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/EIN News/ -- New York, US, May 31, 2022 (GLOBE NEWSWIRE) -- Security Labels Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Security Labels Market Information by Identification Method, Vertical, and Region - Forecast till 2027”, the market is estimated to grow at a 4.9% CAGR to reach USD 32,767.7 Million by 2027.
Product counterfeiting is one of the top reasons for concern among brand owners along with brand marketers, with nearly 8-9% of all world trade impacted by counterfeiting as well as tampering. As a result, for major brands, counterfeit and fraud mitigation is now not just optional but an extremely essential parameter for maintaining the brand image and also protecting their customers.
The pharmaceuticals, food and beverages, high-end cosmetics, and consumer electronics are some of the sectors that generate considerable demand for security labels.
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The important companies in the security labels market are
An escalating number of players are making use of security labels for manufacturing their products since these are aesthetically pleasing while the holographic labels bolster the functionality of product packaging. Security labels further give protection against product counterfeiting. In addition, the variety of embossing designs present on the label helps the buyers understand the authenticity of the product.
Consumers prefer being aware of the kind of product they buy and do not want to be fooled by incorrect information. This, in addition to the rapid growth of the packaging industry, has fostered the expansion rate of the security labels market. Accelerated demand for these labels in the food & beverage and retail sectors will also be favorale for the worldwide market in the ensuing period. The e-commerce industry has been garnering significant prominence worldwide, inducing the demand for security labels. A few other key application areas of security labels are logistics, consumer durables, and electronics, which will result in considerable business growth in subsequent years.
Consumers today are extremely aware of the environmental impact of different goods that they buy and are keenly focused on taking sustainable buying decisions. Vinyl, polypropylene, polystyrene, and foam film papers are some of the key raw materials that are used for developing labels. But these products leave significant carbon footprints and are not biodegradable. On top of this, the manufacturing process produces considerable amounts of greenhouse gases. All these factors could act against the worldwide market in subsequent years.
Browse In-depth Market Research Report (111 Pages) on Security Labels: https://www.marketresearchfuture.com/reports/security-labels-market-1289
The security labels market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing security labels along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Identification methods covered include RFID, barcode, holographic, and others. In 2016, the highest growth was noted by the barcode segment, as these are majorly deployed in diverse sectors including consumer goods, pharmaceuticals, transportation & logistics, and retail, keeping a track of all their products and detecting the outgoing shipments along with equipment. Barcodes are reliable, cost-effective, and considered to be the best technique for collecting the necessary data. However, in the coming years, the RFID segment can achieve the fastest growth rate, due to its substantial demand in supply chains.
With respect to product form, the major segments can be reels coupled with sheets. The sheets segment has been in the lead since 2016.
Security labels have applications in food & beverages, pharmaceuticals, consumer goods, and others. The top segment in the market is the food & beverage application, thanks to the widespread usage of advanced security labels in the sector in line with the surging significance of labeled products with necessary information given on the label. The food and beverage packaging sector is highly regulated along with a significant number of government regulations and policies, and therefore, barcodes and labeling are extremely important for sellers and consumers alike. Pharmaceutical is also a thriving segment, on account of the soaring concerns about drug counterfeiting and the substantial operational costs in the healthcare industry, combined with the alarming rise in medical device thefts.
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APAC is at present the highest revenue generating market for security labels market, given the thriving retail industry. India, Japan, China, and Indonesia are the most attractive markets in Asia Pacific, with China clinching the leading spot. China is doing extremely well because of the flourishing consumer goods as well as food & beverage sectors. The APAC market expansion can also be accredited to the surging strictness of the regulations and policies defining the food packaging field. Seeing the opportunities, a rising number of players are adopting advanced techniques to create tamper-proof products. This has fostered the use of security labels in the beverage and food industry.
As the second leading market, North America stands to profit from the mounting demand for security labels in the pharmaceuticals and foods & beverage industries, with applications in snack foods, ready-to-eat meals, frozen meals, and more. The thriving pharmaceutical industry encourages business growth as well. The United States market is extremely lucrative, given the surging demand for smart labels over conventional bar code data.
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