ICT RESEARCH REPORTS Time-Temperature-Indicator-Labels-Market | Page 2

maintained throughout the value chain of the product. Therefore, adoption of time temperature
indicators is increasing in pharmaceutical packaging. This is expected to aid in growth of the
market.
“Lack of awareness is one of the major factors hindering the global market growth”
Time temperature indicator labels have high application scope in the food and beverage industry.
Irrespective of the high scope of these indicators, awareness regarding time temperature
products is very low. Use of conventional methods of judging freshness of food items with mere
concoction and apparent food quality is still being practiced widely. Industries such as dairy,
food, and meat in developed economies such as Europe and North America have started using
these labels, whereas in emerging economies such as that in the Asia Pacific, Middle East, and
Africa awareness about this technology is significantly low, which is a major restraining factor for
growth of the market.
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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.