Asia Pacific Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Barcodes, RFID, and Others), Label Type (Plastics, Paper, Metal, and Others), Printing Technology (Digital Printing, Flexography Printing, Gravure P

Asia Pacific Inventory Tags Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Barcodes, RFID, and Others), Label Type (Plastics, Paper, Metal, and Others), Printing Technology (Digital Printing, Flexography Printing, Gravure Printing, Offset Printing, and Others), and End-user (Retail, Transportation and Logistics, Industrial, and Others)

The inventory tags market in Asia Pacific is expected to grow from US$ 1,562.88 million in 2021 to US$ 2,551.26 million by 2028; it is estimated to grow at a CAGR of 7.3% from 2021 to 2028. Counterfeiting of products is a huge concern, which impacts all the verticals across the region. As stated by the International Chamber of Commerce, counterfeiting has been growing significantly over the past few years and has resulted in illegal trading of goods worth ~US$ 917 billion a year. The growing cases of counterfeiting products result in loss of revenue and pose considerable threat to consumer health and safety, as well as harm foreign direct investment prospects. The retail and consumer electronics industries are the major targets of piracy, thereby negatively impacting various retail and pharmaceutical firms. For instance, in March 2019, Pune (India) Police raided Pramukh Enterprises, a retail store, for selling forged electronic goods of reputed companies. The police seized Hewlett Packard Enterprise (HPE) products, mainly counterfeit printer toners. Further, In March 2020, in Malaysia, ~600 cases of online sales of counterfeit surgical masks were reported. Similarly, Reebok and Adidas have filed the trademark suit in federal court against ~50 online sellers for selling, promoting, and providing for sale and distributing substantial quantities of footwear. This lawsuit comes during the attention to the mounting counterfeit-centric posts on social media platforms. Both the sports giants seek US$ 2 million from each of the defendants for every counterfeit trademark used. The stringent laws pertaining to counterfeiting activities, the requirement for efficient use of the supply chain, and the availability of cost-efficient counterfeiting technologies have compelled various companies to opt for inventory tags. With this technology, one can determine its location, identify an individual item, and review its chain of custody. Collecting this data makes it easier to handle the supply chain and identify counterfeits.

Asia Pacific has a large number of developing countries, a positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make Asia Pacific a major growth driving region for various markets, such as inventory tags. Rising number of online shoppers and the growing e-commerce sector in the region create a huge opportunity for the growth of the global inventory tags market. Due to the COVID-19 pandemic, social distancing and staying home norms have pushed the consumers toward online shopping. Nevertheless, uncertain consumer demand and supply chain problems have negatively affected the inventory tags industry in the region. The e-commerce supply chains were mainly strained by the pandemic and factory closures in China. The lockdown of various factories in China affected the global supply chains and negatively impacted manufacturing activities, delivery schedules, and various products sales and services. The COVID-19 pandemic has adversely affected the automotive industry in China. The country is the world’s largest car market, and Wuhan city is home to various auto plants, such as Honda, General Motors, Nissan, and Renault. As per the World Economic Forum (WEF), for Honda Company alone, the city holds ~50% of total production in China. In 2019, in China, Hubei Province was the fourth-largest car manufacturer, with ~10% of China’s car-making capacity and manufactured 2.24 million vehicles. However, several auto companies closed their doors as part of the nationwide shutdown. Hence, it resulted in a decline in car and its spare part sales.

The Asia Pacific inventory tags market is segmented on the basis of technology, label type, printing technology, and end-user. Based on printing technology, the market is segmented into offset printing, digital printing, flexography printing, gravure printing, and others. In 2020, the offset printing segment held the largest share in the market. Offset printing, also called offset lithography, is used for the mass production of inventory tags by most organizations printing high volumes in requirement of consistent quality and low costs. The offset printer consists of three cylinders, which work together to print the image on the paper. The first cylinder has the printing plate and ink on it, and then the image is transferred to the second cylinder. The paper is then fed between the second and third cylinder where the image is transferred on the paper. Various advantages of offset printing such as cost effectiveness for larger quantities (lower marginal costs), high quality of print, and capability of using variety of paper and ink types are driving the growth of the market for the offset printing segment.

The Asia Pacific inventory tags market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific inventory tags market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific inventory tags market. 3M; Alien Technology, LLC; Brady Worldwide, Inc.; CCL Industries Inc.; Johnson Controls, Inc.; Zebra Technologies Corporation; SATO Holdings Corporation; Honeywell International Inc.; and Camcode are among the leading companies in the market.

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