Track and Trace Packaging Market to Achieve US$ 4.2 billion by 2033 with RFID and Blockchain Revolutionizing Supply Chains, Says FMI
Track and Trace Solutions Lead the Way for Digitalizing the Packaging Industry
NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) -- According to the forecast, the track and trace packaging market is expected to be US$ 2,415.35 million in 2023 and US$ 4,204.65 million by 2033.The use of track and trace in the supply chain is driven by advancements in goods and technology like RFID. In 2018, more than 40 nations and more than 75% of the global supply of medicines were subject to track and trace legislation. Moreover, radio-frequency identification (RFID) technology enhances security and product handling throughout supply-chain operations and inventory management.
Also, it cuts down on the personnel and time needed to handle products in the supply chain. Additionally, it plays a significant part in tracking and tracing prescription pharmaceuticals and cutting the medical and healthcare sector's expenditures by billions of dollars.
Blockchain technology is gaining considerable popularity as it finds more uses in more sectors. The supply chain is one of the main areas where blockchain technology enables visibility and traceability of items across networks. Blockchain implementation reveals enormous prospects for the food industry regarding monitoring and tracing.
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*Key Takeaways*
· Europe is the second leading market after North America, with a share of 31.3% in 2022. This growth is attributed to the emerging technologies in the region.
· The track and trace packaging market was significantly expanding, with a size of US$ 2,285.1 million in 2022.
· Due to advancements in pharmaceutical packaging, the United States is predicted to lead the North American track and trace packaging market throughout the forecast period.
· In 2022, the United States developed in the track and trace packaging business with a share of 22%.
· Several innovative startup teams and ambitious entrepreneurs seek fresh strategies to solve global problems and establish excellent product-market fit.
· Due to the industry's quick adoption of track and trace solutions, the pharmaceuticals sector had a 27% revenue share in 2022, dominating the market based on end use.
“Pharmaceutical is a key revenue pocket for the track and trace packaging market players, and an investment into it could turn out lucrative”--as reported by FMI analysts.
*Competitors Winning Strategies*
Due to the increasing deployment of track and trace systems by pharmaceutical and medical device businesses, the industry is predicted to experience considerable growth. Companies in the pharmaceutical and biopharmaceutical industries need help with drug counterfeiting. Thus, companies focus on track and trace solutions for supply chain monitoring.
*Recent Developments:*
· Rfxcel, an Antares Vision Group company, and the Ministry of Public Health of the Lebanese Republic signed a five-year collaboration agreement to establish a GS1-compliant traceability center for Lebanon's whole pharmaceutical supply chain.
· The debut of V-TRACE, a comprehensive and guaranteed traceability solution for managing COVID-19 vaccine supply chain logistics, was announced by OPTEL and Bureau Veritas in January 2021.
· In collaboration with Gallarus and SeaVision, Domino developed "K600G" in December 2020, a blister foil and web digital printing system for pharmaceutical solutions. It incorporates a wide range of solutions that allow different installation types and an additional feature that allows direct printing on the blister foil packs.*Reques**t Report Methodology Explained! **Here’s* *How **we **Gather and Analyze Data: *https://www.futuremarketinsights.com/request-report-methodology/rep-gb-3123
*Key Players*
1. Robert Bosch GmbH.
2. ESS Technology Inc.
3. Optel Vision Inc.
4. PennWell Corporation
5. Siemens AG
6. Uhlmann Packaging Systems LP
7. Marchesini Group S.p.A*Key segments:*
By Printing Type:
· Inkjet
· Laser Marking
· Thermal TransferBy Product Type:
· Radio-Frequency Identification (RFID)
· Barcode Reader and Real-Time Locating System
By End Use:
· Food & Beverages
· Pharmaceutical
· Automotive
· Electrical and Electronics
· Consumer Goods
· Cosmetic & Personal Care
· OthersBy Region:
· North America
· Latin America
· Asia Pacific
· The Middle East and Africa
· Europe*Build **a** Future-r**eady **Business. Buy Now to Embrace Innovation a**nd **Win in the Market**: *https://www.futuremarketinsights.com/checkout/3123
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*Author: *
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
*About Future Market Insights (FMI)*
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.
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