Thermochromic Labels Market forecasted to register 6.4% CAGR during the forecast period 2022-2030

December 8, 2022December 8, 2022 ankush

The market for thermochromic labels is anticipated to reach US$ 398.9 million in 2022 and is projected to grow at a CAGR of 6.4% from 2022 to 2030 to reach approximately US$ 653.7 million by 2030. The market is seeing an increase in demand for thermochromic labels due to their increasing use in end-use sectors such as food and beverage, pharmaceutical, cosmetic, and automotive.

The top 3 nations are predicted to control between 35 and 40 percent of the market by the end of 2022, which will lead to an increase in demand for thermochromic labels.

The integrity of pharmaceutical and healthcare products is anticipated to be guaranteed by labels printed using thermochromic ink. The demand for the product is anticipated to increase with a CAGR of 7.7% in the manufacturing sector as more companies implement these labels.

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What are the main trends influencing the market for thermochromic labels globally?
Rising Beverage Industry Demand Drives Market Sales of Thermochromic Labels Particularly in light of the use of cutting-edge labelling technology in the food and beverage business, innovation is probably going to be a crucial success factor in the thermochromic labels industry.

The growing use of thermochromic labels on consumer goods such alcoholic and non-alcoholic beverage cans and bottles is one of the key drivers driving the market expansion for these labels. When these smart labels come into touch with the desired specified temperature, their colour changes. Typically, this is done to establish and denote the ideal temperature for eating.

Competitive Landscape

Mergers and acquisitions have played a major role in the packaging industry and is continuously affecting the market dynamics. Key packaging players with strong cash flow and low expenditure are acquiring smaller players and partnering with end-user brands to generate significant revenues. Some of the recent mergers and acquisitions are:

In May 2022, CCL Industries, a global specialty packaging pioneer and the largest label company in the world acquired Floramedia Group B.V.
In March 2022, Avery Dennison Corporation acquired Catchpoint Ltd., which is a linerless label technology developing company based in Europe.

Key Companies Profiled