Track-and-Trace (Cont’d from Page 1)
boost security and efficiencies. Smithers predicts a rapid adoption of trace-and-trace technologies into multiple other consumer segments that ship perish- able or valuable goods, including food, drinks, and cosmetics. These industries will benefit from the fall in pric- ing for individual tagging components as these technologies are refined and commercialized. Com- panies including Walmart are now widely adopting RFID for retail settings, for example. Unique Identifiers Industrial and transit packaging will remain the most lucrative element of the trace-and-trace mar- ket as large unit packaging apparently justifies the cost of bespoke solutions such as active RFID tag- ging, according to the report. With the supply chain disruptions wrought by COVID-19 continuing to be felt across industries, smart packaging solutions that allow for resilience and flexibility in supply chains will continue to expand. In the short term, the packaging track-and-trace market will continue to rely principally on coding print, such as unique alphanumeric identifiers, 1D barcodes, and 2D barcodes. A wider interest in on- pack RFID and NFC frequency antennas to provide more dynamic monitoring in more expensive appli-
The upward trajectory is forecast to continue, with a compound annual growth rate (CAGR) of +9.5 percent through to 2027 for the track-and- trace packaging industry. By 2027, the track-and- trace packaging market will reportedly yield a total value of $2.5 billion. As challenges continue to linger, supply chain se- curity has emerged as a business priority during the COVID-19 pandemic, which has pushed up demand for smart packaging solutions, Smithers claims. A recent report from Europol and the Eu- ropean Union Intellectual Property Office (EUIPO) suggests that the COVID-19 pandemic presented new challenges in terms of preventing counterfeit- ing, with the shift to e-commerce and the global roll-out of the vaccination program requiring both tested and novel solutions to protect consumers. Traceability features, including item-level tracking, are already mandated in many high-risk segments, such as pharmaceuticals and medical devices. Smithers says that healthcare will remain the big- gest end-use market for track-and-trace solutions, with its value reportedly set to double between 2021 and 2027. Concepts and technologies already established in industries like pharmaceuticals are increasingly being applied to other supply chains in a bid to
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