Anti-Counterfeit and Smart Packaging Fueling Thermochromic Labels Market Growth: US$278.7 Million Incremental Opportunity Expected by 2033

The thermochromic labels market is on track to achieve robust growth, projected at a healthy Compound Annual Growth Rate (CAGR) of 6.3% from 2023 to 2033. The market's anticipated value of US$ 781.14 million by 2033 signifies significant expansion compared to its estimated US$ 424.03 million valuation in 2023.

The demand for thermochromic labels is poised to rise, with the top 3 countries expected to command a substantial 35 to 40% market share by the close of 2022. Particularly valuable in ensuring the integrity of pharmaceutical and healthcare products, labels utilizing thermochromic ink are gaining prominence. Manufacturers' increasing adoption of these labels is projected to drive a robust 7.7% CAGR within the global market.

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The thermochromic labels market's positive growth trajectory is bolstered by the escalating need for anti-counterfeit packaging solutions and active smart packaging, aimed at curbing food wastage. Forecasts by FMI analysis indicate potential growth in thermochromic label sales from 2023 to 2033, creating an incremental opportunity of US$ 278.7 million.

Key players in the market held 20 to 25% of the global thermochromic labels market share in 2021. The Asian region, notably Asia, is expected to lead market growth with an impressive 8.3% growth rate during the forecast period.
Emerging local thermochromic ink manufacturers and regional food and beverage brands are anticipated to further fuel growth. Irreversible thermochromic labels are predicted to contribute an incremental opportunity of US$ 205.8 million by 2030, currently accounting for around 25% of the total thermochromic labels market.

Key Takeaways:

By label type, the irreversible segment is projected to remain the leading segment for the thermochromic labels market, holding around 4/5th portion by the end of 2022.
By end use, food and beverage segment is estimated to capture more than 38% market share in terms of value while the pharmaceuticals segment is likely to witness a CAGR of 7.7% during the forecast period 2022-2030.
Asia Pacific thermochromic labels market is expected to create an incremental opportunity of US$ 132.7 Mn during 2022-2030.
Germany is estimated to account for around 20% of the Europe thermochromic labels market
The thermochromic labels market in India is poised to generate a revenue of US$ 27.5 Mn by the end of 2022.

"Combating counterfeits and extending drug lifespan in the pharmaceutical industry and the rise of organized retail food sectors in the Asia Pacific are expected to act as catalysts in the growth of thermochromic labels market." -says FMI Analyst

The Rise of Organized Retail Food Sector in the Asia Pacific is Boosting the Sales of Thermochromic Labels Market

According to Invest India, food and groceries are the largest segment present in the retail sector in India and account for almost 66% of the total retail spending by the nation. The retail food sector in the country is being shaped by the evolving lifestyles of consumers and the increasing number of buyers for food and groceries. Permeation of thermochromic labels in the organized food sector is improving with the need to monitor and safeguard the food products during transportation and storage.

According to the U.S. Department of Agriculture, US$ 717 Bn of retail food and non-food products were sold in retail stores in the country in the year 2019. Supermarkets and smaller grocery stores accounted for the largest share of all stores, which was almost 92%. Due to a significant increase in Walmart and Costco stores, retail trade in the U.S. has taken a flight to significant growth and is expected to hence boost the demand for thermochromic labels.

Who is Winning?

Some of the key players in the thermochromic labels market are Avery Dennison Corporation, CCL Industries Inc., Siltech Limited, Chromatic Technologies Inc. (CTI), Gravic Group, LCR Hallcrest LLC, Eltronis, Multi-Color Corporation (MCC), DeltaTrak, Inc. and E. Textint Corp among others.

Leading thermochromic label manufacturers are continuously innovating to introduce highly efficient products that can meet end user demand. Besides this, they are adopting strategies like mergers, partnerships, acquisitions, collaborations, etc. to expand their presence.

Thermochromic Labels Market Report

Future Market Insights, in its new report, offers an unbiased analysis of the global thermochromic labels market, analysing historical demand from 2017-2021 and forecast statistics for 2022-2030. The study reveals market growth projections on the thermochromic labels market based on label type (reversible, irreversible) and end use (pharmaceuticals, food & beverages, cosmetics & personal care, media & entertainment, automotive, and other manufacturing (aerospace, etc.) across seven regions

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Thermochromic Labels Market by Category

By Label Type:

Reversible
Irreversible

By End Use:

Pharmaceuticals
Food & Beverages
Cosmetics & Personal Care
Media & Entertainment
Automotive
Other Manufacturing (Aerospace, etc.)

By Region:

North America
Latin America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.