According to Future Market Insights (FMI), a healthy 6.5% CAGR is expected to take the valuation of the global time temperature indicator labels market from US$ 917.6 million in 2023 to US$ 1,715.6 million in 2033.
Time temperature indicator (TTI) labels are used to determine products’ accumulated time-temperature histories. They are predominantly utilized across the medical, pharmaceutical, and food sectors for indicating products’ exposures to excessive temperatures along with the times during which they were exposed.
In Germany, the burgeoning food and beverage industry is poised to significantly influence the sales of time temperature indicator labels. The pursuit of economies of scale and operational efficiency plays a pivotal role in the market’s expansion. The transformative impact of online food delivery services on the food service sector’s distribution network, coupled with major companies like Red Bull and Rauch relocating manufacturing plants to Germany, contributes substantially to market growth. Despite a minor decline in sales, the German food service industry anticipates a rise in the sales of food and beverage items in the foreseeable future.
Within the Asia Pacific region, countries such as China, India, and Japan are poised to emerge as lucrative markets for time temperature indicator labels and data logger market labels. The anticipated substantial growth in the food and beverage, pharmaceutical, and medical sectors in these nations is expected to significantly increase their market share over the next decade. By 2023, China is projected to hold a 6.8% share of the global market, with India and Japan reaching shares of 5.9% and 18.4%, respectively. This growth underscores the considerable potential of these countries as lucrative markets for time temperature indicator labels in the Asia Pacific region.
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During transportation and shipping, it is important to avoid products getting damaged by the external environment. This is where a time temperature indicator label can be a convenient option. For products which sustain damage rapidly with a rise in temperature, such as food and pharmaceutical products, these time temperature indicator labels help in controlling temperature.
Owing to added specialization and sensitivity of pharma products, consignments are now being shipped globally across varied climatic regions. In the food & beverages industry, rising demand for perishable food products such as seafood, soft fruits, cheese, and meat from the growing middle class in developing regions is also driving demand for effective temperature-controlled packaging solutions, as most of these products are extensively imported from distant geographies.
Specialized agriculture/aquaculture functions enable the transport of temperature-sensitive food products to distant markets. The technologically advanced features have made time temperature indicators more complex but more convenient for end-use applications.
Changes in buying preferences towards online purchases and increased imports and exports of perishable products are the factors that are affecting the acceleration of the global time temperature indicator labels market. Time temperature indicator labels are easy to use and low cost. Their use also results in advantages such as improved food safety and increased shelf life.
Key Takeaways of Time Temperature Indicator Labels Market Study
- By product type, color (only) based is expected to hold more than 2/3th value share by 2033 in the global market as visual verification becomes easier with change in the external temperature.
- Critical time temperature indicators (CTTI) is the most lucrative sub-segment from label information segment, in terms of market share as well as incremental opportunity. This segment is rapidly growing and expected to expand at a CAGR of 4% in from 2023 to 2033.
- Enzymatic segment is estimated to hold a 8% share in the global market share estimated to accelerate at a CAGR of 6.8% between 2023 and 2033.
- North America is estimated to capture around 1/4th of the time temperature indicator labels market due to presence of prominent market players. The region is expected to achieve a market share of around 25% by 2033.
“Rising demand for perishable food products is translating into increasing need for TTI Labels. Technological advancements in the packaging industry is expected to bolster the demand for time temperature indicator labels market. The cost-effectiveness provided by the manufacturers is also likely provide a boost to the time temperature indicator labels market” says an FMI analyst.
Who is Winning?
From 2023 to 2033, prominent market participants are anticipated to invest in research & development for creating more cost-effective products. Acquisition and merger strategies are also likely as players compete to expand their global footprints.
The key players operating in the time temperature indicator labels market are
- 3M Company,
- CCL Industries Inc.,
- TIP Temperature Products,
- Delta Trak,
- Phase IV Engineering, Inc.,
- Biosynergy, Inc.,
- Evigence Sensors,
- Insignia Technologies Ltd.,
- Liberty Marking Systems,
- Timestrip UK LTD,
- Testo SE & Co. KGaA,
- American thermal instruments,
- Vanprob Solutions,
- SRV Controls, and
- R.R. Donnelley & Sons Company.
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Time Temperature Indicator Labels Industry by Category
By Product Type:
- Color (Only) Based
- Irreversible
- Reversible
- Barcode Based
By Label Information:
- Critical Temperature Indicators (CTI)
- Time Temperature Indicators (TTI)
- Critical Time Temperature Indicators (CTTI)
By Technology:
- Microbiological
- Diffusion
- Polymer-based
- Photochemical
- Enzymatic
By End-use Industry:
- Pharmaceutical
- Food & Beverage
- Chemical & Fertilizers
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan Countries
- Baltic Countries
- Middle East and Africa
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The packaging team at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ 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.
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