Radio-Frequency Identification (RFID) tags have revolutionized the supply chain management in the food and beverage industry (F&B). In the retail supply chain, RFID automates the merchandise tracking by replacing the manual scanning of products using an inventory tracker. The emergence of this technology has eased out the food contamination detection due to which the inventory tags market is growing. Food contamination is one of the serious issues in developing countries. Over 100 people died by drinking alcohol diluted with methanol in Indonesia in 2018. Significantly, the use of RFID tags will reduce such happenings which will eventually boost the Inventory Tags Market growth. In 2018, MIT Media Lab developed wireless systems that leverage cost-effective RFID tags to sense potential food contamination. With the scalable and simple system, it provides food-safety detection to common people. Due to the usage of harmful fertilizers, pesticides, and chemicals in food production, it has increased the food-safety incidents around the globe. In order to avoid further incidents, RFID tags act as a rudimentary radio frequency spectroscope that projects electromagnetic waves into materials and monitors the composition of harmful chemicals.
The F&B industry is experiencing similar innovations, owing to this, the global inventory tags market size was evaluated to be $4.72 billion in 2018. Moreover, the market is poised to increment at a growing CAGR of 3.89% during the forecast period 2019-2025.
North America Dominating the Global Inventory Tags Market
North America is among the fastest-growing regions of the inventory tags market with a revenue share of 31% as of 2018. With the high adoption of these tags in the retail industry, the market is anticipated to grow in North America. The region has several highly organized retail and industrial sector that maintains huge inventories and use inventory tags for the product and asset management for the supply chain. The United States and Canada have the largest number of retail chain centers that enhances the trade growth for the inventory control tags market and economic condition in North America. The retail sector in the U.S. surpassed $5 trillion with 1 million retail establishments. The sector has experienced a sales growth of 3.9% along with an increase in e-commerce sales of 13% in 2017. Additionally, Canada’s retail sales were valued to be $605.9 billion and core-retail sales of $376.9 billion in 2018. With this significant growth of the retail industry in the U.S. and Canada, the product inventory tags market is witnessing rapid growth.
Subsequently, the inventory tags market in the U.S. and Canada has a huge impact on the transportation and logistics verticals. RFID in inventory tags helps in data storage and recovering it through radio waves. These inventory tags provide real-time updates to the customers and the manufacturers by helping in tracking the products being shipped. The transportation and logistics industry in the U.S reached $1.6 trillion in 2018. Also, Canada’s transportation value until July 2019 was $50 billion. Owing to the adoption of various advanced technologies such as RFID in the inventory Management in North America, these tags ensures cost-effective tracking of the products, controlled inventory flow, delivery timeline, and identification of the owners. Aforementioned factors have led to the increased demand for inventory tags that is projected to boost the market growth.
3D Printing Shaping the Future of Supply Chain
3D printing is the one of the major disruptive trend to impact the logistics of the F&B industry in the near future. Due to the immense potential for 3D printing to create instant production and distribution models, essentially enabling companies and consumers alike to print complex objects within the confines of a single printer. There is a major demand in the F&B industry for inventory management and inventory counting. Therefore, it is necessary to maintain a track on the names and the positions of items that help in tracking with the support of machine-readable barcodes attached to the inventory tags for quantity management. Recently, some of the researchers introduce an innovative 3D printed device, BumpMaker that tracks, weighs, and tags on pressure sensor sheets. RFID. This device can acquire the objects position, embedded information, and weight on high-resolution sensor sheets. Also, BumpMaker enables remote monitoring of the number of products in containers by placing them on the pressure sensor sheets. In addition, plastic is the most commonly used material for BumpMaker. Plastic is the fastest-growing segment of the inventory tags market, which is growing at a CAGR of 3.2% during the forecast period.
Major Companies in Inventory Tags Market
Some of the key frontrunners in the inventory tags market are Alien Technology Inc., Avery Dennison Corporation, Cenveo Inc., 3M Company, Hewlett-Packard Company, Zebra Technologies Corporation, Smartrac N.V., Brady Corporation, Checkpoint Systems, Inc, and Tyco International PLC. These pioneering companies are utilizing extensive resources on developmental and innovational activities to deliver essential products and solutions to global customers, deliberately strengthening their brand image and setting new trends for the global market.
· SmartTrac Launches RFID-Based New Cattle Ear Tag
In September 2018, Smartrac N.V, a Dutch manufacturer of high-security RFID inlays, launched RFID-based new cattle ear tags for efficient animal identification and track maintenance. The product contains a chip that functions with an advanced RFID antenna design that increases the ruggedness in demanding applications. Such innovations by the highly competitive companies surge the inventory tags market revenue.
· Uflex Partners with Edale for Inventory Tags
In 2018, Uflex Ltd., India’s leading flexible packaging converter, partnered with Edale Ltd. The objective behind the partnership is to increase the production of inventory tags capacity. Thus, this growth created opportunities in the inventory tags market.
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