The global time temperature indicator labels market with the obstacles provided by the COVID-19 pandemic, has been moderately affected from 2022 to 2028. Short-term growth was stifled by restrictions on output, foreign trade, and supply chains. Between 2022 and 2028, the global market for time temperature indicator labels is expected to grow at a 6.6 percent CAGR, reaching US$ 1.47 billion by 2030.
According to a recent analysis from Zion Market Research (ZMR), the market is expected to reach US$ 862.7 million by 2022, with a strong 6.6 percent CAGR through 2030. Long-term developments are supported by advancements in clever packaging solutions and enzymatic labelling, according to the paper.
Despite the favourable outlook for the market for time temperature indicator labels, poor knowledge of time temperature indication technologies, particularly in emerging countries, may limit market growth.
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Important Points to Remember
➜ The market for time temperature indication labels is expected to exceed US$ 776 million by the end of 2022, with food and medication storage and transportation applications being important drivers.
➜ Pharmaceutical companies will continue to be the leading end users, although food and beverage processors are likely to develop at a quicker rate due to the use of cold supply chains.
➜ Due to cost and weight advantages, critical time and temperature indicator technologies will see increased demand, accounting for over 80% of the market.
➜ Europe, followed by North America, is the main geographical market for time temperature indicator labels, owing to the presence of major pharmaceutical companies and strong health and food safety standards.
"A primary driver of the global time temperature indicator labels market is rising levels of local and international trade for perishable commodities." The widespread use of these labels for therapeutic products, seafood, and wine, particularly in developing nations, will continue to promote the shipment of these items, resulting in profitable sales opportunities for time temperature indicator labels," says the ZMR Analyst.
Competitive Environment
The market for time temperature indicator labels has a number of major players. 3M Company, CCL Industries Inc., Temptime Corporation, Bizerba SE & Co. KG, Delta Trak Inc., Thin Film Electronics ASA, Biosynergy Inc., Evigence Sensors, Insignia Technologies Ltd., and La-Co Industries Inc. among others.
In a fragmented market landscape, manufacturers are increasingly relying on product development and launch strategies to incorporate fresh technological breakthroughs, as well as acquisitions, mergers, and regional expansion, to provide better solutions and expand their customer base.
What impact has Covid-19 had on the market for Time Temperature Indicator Labels?
The COVID-19 epidemic disrupted a wide range of industrial activity, including the halting of manufacturing. Consumer demand has decreased in practically all industries, and global trade between some countries has halted, among other things.
As a result of the COVID-19 outbreak, the packaging market is experiencing a slowdown, which includes the effects of self-isolation guidelines, manufacturers transferring supply chains away from China, and altering packaging materials used for key goods. This pandemic also impacted and increased concerns about the supply chain, obstructing the market for time temperature indicator labels even further.
Consumers have segregated themselves as a result of the disease's spread. However, as a result of this, the e-commerce sector has risen to prominence.
Time Temperature Indicator Labels Industry Research Key Segments
Global Time Temperature Indicator Labels Market, By Product Type:
• Color-based
• Irreversible
• Reversible
• Barcode-Based
Global Time Temperature Indicator Labels Market, By Application:
• Food and Beverages
• Pharmaceutical
• Vaccine Vial Monitors (VVM)
• Biological Drugs
• Healthcare Alerts
• Other Pharma
• Chemicals and Fertilizers
Region:
● North America Time Temperature Indicator Labels Market
● Latin America Time Temperature Indicator Labels Market
● Europe Time Temperature Indicator Labels Market
● East Asia Time Temperature Indicator Labels Market
● South Asia Time Temperature Indicator Labels Market
● Oceania Time Temperature Indicator Labels Market
● Middle East & Africa (MEA) Time Temperature Indicator Labels Market
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