The global time temperature indicator labels market is projected to witness a decently consistent CAGR of 6.6% between 2022 and 2030, reaching US$ 1.47 Bn by the year 2030.
Colour (only) based, critical time temperature indicators (CTTI) and time temperature indicators are gaining popularity at every level of the economy, from consumers, product manufactures to the packaging industry.
These product types are being asked for by the markets due to products with technological advanced features and consumer appealing designs, especially with more convenience and ease of visual verification.
Request a Report Sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-2230
Key Takeaways
- The size of the time temperature indicator labels market is estimated to surpass US$ 776 Mn by the end of 2020, with food and drug storage and transport applications being major driving factors for the market
- Pharmaceutical manufacturers will remain primary end users, while applications in food and beverage processors are expected to grow at a relatively faster rate driven by the adoption of cold supply chains
- Critical time and temperature indicator technologies will account for higher demand owing to cost and weight benefits, accounting for over 80% of the market
- Europe followed by North America are leading regional markets for time temperature indicator labels, supported by the presence of leading pharmaceutical players and strict regulations in terms of health and food safety
“Growing levels of domestic and international trade for perishable commodities is a major driver of the global time temperature indicator labels market. Extensive application of these labels for clinical products, seafood, and wine especially in developing countries will continue boosting the shipping of these items, in turn creating lucrative prospects for time temperature indicator labels sales” says the FMI Analyst
Covid-19 Impact Analysis
The covid-19 pandemic has had a moderate impact on the global time temperature indicator labels market. Supply chain disruptions and restrictions on manufacturing activities due to lockdown have hindered short-term market prospects.
Manufacturers have taken to diversifying supply chains away from China to minimize the impact of the outbreak. The need for cold supply chains for the covid-19 vaccines are likely to prove lucrative to market players.
Also, the growth of the ecommerce sector during the pandemic and online purchases of drugs and food has created lucrative growth opportunities, which is helping in cutting down losses during the crisis period.
Competitive Landscape
Major players in the time temperature indicator labels market landscape include
- 3M Company,
- CCL Industries Inc.,
- Temptime Corporation,
- Bizerba SE & Co. KG,
- Delta Trak Inc.,
- Thin Film Electronics ASA,
- Biosynergy Inc.,
- Evigence Sensors,
- Insignia Technologies Ltd., and
- La-Co Industries Inc. among others.
Manufacturers are increasingly relying on product development and launch strategies to incorporate novel tech advancements in addition to acquisitions, mergers, and geographical expansion to offer improved solutions and to widen their consumer base in a fragmented market landscape.
Download Methodology of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2230
More Insights on FMI’s Time Temperature Indicator Labels Report
Future Market Insights in its latest report offers a detailed analysis of the global time and temperature indicator labels market covering historical demand from 2015 – 2019 and forecast data for the period between 2020 and 2030. The study covers projections of growth in the market in terms of product type (color only based and barcode based), label information (critical temperature indicators, critical time temperature indicators, and time temperature indicators), technology (microbiological, diffusion, polymer-based, photochemical, enzymatic, and others), and end use industry (pharmaceutical, food & beverage, chemical & fertilizers, and others), across seven key regions.
