Between 2022 and 2030, the market for time temperature indicator labels is anticipated to grow at a respectably steady 6.6% CAGR, reaching US$ 1.47 Bn. Time-temperature indicators, critical time temperature indicators (CTTIs), and color-based CTTIs are becoming more and more commonplace throughout all sectors of the economy, from consumers to product manufacturers to the packaging sector.
These product categories are in demand on the market because they have cutting-edge technology features and consumer-pleasing designs, particularly those that are more convenient and simple to visually verify.
The food industry is the largest end-user of TTI labels, accounting for a significant share of the market. The increasing demand for fresh and frozen food products, along with the growing awareness about food safety and quality, has led to an increase in the use of TTI labels in the food industry. In addition, the pharmaceutical industry is also expected to experience significant growth in the TTI labels market, due to the increasing demand for temperature-sensitive drugs and the growing concern for drug safety and quality.
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The TTI labels market is segmented based on product type, application, and geography. Based on product type, the market is segmented into liquid crystal, thermochromic, and others. Based on application, the market is segmented into food, pharmaceuticals, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
North America is the largest market for TTI labels, followed by Europe. The growth of the market in North America is driven by the increasing demand for temperature-sensitive products and the growing concern for food safety and quality in the region. Asia-Pacific is expected to be the fastest-growing market for TTI labels, owing to the increasing population, rising disposable income, and growing awareness about food safety and quality in the region.
The global time temperature indicator labels market has been moderately affected from 2019 to 2020, with the challenges posed by the COVID-19 pandemic. Restrictions on production, international trade, and supply chains held back short-term growth.
According to a new report by Future Market Insights (FMI), the market crossed US$ 742 Mn through 2019, with a healthy 6.6% CAGR till the end of the forecast period in 2030. According to the report, innovations in intelligent packaging solutions and enzymatic labels are support long-term developments.
In spite of the positive prospects of the time temperature indicator labels market, low awareness about time temperature indication technologies, especially in developing countries might hold back market growth.
Key Takeaways
- The size of the time temperature indicator labels market is estimated to surpass US$ 776 Mn by the end of 2020, with food and drug storage and transport applications being major driving factors for the market
- Pharmaceutical manufacturers will remain primary end users, while applications in food and beverage processors are expected to grow at a relatively faster rate driven by the adoption of cold supply chains
- Critical time and temperature indicator technologies will account for higher demand owing to cost and weight benefits, accounting for over 80% of the market
- Europe followed by North America are leading regional markets for time temperature indicator labels, supported by the presence of leading pharmaceutical players and strict regulations in terms of health and food safety
“Growing levels of domestic and international trade for perishable commodities is a major driver of the global time temperature indicator labels market. Extensive application of these labels for clinical products, seafood, and wine especially in developing countries will continue boosting the shipping of these items, in turn creating lucrative prospects for time temperature indicator labels sales” says the FMI Analyst
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Covid-19 Impact Analysis
The covid-19 pandemic has had a moderate impact on the global time temperature indicator labels market. Supply chain disruptions and restrictions on manufacturing activities due to lockdown have hindered short-term market prospects.
Manufacturers have taken to diversifying supply chains away from China to minimize the impact of the outbreak. The need for cold supply chains for the covid-19 vaccines are likely to prove lucrative to market players.
Also, the growth of the ecommerce sector during the pandemic and online purchases of drugs and food has created lucrative growth opportunities, which is helping in cutting down losses during the crisis period.
Competitive Landscape
Major players in the time temperature indicator labels market landscape include 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.
Manufacturers are increasingly relying on product development and launch strategies to incorporate novel tech advancements in addition to acquisitions, mergers, and geographical expansion to offer improved solutions and to widen their consumer base in a fragmented market landscape.
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About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
What to Expect in Our Report?
(1) A complete section of the Global Time Temperature Indicator Labels market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Time Temperature Indicator Labels market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Time Temperature Indicator Labels market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Time Temperature Indicator Labels market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Time Temperature Indicator Labels Market report.
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