Rising disposable income, increasing demand for sustainable packaging and growing awareness regarding quality products are the factors driving the market growth. Rising application across various end-use industries such as food & beverages, healthcare & pharmaceuticals is expected to boost the TTI market growth in upcoming years.
The latest report by Value Market Research expects the global Time-Temperature Indicators market to reach at USD 2,265.4 MN by the end of 2024 with a CAGR of 9.0%.
FULL HISTORY INDICATORS TO DOMINATE THE TTI MARKET BY TYPE
Full history indicators to reach USD 1,575.6 MN by the end of 2024. Full history indicators have acquired more than half of the market share in 2017, owing to the rising need of temperature sensitive monitoring label in food & beverage, pharmaceuticals, biotechnology & other sectors.
FOOD & BEVERAGE SECTOR TO LEAD APPLICATION SEGMENT FOR TTI MARKET
Food & beverage sector dominates the application segment in 2017, owing to rising demand for intelligent packaging solutions to monitor quality & shelf life of the perishable food products. Advanced features of labels include tracking & verification of products contents along with smart packaging is raising the demand for the food & beverage sector.
NORTH AMERICA DOMINATING REGIONAL SEGMENT
North America has dominated the regional segment owing to rising demand for interactive and smart packaging solutions. Growing population results in the booming food & beverage industry are likely to foster the regional market growth of time temperature indicators during the forecast period. Whereas, Asia Pacific is the fastest growing regional segment on account of rising in unorganized & organized retail chains within countries such as India and China. This, in turn, will increase demand for cold storage, product quality monitoring systems in the specific region.
KEY PLAYERS OF THE MARKET
Deltatrak Inc., Temptime Corporation, The 3M Company and Timestrip are the key vendors of the time temperature indicator market. Rising R&D activities by major players such as Deltatrak for development of high tech, low-cost labels with the feature to record the product condition with data loggers will fuel the market growth.
As per this study the global time-temperature indicators market was valued USD X,XXX.X MN (by revenue) in 2019 and is anticipated to reach USD X,XXX.X MN by 2026 with a CAGR of X.X%. By volume, the market was estimated at XX.X MN Units in 2019 and is expected to reach XX.X MN Units by 2026 with a CAGR of X.X%.
Time-temperature indicators (TTIs) are smart labels that are time and temperature sensitive, indicating and gathering product history. This device helps to indicate probable product degradation or alteration due to various internal and external factors. Thus, this help to maintain the product quality and reduce health risk. Temperature indicators device help in identifying fluctuation in temperature by the use of smart technology. Furthermore, time indicators work on pre-defined period (time sensitive) to show its quality and freshness of the product.
Objectives of the Study:
- Define and measure the global time-temperature indicators market
- Volume & revenue forecast of the global time-temperature indicators market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments
Growing awareness for quality products along with the increasing disposable income and sustainability in packaging is the factors serving as a key driver for the growth of global time-temperature indicators (TTIs) market. Moreover, growing demand for food and beverages are the principal application followed by healthcare and pharmaceuticals. However, consumer goods are on the edge of materialization. In addition, to this the market is highly driven by R & D, emerging temperature monitoring devices whereas changing technology landscapes may limit the growth of global time-temperature indicator labels market.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of time-temperature indicators.
The broad time-temperature indicators market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application Market Share 2019
- Full History Indicators
- Partial History Indicators
- Food And Beverages
- Healthcare and Pharmaceuticals
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for time-temperature indicators in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Time-Temperature Indicators Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the time-temperature indicators market includes 3M Company, Timestrip, Temptime Corporation, and Deltatrak Inc. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.