Analysis of the Spoil Detection-based Smart Label Market by Type, Application, and Region

Spoil Detection-based Smart Label Market Outlook:
The global spoil detection-based smart label market, valued at US$ 1.5 billion in 2023, is on a robust growth trajectory. According to Persistence Market Research, this market is projected to expand significantly, reaching US$ 4.8 billion by 2033, with a compound annual growth rate (CAGR) of 12% over the forecast period.
Furthermore, the issue of food waste is a growing global concern. According to the IOF2020 newsletter, approximately 1.3 billion tons of food are wasted annually. Spoil detection-based smart labels market offer a solution by tracking product freshness and providing transparent information, thereby enabling stakeholders to take proactive measures to reduce food wastage.
Several factors are driving this surge. The increasing consumer demand for hygienic food products and the need for swift and accurate freshness assessments are key contributors to the market's growth. As food and pharmaceutical industries face heightened scrutiny and recall incidents, such as FUSION IV Pharmaceuticals Inc.’s voluntary recall of sterile drug products in January 2020 due to sterility concerns, the importance of maintaining proper temperature control in the cold chain has never been more evident.