Track And Trace Packaging Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Track And Trace Packaging Industry Prospective:

The global track and trace packaging market size was evaluated at $2,450 million in 2023 and is slated to hit $4,100 million by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.

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Track And Trace Packaging Market: Overview

Track and trace packaging systems find a spectrum of applications in a slew of end-use sectors. Furthermore, it helps in ensuring product safety, enhancing efficacy, and compliance throughout the supply chain.

These packaging tools make use of new systems for product monitoring in manufacturing as well as distribution sectors. Moreover, major functions of track and trace packing tools include serialization, aggregation, and labeling & inspection.  

Key Insights

• As per the analysis shared by our research analyst, the global track and trace packaging market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the global track and trace packaging market size was evaluated at nearly $2,450 million in 2023 and is expected to reach $4,100 million by 2032.
• The global track and trace packaging market is anticipated to grow rapidly over the forecast timespan owing to technological breakthroughs along with the need for preventing counterfeiting in pharmaceuticals and consumer goods sectors.
• In terms of technology, the RFID segment is slated to register the highest CAGR over the forecast period.
• Based on application, the pharmaceuticals segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on packaging type, the corrugated boxes segment is set to dominate the segmental growth in the ensuing years.
• Region-wise, the Latin America track and trace packaging industry is projected to register the fastest CAGR during the projected timespan.

Track And Trace Packaging Market: Growth Factors

Large-scale use of track & trace packaging systems in various end-use sectors will drive global market trends

Escalating customer demand for safety & transparency is anticipated to boost the expansion of the global track and trace packaging market. Furthermore, technological breakthroughs, along with the need to prevent counterfeiting in the pharmaceuticals and consumer goods sectors, are likely to prop up the global market expansion.

Moreover, the need for enhancing supply chain efficacy and the flourishing e-commerce sector is projected to embellish the global market trends.

In addition to this, the globalization of trading activities and the ability of track & trace tools to reduce risks in the seamless flow of goods can uplift the expansion of the global market.

Track And Trace Packaging Market: Restraints

Huge charges incurred due to implementation of track & trace packaging can obstruct the global industry surge by 2032

Massive costs of implementing track-and-trace packaging, along with strict laws required for complying with track-and-trace systems, are likely to impede the growth of the global track and trace packaging industry. Lack of standardization and resistance to change are projected to hinder the expansion of the global industry in the ensuing years.

Track And Trace Packaging Market: Opportunities

Launching of new technologies can open new growth opportunities for the global market

Technological breakthroughs, along with surging customer awareness about product safety, are expected to open new growth avenues for the global track and trace packaging market.

Furthermore, supply chain optimization and the integration of track-and-trace systems with other technologies is expected to prop up the global market expansion.

Track And Trace Packaging Market: Challenges

A surge in the charges of raw materials is expected to challenge the global industry surge over forecast period

Interoperability issues as well as data privacy concerns and infrastructure limitations can challenge the expansion of the global track and trace packaging industry in the ensuing years. A rise in raw component prices can also deter the surge in global industry expansion in the ensuing years.

Track And Trace Packaging Market: Segmentation

The global track and trace packaging market is divided into technology, application, packaging type, and region.                                             

In terms of technology, the track and trace packaging market across the globe is segmented into RFID, IoT, QR code & barcode, and blockchain segments.

Apparently, the RFID segment, which amassed nearly 74% of the global market revenue in 2023, is projected to register the fastest CAGR in the coming eight years and can be subject to massive use of RFID track & trace packaging technology in pharmaceuticals and electronics. Moreover, RFID tags are versatile, efficient, durable, and data-rich, thereby enhancing their demand.

Based on the application, the global track and trace packaging industry is segmented into pharmaceuticals, luxury goods, automotive, food & beverages, electronics, and automotive segments.

Apparently, the pharmaceuticals segment, which led the global industry in 2023, is expected to account significantly towards the segmental expansion in the upcoming years. This can be owing to the need to reduce the duplicity of high-value products along with the need to reduce supply chain complexity.

On the basis of packaging type, the global track and trace packaging market is sectored into labels & tags, corrugated boxes, plastic packaging, and glass packaging segments.

Moreover, the corrugated boxes segment, which led the application space in 2023, is expected to dominate the segmental landscape in the forecast timeline.

Moreover, the segmental growth can be due to cost-efficiency, versatility, extensive use, recyclability, and compatibility of corrugated bags.

Track And Trace Packaging Market: Report Scope

Track And Trace Packaging Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the projected time-interval

Asia-Pacific, which contributed about 51% of the global track and trace packaging market size in 2023, is likely to establish a leading position in the global market in the upcoming years.

Apart from this, the regional market progression in the next couple of years can be credited to swift economic development and the presence of a huge population in APAC countries such as India and China.

Moreover, an increase in online retail activities and supportive government initiatives are anticipated to propel the growth of the market in the APAC zone. Additionally, cost-effective manufacturing activities in the region will steer the growth of the market in the Asia-Pacific zone.  

The Latin American track and trace packaging industry is set to register the highest CAGR in the forecasting years. The elevation of the industry in LATAM can be a result of growing consumer awareness about improving the safety & quality of the products.

Furthermore, swift economic growth along with an increase in industrialization in Latin American countries such as Argentina and Brazil will steer the industry expansion in the region. In addition to this, improvements in transport & logistics activities will spur industry expansion in the region.

Track And Trace Packaging Market: Competitive Space

The global track and trace packaging market profiles key players such as:

• Seidenader Maschinenbau GmbH
• Mettler-Toledo International Inc.
• Markem-Imaje AG
• Smartrac
• SATO
• Sensify
• Axway
• The 3M Company
• Resil
• Avery Dennison
• ACG Worldwide
• Zebra Technologies Corporation
• Tecsys
• The Honeywell Systems
• Intermec
• TraceLink Inc.
• OPTEL Group
• Antares Vision Group
• Siemens AG
• Checkpoint Systems

The global track and trace packaging market is segmented as follows:

By Technology

• RFID
• IoT
• QR Code & Barcode
• Blockchain

By Application

• Pharmaceuticals
• Luxury Goods
• Automotive
• Food & Beverages
• Electronics

By Packaging Type 

• Labels & Tags
• Corrugated Boxes
• Plastic Packaging
• Glass Packaging

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa