infrastructure in developing and developed nations such as U.S., China, Japan, India and others is the key factor boosting the growth of smart food labels market.
Moreover, technological advancements in labeling and internet connectivity are also envisioned to bolster the growth of smart food labels market by the end of 2024. Additionally, rapid urbanization coupled with rise in per capita income of the consumers is expected to positively impact the growth smart food labels market.
However, high cost of smart food labels is believed to dampen the growth of smart food labels market. Further, less adoption of smart technology by developing and underdeveloped nations is also projected to hinder the growth of smart food labels market.
The major key players for smart food labels market are as follows
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