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Global Tags Market Overview
Tags Market Size was valued at USD 11.9 Billion in 2022. The Tags industry is projected to grow from USD 12.59 Billion in 2023 to USD 19.76 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). Persistent patterns in consumer convenience and product design, expanding opportunities for product innovation, and the adoption of cutting-edge tag technologies are the key market drivers fueling the market growth.
End Use: Secondary Research, Primary Research, MRFR Database and Analyst Review
Tags Market Trends
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RFID technology innovations driving the market growth
Market CAGR for Tags is being driven by RFID technology innovations. RFID technology has advanced significantly, becoming more efficient and affordable. RFID tags eliminate the need for direct line-of-sight scanning and enable automatic tracking and identification of commodities. This invention is widely adopted by many industries, completely changing logistics and inventory control. RFID increases operational efficiency, lowers errors, and simplifies supply chain procedures by enabling smooth, real-time tracking. Because of its non-line-of-sight capabilities, it is a top option for companies looking to collect data automatically and accurately, which enhances supply chain visibility and management overall.
Growing consumer consciousness of sustainability is changing the tag market and encouraging the development of reusable and environmentally friendly tag solutions. The need for tags with little ecological impact has increased as companies give environmental concerns more importance. This change is indicative of an industry-wide dedication to sustainable practices. To cut waste and improve the environmental consciousness of their supply chain, companies are increasingly making decisions in the tags market that are consistent with their environmental values. In addition to satisfying legal requirements, this focus on sustainability is in line with the larger trend of ethical and ecologically friendly business practices.
The expansion of online retail and e-commerce drives market expansion. For example, it was projected that over 2.3 billion people would make online purchases in 2022. By January 2023, there will be about 8 billion people on the planet. This indicates that at least 28% of people shop online to meet their needs. E-commerce and online retail growth have made efficient logistics and inventory management much more important. To improve order fulfillment, lower error rates, and track products from the warehouse to the final customer, tags are crucial in the e-commerce sector. Thus, driving the Tag's market revenue.
Zebra ZT600 Series RFID Tags: These new RFID tags, which will be available in early 2024, have extended read ranges and improved durability. They offer better tracking and inventory management capabilities and are developed for usage in industrial settings.
Sony FeliCa Smart Tags: Designed for secure NFC applications, Sony's new FeliCa smart tags will be available in 2024. They have enhanced security standards and are designed with digital tickets, payments, and access control in mind.
Tags Market Segment Insights
Tags Tag Type Insights
The Tags market segmentation, based on Tag Type includes RFID Tag, Hang/Swing Tag, and Loop Tag. The RFID Tag segment dominated the market, accounting for 56.1% (6.68 billion) of market revenue. RFID tags provide improved stackability, durability, and ease of use in logistical accounting. This makes RFID tags perfect for a variety of industries, including electronics, food, and clothing.
Figure 1: Tags Market, by Tag Type, 2022 & 2032 (USD Billion)
End Use: Secondary Research, Primary Research, MRFR Database and Analyst Review
Tags Material Type Insights
The Tags market segmentation, based on Material Type includes Plastic, Paper, Fibers, and Others. The Plastic segment dominated the market, accounting for 42.8% (5.09 billion) of market revenue. This is linked to the it is simple to apply various hues, patterns, and coatings to plastic tags. They may also bear additional information printed on them, like barcodes, brand names, logos, and product descriptions. Printability on plastic tags makes labeling legible and clear, which improves product and brand identification.
Tags End-Use Insights
The Tags market segmentation, based on End Use includes Food & Beverage, Clothing & Apparel, and Hospitality & Travel, Beauty & Personal Care, Consumer Electronics, Others. The Food and Beverages segment dominated the market, accounting for above one-third of market revenue. This is due to the critical need for traceability, expiry date tracking, and compliance with stringent regulations in the perishable goods supply chain.
