The global tags market is valued at US$ 10.9 Billion in 2022 and is expected to reach US$ 18.2 Billion by 2032, at a CAGR of 5.2% from 2022 to 2032. The value of overall tags market is expected to showcase year-on-year (Y-o-Y) growth of 4.5% in 2021-2022. The tags market is anticipated to be led by North America, which is projected to account for a market share of 21.4% in 2022.
FMI estimates that in 2022, the Japan tags market will increase 5.8% year on year. Across the East Asia, total revenue of tags is forecast to reach US$ 2,108.5 Million in 2022.
Key Takeaways from Tags Market
- By material type, the plastic segment accounts for the leading share of 43% in the global tags market.
- On basis of tag type, RFID tags will remain more preferred due to their durability and ease in inventory & asset management. The segment is anticipated to increase 1.8 times during next 10 years.
- In terms of end use, the clothing & apparel segment will create incremental opportunity of US$ 2,444.1 Mn because of the rise in disposable income of middle class families in emerging economies.
- South Asia and East Asia collectively are expected to register maximum growth rate of 7.2% and 6.5%, respectively by 2032.
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Increase in Demand for RFID Tags to Increase Sales in Market
In the last decade, usage of RFID tags has drastically increased in the consumer electronics segment. They have been proven quite useful & handy when it comes to logistical management.
RFID tags are a type of tracking system which uses radio frequency to track, search, communicate and track with items or people. RFID tags are known as smart labels, as they easily store a ton of varied range of information like a short description, serial numbers or even pages of data.
Due to usage of low, high & ultra-high radio frequencies in market to identify shoplifters and other risks to different merchandise which in turns uplifts the revenue generation.
Nowadays, usage of RIFD tags have seen an increase in end use industries such as clothing & apparel and cosmetics. This trend is exponentially increase the demand for RFID tags which helps in asset management. This will result an increase in the demand of RFID tags over the forecast period.
How Will Printing On Tags Elevate The Brand Image Of Product?
Leading as well as small food & beverages, beauty and personal care, clothing and apparel industry players across the globe are preferring labeling solutions such as RFID tags, hang tags, loop tags, and swing tags for brand promotion and attract customers.
Printing on tags with precise product information helps brand owners to differentiate their products from that competitors’, already available in the market. Tags can be printed using various printing options such as flexographic printing, direct thermal and thermal transfer, and others as per the requirement.
These custom printing options enable printing on tags starting from barcodes to track your product to any other form of information as per the customer needs. Quality of print on tags plays a pivotal role in tags aesthetic look and its finishing. Such printing on tags improves the overall look of tags and make it attractive and it also gains the attention of consumer towards the product.