Market Research Future (MRFR) believes that the global security labels market Size is expected to reach USD 27,907 millionby 2030 and register a CAGR of 5.30% during the forecast period of 2022-2030.
Primary Boosters and Main Restraints
In 2018, Identiv Inc., a leading supplier of security solutions, developed and launched tamper-proof RFID labels that find applications in pharmaceuticals, apparel industry, perishable food products, to name a few. More and more manufacturers are deploying security labels while manufacturing products, since they are aesthetically appealing and the holographic labels help add significant functionality to the product packaging. These labels also help protect against counterfeiting of the product. Moreover, the embossing designs that are on the label assist buyers in identifying the authentic product.
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Consumers today prefer to know about the product they are buying and demand protection against incorrect information. These factors, in addition to the overall surge in the packaging industry, are leading to the growth of the security labels market. Mounting demand in the retail and food beverage industry can also benefit the worldwide market in the approaching period. The e-commerce sector is gaining high prominence all across the globe, which also induces major growth in the security labels market. Some other significant application areas are electronics, logistics and consumer durables, which can also mean substantial business growth in the near future.
The rapidly expanding population and the evolving lifestyle seem to be working in favor of the global market size as well. The escalating awareness and the need for guarantee of the product’s authenticity are driving the market growth to a large extent. Consumer durables industry is emerging as one of the most prominent end-users in the market, which can offer a host of attractive opportunities to the leading players in the following years.
Security labels Market size has been broadly studied in the report, with the primary segments listed as identification method, product form and application.
Identification methods analyzed in the report are holographic, barcode, RFID, and others. The most notable growth was of the barcode segment in 2022, since these are extensively used in industries like pharmaceuticals, consumer good, retail and transportation logistics, to keep a track of their products and to locate the outgoing shipments as well as equipment. Barcodes are cost-effective, reliable, and the best method to gather the necessary data. RFID can, however, achieve the highest growth rate in the years to come, because of its high demand in supply chains
Depending on the product form, the market segments considered in the report are reels as well as sheets, where sheets led the global market in the year 2022.
The main applications of security labels are consumer goods, pharmaceuticals, food beverages, and others. The leading segment is that of food beverage application, given the widespread use of security labels in the industry in the face of rising importance of labeled products with the information provided on the label. Since food and beverage packaging is a highly regulated industry with the high number of government policies and regulations, labeling and barcode have become extremely essential for the sellers as well as the consumers. Among the applications mentioned, pharmaceutical is another important segment in the market on account of the mounting concerns regarding drug counterfeit and the high operational costs in healthcare, along with the alarming surge in medical device thefts in recent years.
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The regional analysis of the security labels market report size covers North America, Asia Pacific or APAC, Europe, and Rest of the World (RoW).
APAC controls the global market for security labels market with the highest share, owing to the rapid boom in the retail industry. India, Indonesia, Japan and China are some of the most lucrative markets in the region, where China has clinched the leading position. The country is riding high on the back of the thriving consumer goods and food beverage industry. The regional market growth is the result of the rising stringency in the regulations that define the food packaging field. Given the situation, more and more manufacturers are making use of several ways to develop tamper-proof products. This has led to a boost in the demand for security labels in the food beverage industry of the region.
With the second lead in the global market, North America benefits largely from the soaring demand rising for security labels in the foods beverage industry, with applications in frozen meals, snack foods and ready-to-eat meals. The highly established pharmaceutical industry also promotes the market growth in the region. The United States (U.S) is the reigning market in the region, as the country notes the trend of the escalating demand for smart labels compared to traditional bar code data.
Significant players listed in the report, who are striving to get a bigger share in the security labels market size include Honeywell International Inc. (U.S.), UPM (Finland), Rako Security Label Produktsicherungs GmbH (Germany), Tesa SE Group (Germany), Data Label Inc. (U.S.), Label Lock (U.K), Avery Dennison Corporation (U.S.), 3M Company (U.S.), CCL Industries Inc. (Canada), Star Label Products (U.S.), Colour Data UK Ltd (U.K.), Watson Label Products (U.S.), Holosafe Security Labels (India), Seiko Holdings Corporation (Japan), Polylabel.com (Canada), to name a few.
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