Time temperature indicator is a smart device that collects real-time data related to temperature and time. Premature perishing of food products are the signs of physical, chemical, micro-biological, and enzymatic reactions. Time temperature indicators detect product degradation, which may be caused by internal and external effects, by providing an alert notification. By providing such real-time information, it ensures high quality of products, in turn reducing health risks.
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Increasing adoption of time temperature indicator in the food industry is attributed to increasing awareness regarding quality of food products such as sea food, meat, and packaged food products. Temperature can affect the quality of a food product, further resulting in safety issues during the time of distribution, transport, and storage. According to Coherent Market Insights’ analysis, as of 2016, the total food and agriculture industry was valued at around US$ 8 trillion, whereas the global sales of packaged food was valued at US$ 2.2 trillion. Thus, growing food packaging industry is leading to increasing demand for smart technology to track quality and safety of products. This in turn, is expected to proportionally boost growth of the time temperature indicator labels market during the forecast period.
However, cost of these time temperature indicator labels in hindering market growth. In developed economies, food items are valued at higher prices as compared to the price of 1 TTI label, whereas in emerging economies, the time temperature indicators are valued at about similar or even higher price than the food item itself. Therefore, players in such regions are hesitant to adopt these products, which could affect their profit margins. Moreover, it becomes difficult to check exact color of the indicator and it might lead to ambiguity in terms of credibility and trustworthiness of the freshness of the product.
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“Asia Pacific TTI labels market expected to witness highest CAGR over the forecast period (2018–2028)”
The market for Asia Pacific is expected to register highest CAGR during forecast period. The market in Asia Pacific is expected to be valued at US$ 44.5 million by 2028. This growth is attributed to growing number of retail stores, e-commerce businesses, and super markets in emerging economies such as China and India.
For instance, according to India Brand Equity Foundation (IBEF), the e-commerce market is expected to reach US$ 64 billion by 2020 from US$ 38.5 billion in 2017. Indian e-commerce industry has been on a rising growth trajectory and is anticipated to exceed the U.S. to turn into the second largest e-commerce market in the world by 2034. This in turn, is expected to increase the demand for cold storage, intelligent packaging, and temperature monitoring technology in the region.
Time temperature indicators are increasingly being adopted by the packaging industry to maintain quality of seafood, meat, poultry, and ready-to-eat food products. According to Coherent Market Insights’ analysis, in 2014, around 2,091 billion units of packaged food products were sold in this region and is projected to reach 2,578 billion units by 2019. This increasing consumption of packaged food, in turn, is expected to boost growth of time temperature indicator labels market.
Major players operating in the global time temperature indicator labels market include 3M Company, Temptime Corporation, Thin Film Electronics ASA, DeltaTrak, Inc., NiGK Corporation, Freshpoint Quality Assurance Ltd, LCR Hallcrest, LLC, CCL Industries Inc., Biosynergy, Inc., and American Thermal Instruments.
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