Global Time Temperature Indicator Labels Market Estimated to be valued at US$ 4.6 Mn by 2027 End

Posted on 2017-12-14 by Mark Hub in Industrial // 0 Comments

Albany, USA, 2017-Dec-14 — /EPR Network/ —A new report added to the repository of Market Research Reports Search Engine “Time Temperature Indicator Labels Market: CTTI Label Information Segment Estimated to Create Incremental $ Opportunity of US$ 71.7 Mn over the Forecast Period: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” is a comprehensive repository of information, providing market share, size, and forecast.

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With more than 80% revenue share, critical time temperature indicator segment will continue to dominate the global market throughout the forecast period

The Critical Time Temperature Indicator (CTTI) labels segment is expected to dominate the global time temperature indicator labels market throughout the forecast period. Due to its cost efficiency and ease of use, compared to other time temperature indicator labels, the demand and market dominance are expected to remain strong over forecast period. The lowest share of the market is captured by CTI segment and it has been estimated to be valued at US$ 1.9 Mn, in 2017, which is forecast to rise to around US$ 4.6 Mn, by the end of 2027.

Lack of awareness and loss on account of defective products are some of the factors hindering revenue growth of the global time temperature indicator labels market

The penetration of time temperature indicator labels into food sector is negligible, and into pharmaceutical it is not satisfactory. People are unaware of the benefits of using time temperature indicator labels and are still following the traditional methods of storage, supply, and distribution of the perishables and pharmaceuticals. Besides, it has been observed that the loss due to return of defective products where visual colour change on time temperature indicator labels indicate the temperature excursions which has resulted into more losses to retailers as compared to earlier losses when they were not adopted time temperature indicator labels. Now the consumer simply returns the product if time temperature indicator label indicates temperature abuse. Previously, customers usually were not able to recognize the temperature abuse, just by eye inspection. Many retail shops, who were offering fresh produce and ready to eat foods have dropped using time temperature indicator labels.

Changing technology landscapes may restrain the growth of global time temperature indicator labels market. This market is highly driven by research & development, new temperature monitoring devices based on thin film printed electronics technology and hybrid time temperature indicator – RFID labels are upcoming technologies, which are expected to make paradigm shift in time temperature indicator labels market. The substitute products like RFID tags, NFC tags and data loggers are more efficient and accurate compared to time temperature indicator labels at present. These products are posing tough competition to conventional time temperature indicator labels.

Lack of cold chain infrastructure is restraining the global time temperature indicator labels market. Narrow and underdeveloped roadways, lack of cold capacity and unreliable logistics vehicles, which are lacking in cold facilities (online tracking, freezer, temperature monitoring etc.) are restraining the global time temperature indicator labels market growth.

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Although there is a lot of scope to adopt time temperature indicator labels in seafood, chemicals and wine businesses, the adoption is very slow and the current levels are unsatisfactory. Food wastage can be greatly reduced using time temperature indicator labels, but the consumer’s lack of awareness is restraining the growth of time temperature indicator labels market. The share of high end smart labels dominates the conventional market share in overall smart labels market.

Global Time Temperature Indicator Labels Market: Opportunities

Food sector especially in South Asia, Africa, and Latin America is increasingly becoming organized. The number of retail stores, super markets, hyper markets, and ecommerce businesses are growing at a rate of two fold and three fold in some of the emerging economies e.g. China, India and South Africa. Due to this, the need for cold storage is growing and thereby monitoring temperature and time. Time temperature indicator labels are increasingly adopted by fresh produce, fresh seafood, meat & poultry and ready to eat food producers.

Due to globalization, free trade zones and growing migration resulting into elongating of food and pharmaceutical supply chains. A unique flower grown in Chile will be exported to Australia and a delicious fresh seafood from Japan will be exported to U.S. In such scenarios of supply chain logistics, maintaining temperature levels at pre-set levels is very much necessary. Time temperature indicators labels are a low cost solution for such cases.

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