Tags Market: An Overview
Effective product identification, tracking, and traceability are becoming more important in several industries, including manufacturing, transportation, healthcare, and retail. Unique identifying codes, serial numbers, barcodes, or QR codes that enable effective inventory management, supply chain visibility, and product verification are provided by tags. The need to increase operational effectiveness, decrease mistakes, boost security, and adhere to regulatory standards is what fuels the market for tags.
The demand for tags has substantially expanded due to the growth of e-commerce and online shopping. The importance of labeling and tagging items for shipping, inventory control, and order fulfillment grows as more firms turn to online platforms. Products are identified by tags, which also offer pertinent information and guarantee efficient logistics and delivery procedures. The demand for tags has increased as e-commerce has grown, particularly for shipping labels, barcodes, and tracking labels.
With a projected compound annual growth rate (CAGR) of 5.4% from 2023 to 2033, the global tags market is expected to surpass a valuation of US$ 11,530.8 million in 2023 and reach a remarkable value of US$ 19,510.4 million by 2033, reflecting its steady growth and immense potential.
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Tags Market Landscape
- Dortex Werbung und Vertrieb mbH,
- Zebra Technologies Corp.,
- Honeywell International,
- Sato Holdings Corp.,
- Finotex USA Corp.,
- CCL Industries Inc.,
- Pacific Coast Bach Label Inc.,
- NXP Semiconductors, Confidex Ltd.,
- GAO RFID Inc.,
- HID Global Corp.
are also the noticeable players in the tags market. The Tier 3 players in the market hold 65-70% in the global tags market. In conclusion, key players contribute almost 30-35% of the global market.
Loop, RIFD tags on food & beverage, electronics & electrical, and clothing & apparel provide an extensive edge towards brand promotion. Moreover, easy accessibility of ease in printing technology will provide impressive opportunities for design and manufacture of tags over forecast period.
FMI has forecast that the demand and sales of tags will be definite and in increasing order. Factors such as increase middle class family income, increase in millennial generation’s e-commerce expenses, convenience factor coupled with advance tracking processes will exponentially increase the tags sales globally.
Key Takeaways from Tags Market:
- The global tags industry size expanded at a CAGR of 3.8% from 2018 to 2022.
- In 2018, the global market size stood at US$ 9,408.6 million.
- The global market size stood at US$ 10,940.1 million in 2022.
- In 2022, the RFID tag type segment captured 56.1% shares in the global market.
- In 2022, the plastic segment under material type, captured 42.8% shares in the global market.
- In 2022, the United States garnered 16.2% shares in the global market.
- In 2022, China captured 6.1% shares in the global market.
“The usage of RFID tags is increasing rapidly across the globe. Their application especially in consumer electronics has created abundant opportunities for tags manufacturers. Increasing emphasis on ease in logistical and inventory management is anticipated to redefine the tags market growth” says FMI analyst.
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Recent Developments Observed by FMI:
- Several new products were unveiled by SIVA IoT, a manufacturer of RFID and wireless IoT tags and labels, in April 2022. The multi-national company has added battery-assisted tags, sensor-based labels, tamper-proof tags, and dual frequency tags to its lineup of products.
- CCL Industries Inc. announced in January 2021 that it had purchased two software-powered tag and card firms for its Avery division.
- Zebra Technologies Corp. added solutions to streamline fulfillment procedures to its range of fetch robotics in October 2021.
In North America, there is an enormous demand for tags because of factors like thriving retail and e-commerce sectors, advanced supply chain management systems, and strict regulatory requirements. The region has a well-established retail market with a focus on inventory management, monitoring, and product identification. The need for tags is driven by the requirement for effective logistics, order fulfillment, and adherence to labeling laws. The development of e-commerce and online shopping has also increased the demand for product identification tags, tracking tags, and delivery labels.
Europe has developed a retail industry, broad manufacturing sectors, stringent regulatory frameworks, and expanding e-commerce businesses. This all contributes to the region’s high tag demand. Product safety, traceability, and customer information are highly prioritized in Europe. The region’s well-established industrial and retail industries, as well as the growing popularity of online purchasing, all help to drive demand for tags.
Tags Market By Category
By Material Type, Tags Market is segmented as:
- Plastic
- Paper
- Fibers
- Others (Metal, etc.)
By Tag Type, Tags Market is segmented as:
- RFID Tag
- Hang/ Swing Tag
- Loop Tag
By End Use, Tags Market is segmented as:
- Food & Beverage
- Clothing & Apparels
- Hospitality & Travel
- Beauty & Personal Care
- Consumer Electronics
- Others
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