Smart packaging is increasingly evolving in the packaged food industry. Increased demand for packaging that shows and maintains product quality across the supply chain is a significant factor driving the smart packaging industry's growth. In existing packaging formats, radio-frequency identification (RFID) and smart labels are simple to incorporate. Not only can these labels help deter fraud, they also help locate items as they travel across the supply chain. The Food Safety Modernization Act (FSMA) mandates CPGs to provide details of the manufacturer and distributor of a product, giving businesses the responsibility to monitor the journey of their goods.
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Smart labels are used to track the temperature and consistency of the products, and when a product has been compromised. These product labels help in assuring product protection to customers, allowing them to check specific product codes and confirm that the product has not been manipulated. This technology is also used to avoid recalls and mitigate their effect by recognizing where and how any contamination occurred in the supply chain in addition to finding the affected product.
Increasing consumer dependence on packaged goods and parallelly growing demand for transparency in the food and beverage products drives the industry and leads to improved adoption rates. At present, the industry is dominated by the North America region, particularly the U.S., because of the presence of most RFID companies in the country. Additionally, the companies are continuously undergoing R&Ds and further making their initial sales in the country, which positively impacts the U.S. market for smart labels.
Increased demand for packaged products has been created by the growing population, urbanization, and disposable income. Presently, the changing work conditions and the fast-paced lifestyle have also significantly transformed the packaged food industry. Consumers rely heavily on packaged goods for their everyday lifestyle. The increasing health problems, on the other hand, leave customers uncertain about their buying habits. All these issues can be tackled with the use of smart label usage in the food and beverage industry. The smart label helps resolve concerns in the consumers’ mind by providing them with a complete set of information about the packaged product, allowing them to make informed decisions.
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Rising disposable income increases the spending capacity of the population, which encourages them to buy premium quality food products, driving the demand for smart labels. A significant percentage of consumers like to make informed decisions when they are shopping. They are more often seen buying those goods which give them proper information about the packaged product. The growing health issue related to food products is the prime reason promoting this behavior in consumers. Key players in the smart food and beverage label market are continuously striving to provide innovative and economical solutions for an increasing customer base globally.
Traditional food labels provide information to consumers, such as nutrition details, product ingredients, allergen and storage advice of manufactured products, and weight. Further details of information shall include date by which the consumer should use the product before it is discarded. The best before or use by dates are given as guidelines only. They are not always precise, and dates are not even regulated in some countries. In several ways, even after the use-by date states that the food has expired, the food is still safe to consume. This means that people unnecessarily discard food entirely.
The smart food and beverage label market comprises major companies providing different forms of smart label options and solutions to incorporate them.
In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.
Key players in the smart food and beverage label market are coming up with the launch of new products and various developmental activities in order to generate public awareness about their existing and new products to provide more economical solutions and compete with the competitor’s product portfolio.
It further gauges the competitiveness persisting in the industry.
Companies apply their core competency and strong network in order to achieve profits above the industry average.Porter’s Five Forces analysis derives the five major forces from the industry that determine the competitive intensity and attractiveness of the industry.
Each factor is then assigned a risk rating, depending upon its impact on the force (high, medium, and low).
