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.
Read Report Overview: Global Smart Food and Beverage Label Market
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.
Smart Label: Reshaping the Food and Beverage Packaging Industry
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.
Smart labels provide product information in real-time either by scanning a QR code or by a visual effect. In order to let the customers know that food is no longer fit to eat, the label changes its appearance. In reaction to varying levels of oxygen and bacteria inside the packaging, the color changes take place. The smart labels solve problems with the current labeling system. The RFID and NFC labels are giving consumers transparency that was never provided before. It provides all the information from the farm to the fork. The use of smart food and beverage label has many advantages that have both short-term and long-term positive implications. One of the key benefits is that it can dramatically minimize food waste using labels, which is a global issue. Every year, people throw away billions of dollars of food that is perfectly fit for consumption. Preventing diseases that are caused by bacteria that grow on food is another of the key benefits. It encompasses both E. coli and salmonella, which are both potentially lethal types of food poisoning. They will not acquire severe bacterial infections if they clearly see that the food is no longer healthy to consume.
Smart Label: Helping to Tackle Food Industry Problems
Sustainable food production is becoming increasingly difficult with the rising global population, as land and water supplies are strained to keep up with demand. Managing food waste is one sector that could strengthen food security. It has been noted that about one-third of the world's food is lost annually in the supply chain. According to the industry expert, a significant contributor to this waste problem is food spoilage, which poses both an economic and an ethical burden.
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Competitive Landscape
The strategies followed by various prominent companies of the global smart food and beverage label market to sustain the competition and expand their market share vary from product launches to collaborations and partnerships. In the past years (January 2017- August 2020), the global smart food and beverage label market witnessed approximately 41 synergistic developments (agreements, collaborations, and partnerships). Among the different key developments, synergistic strategies (new product launch and development) constitute the dominant contributor’s strategies. The medium and small-medium enterprises are also venturing into the market and sustaining the competition through business expansion and contacts and by partnering, collaborating, and forming joint ventures.