According to Coherent Market Insights, the global blockchain based solutions for security labels market was valued at US$ 22,311.2 Million in 2019 and is projected to exhibit a CAGR of 6.3% during the forecast period (2020–2027).
Key trends and analysis of the global blockchain based solutions for security labels market:
The adoption of labels to prevent adulteration and counterfeiting of F&B products is a major trend in the market. For instance, according to Coherent Market Insights’ analysis in 2019, around 80% of food and beverages, pet and personal care products, and household products will feature a smart label within the next five years.
The adoption of smart label technologies such as use of NFC and RFID technologies, and QR codes is a major trend observed in the security labels market, as it has the potential to prevent counterfeiting of products.
The growing e-commerce industry across the globe has led to an increase in the sale of counterfeit products through various online platforms. In order to stop sale of counterfeit products, companies are adopting security labels to protect their brand name and retain customers.
Advanced anti-counterfeiting technologies such as Forensic Taggants and DNA Markers are being adopted to protect electronic products and pharmaceutical products from counterfeiting. The adoption of such technologies is expected to drive the market growth.
The pharmaceutical industry is one of the sectors affected by counterfeiting of products, adulterations, and expiration of medicines during transit. To avoid adulteration or counterfeiting of medicines, smart labels are being implemented by players operating in this sector. Moreover, the increasing sale of counterfeit medical products is also expected to drive the adoption of security labels. For instance, according to a survey conducted by the World Health Organization (WHO), in 2017, 1 in 10 medical products circulating in low- and middle-income countries are either substandard or falsified.
Counterfeiting is a major concern of big brands, as it affects their brand name. Therefore, various brands are adopting IoT technology to protect their products from counterfeiting. For instance, HP uses Tamper Evident Label and Security Label to authenticate their products using QR code and online database using smartphone.
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Key Market Takeaways:
The global blockchain based solutions for security labels market is projected to register a CAGR of 6.3 % during the forecast period, owing to the growing demand for security labels from various manufacturers to protect their products from counterfeiting.
North America held the dominant position in the global blockchain based solutions for security labels market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to adoption of expansion strategies by security label providers in North America.
Asia Pacific is expected to witness significant growth during the forecast period owing to the increasing demand for security labels from the FMCG sector. Asia Pacific region accounted for US$ 5,551 Million in 2019 and it is expected to register a CAGR of 6.8% during the forecast period.
Among end-use industry, the FMCG segment held dominant position in the market in 2019 and is expected to retain its dominance throughout the forecast period owing to the increasing adoption of security labels in the food & beverage industry.
Major players operating in the global blockchain based solutions for security labels market are 3M Company, Avery Dennison Corporation, CCL Industries Inc., Honeywell International Inc., UPM Raflatac, Inc., OpSec Security, Inc., Tesa SE, Brady Corporation, Covectra, Inc., and Mega Fortris Sdn. Bhd.
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By Identification Method:
- Bar code
- Radio Frequency Identification
By End-use Industry:
- Consumer Electronics
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.