Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Time Temperature Indicator Labels Market
Time temperature indicator is a smart device that collects real-time data related to temperature and time. Premature perishing of food products are the signs of physical, chemical, micro-biological, and enzymatic reactions. Time temperature indicators detect product degradation, which may be caused by internal and external effects, by providing an alert notification. By providing such real-time information, it ensures high quality of products, in turn reducing health risks.
Increasing focus on smart pharmaceutical packaging is among key driving factors for the market growth
Pharmaceutical products are sensitive to temperature and require proper handling and care. Packaging in the pharmaceutical industry is of utmost importance. Inappropriate handling of medicines can result in serious losses and in certain cases can be hazardous for the life of the consumer. Smart pharmaceutical packaging not only involves offering information of tracking and verifying the products contents, but also, verifying if the level of temperatures being maintained throughout the value chain of the product. Therefore, adoption of time temperature indicators is increasing in pharmaceutical packaging. This is expected to aid in growth of the market.
Lack of awareness is one of the major factors hindering the global market growth
Time temperature indicator labels have high application scope in the food and beverage industry. Irrespective of the high scope of these indicators, awareness regarding time temperature products is very low. Use of conventional methods of judging freshness of food items with mere concoction and apparent food quality is still being practiced widely. Industries such as dairy, food, and meat in developed economies such as Europe and North America have started using these labels, whereas in emerging economies such as that in the Asia Pacific, Middle East, and Africa awareness about this technology is significantly low, which is a major restraining factor for growth of the market.
Figure: Global Time Temperature Indicator Labels Market Opportunity Map
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2018
Asia Pacific TTI labels market expected to witness highest CAGR over the forecast period (2018–2028)
The market for Asia Pacific is expected to register highest CAGR during forecast period. The market in Asia Pacific is expected to be valued at US$ 44.5 million by 2028. This growth is attributed to growing number of retail stores, e-commerce businesses, and super markets in emerging economies such as China and India. For instance, according to India Brand Equity Foundation (IBEF), the e-commerce market is expected to reach US$ 64 billion by 2020 from US$ 38.5 billion in 2017. Indian e-commerce industry has been on a rising growth trajectory and is anticipated to exceed the U.S. to turn into the second largest e-commerce market in the world by 2034. This in turn, is expected to increase the demand for cold storage, intelligent packaging, and temperature monitoring technology in the region. Time temperature indicators are increasingly being adopted by the packaging industry to maintain quality of seafood, meat, poultry, and ready-to-eat food products. According to Coherent Market Insights’ analysis, in 2014, around 2,091 billion units of packaged food products were sold in this region and is projected to reach 2,578 billion units by 2019. This increasing consumption of packaged food, in turn, is expected to boost growth of time temperature indicator labels market.
Major players operating in the global time temperature indicator labels market include 3M Company, Temptime Corporation, Thin Film Electronics ASA, DeltaTrak, Inc., NiGK Corporation, Freshpoint Quality Assurance Ltd, LCR Hallcrest, LLC, CCL Industries Inc., Biosynergy, Inc., and American Thermal Instruments.