Global Time Temperature Indicator Labels market anticipated to reach around USD 105 Million by 2026, at a CAGR of 12% from 2020 to 2026.
NEW YORK, UNITED STATES, June 8, 2020 /EINPresswire.com/ — Facts and Factors has authored “Time Temperature Indicator Labels Market By Product Type (Color-Based, Barcode-Based), By Label Information (Critical Temperature Indicator (CTI), Critical Time Temperature Indicator (CTTI), Time Temperature Indicator (TTI) ) and By End-User (Food and Beverages, Pharmaceuticals, Chemical, and Fertilizers): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”.
Based on our analysis, the global Time Temperature Indicator Labels market in 2019 is approximately USD 54 Million and is anticipated to reach around USD 105 Million by 2026. The anticipated CAGR for the Global Time Temperature Indicator Labels market is around 12% from 2020 to 2026.
Time Temperature Indicator Labels are considered to be such smart labels that are used to gather the history of time and temperature of a product. These labels are largely used on food, pharmaceuticals, and medical products to get information about the exposure of the highest temperatures and the time during which the product was exposed to. There are various types of time-temperature indicator labels with varying technologies such as usage of any particular filter paper that changes its color, or else some contain bacterial fluid-filled pouches that change its color when exposed to certain combinations of time and temperature. These labels allow users to keep a detailed check about the duration of time that the product was exposed to the outside temperature. These indicator labels work perfectly for cold chain shipping shipments and give the leverage to monitor the temperature of the shipments.
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Due to the growing demand from the food and pharmaceutical industry across the globe, it has become necessary that the food and pharmaceutical packaging comes with time temperature indicator labels. The products from these industries travel from one region to another with varying temperature and climatic conditions. Multinational companies are extending their services in other regions by using these time temperature indicator labels. They help in knowing the shell-life expiry of the products. But due to lack of consciousness among the end-users for whom these products are manufactured, many brands and retailers who had integrated their food items with time temperature indicator labels have stopped using these labels. Majorly the reason behind this is the losses incurred by the brands and retailers when the products are returned back by the customers. But in the future, through research and development, these labels are predictedto trend with more advanced technologies. Many companies are investing in this technology as they find this market to be the potential to collect heavy capital in the future.The advancement of temperature monitoring devices and hybrid time temperature indicators are proving to be profitable chances in the global time temperature indicator labels market.
In terms of type segment, the Color-Based segment is envisioned to dominate the market as compared with the Barcode-Based segment. This is due to the easy convenience process offered by the color-based segment over the barcode-based segment. Through the color-based label, it is easy to indicate through the naked eyes whether the product is affected by excess exposure to extreme temperatures just by noticing the color of the label attached to the packaging. Whereas in the barcode-based label, the label needs to be first scanned to know the time and temperature at which the product was exposed. As Color-Based labels are more economical compared with Barcode-Based labels, they are anticipated to have a rise in demand in the coming years. The segment of Critical Time Temperature Indicators (CTTI) is anticipated to dominate and have a good demand as compared with other segments. CTTI proves to be very convenient to indicate the failure in the distribution channel, and important to check the grade of the products so that they are harmless for usage and consumption. As CTTI is very cost-efficient and easy to use, they are in huge demand as compared with other categories. The segment of pharmaceuticals will dominate and grow due to the high sensitivity of the pharmaceutical products to temperature and hence they require proper management and care. That is why the process of packaging plays a very crucial role in the packaging of these pharmaceutical products as careless handling of these drugs can prove fatal to a patient. Hence if any drug is overexposed to excessive temperatures, then these time temperature indicator labels can help to sort out the affected drugs from the nonaffected ones.
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Among all the regions where these labels are sold and used by the customers, North America is considered to be the dominant region where a maximum number of time temperature indicator labels are used. In North America, out of the total number of labels sold, around a quarter of these labels are used by the pharmaceuticals sector for their medicine and other packagings. This region is trying to be self-reliant in the field of pharmaceuticals due to which they are emerging as the prominent end users of time temperature indicator labels. The growing demand for food products predicts the increase in the market of time temperature indicator labels.
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The key players in the Time Temperature Indicator Labels are as follows:
Thin Film Electronics ASA
Freshpoint Quality Assurance Ltd.
LCR Hallcrest, LLC
Delta Trak, Inc.
CCL Industries Inc.
This report segments the Time Temperature Indicator Labels market as follows:
Global Time Temperature Indicator Labels Market: By Product Type Segment Analysis
Global Time Temperature Indicator Market: Label Information Segment Analysis
Critical Temperature Indicator (CTI)
Critical Time Temperature Indicators (CTTI)
Time Temperature Indicators (TTI)
Global Time Temperature Indicator Market: By End-User Segment Analysis
Food and Beverages
Chemicals and Fertilizers
Source: EIN Presswire