Tags Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Tags market area will dominate this market. Food & food services packaging solutions have growth opportunities due to urbanization, the majority of Americans moving from rural to urban areas, rising disposable income, and a changing focus on better food products in the US. The United States is ranked second in the world for meat consumption by the Organization for Economic Co-operation and Development (OECD). It is anticipated that this will support the region's tag demand.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: TAGS MARKET SHARE BY REGION 2022 (USD Billion)
End Use: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Tags market accounts for the second-largest market share due to the growing significance of supply chain optimization, stringent regulations requiring product traceability, and growing consciousness of sustainability. These factors have prompted industries to implement sophisticated tagging solutions for more effective logistics and improved visibility. Further, the German Tags market held the largest market share, and the UK Tags market was the fastest-growing market in the European region
The Asia-Pacific Tags Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the growing demand for supply chain visibility, the region's burgeoning e-commerce industry, and the growing adoption of sophisticated logistics technologies. The region's need for effective tagging solutions is being driven by strong economic growth and an increase in online retail activity. Moreover, China’s Tags market held the largest market share, and the Indian Tags market was the fastest-growing market in the Asia-Pacific region.
Tags Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Tags market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Tags industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Tags industry to benefit clients and increase the market sector. In recent years, the Tags industry has offered some of the most significant advantages to Consumers. Major players in the Tags market, including Zebra Technologies Corp., Honeywell International, Sato Holdings Corp., Finotex USA Corp., CCL Industries Inc., Pacific Coats Bach Label Inc., NXP Semiconductors, Confidex Ltd., GAO RFID Inc., HID Corp., and others, are attempting to increase market demand by investing in product development to increase their product line to diverse consumer needs.
Leading the way in enterprise-level data capture and automatic identification solutions, Zebra Technologies Corp. offers cutting-edge hardware and software to companies across a range of sectors. Zebra, a company that specializes in barcode and RFID technology, provides a wide range of goods, such as mobile computers, printers, scanners, and software platforms. These solutions help companies increase workflow efficiency, boost productivity, and improve supply chain visibility. Zebra Technologies is well-known for its dedication to providing businesses with cutting-edge solutions that boost productivity, simplify processes, and spur digital transformation in industries like manufacturing, healthcare, retail, and transportation. In October 2021, Zebra Technologies Corp. provided solutions to optimize fulfillment workflows to its portfolio of fetch robotics.
Leading international supplier of secure identity solutions, HID Corp. focuses on a wide range of goods and services associated with secure access, identity, and logistics. HID places a high priority on innovation and provides cutting-edge technology solutions, such as smart cards, biometric identification systems, and RFID technology, to improve security and expedite procedures for organizations, governments, and enterprises worldwide. Secure card issuance, authentication, and access control solutions are all part of the company's extensive portfolio, which helps different industries create reliable and effective identity management systems. HID is renowned for its dedication to offering state-of-the-art, dependable, and expandable solutions that cater to the changing demands of the identity and security sector. In May 2022, HID Global, a world leader in trusted identity solutions, just revealed that it had acquired Vizinex RFID. Through the acquisition, HID Global's prominence and reach have increased in key vertical markets like manufacturing, data centers, oil and gas, healthcare/medical, and so forth. It expands the market-leading RFID tag portfolio of the company by adding essential technology.
Key Companies in the Tags market include
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Honeywell International
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Sato Holdings Corp.
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Finotex USA Corp.
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CCL Industries Inc.
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Pacific Coats Bach Label Inc.
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NXP Semiconductors
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GAO RFID Inc.
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HID Corp.
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Dortex Werbung
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Vertrieb GmbH
Tags Industry Developments
May 2022: Kerala, India is currently implanting radio-frequency identification (RFID) microchips into its cattle to improve the traceability of the animals and create a large database on them. The initiative, which is being launched as a pilot in the State, was officially launched with the distribution of the microchip and reader by J. Chinchurani, the minister for animal husbandry. This program, called E-Samridha, is being implemented by the Department of Animal Husbandry in partnership with the Kerala University of Digital Sciences, Innovation, and Technology.
April 2022: The manufacturer of RFID and wireless Internet of Things tags and labels, SIVA IoT, unveiled several new items. The multinational company added battery-assisted, sensor-based, tamper-proof, and dual-frequency tags to its range of products.
Tags Market Segmentation
Tags Material Type Outlook
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Plastic
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Paper
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Fibers
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Others
Tags Tag Type Outlook
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RFID Tag
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Hang/Swing Tag
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Loop Tag
Tags End Use Outlook
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Food & Beverage
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Clothing & Apparels
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Hospitality & Travel
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Beauty & Personal Care
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Consumer Electronics
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Others
Tags Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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