"Layout" refers to the arrangement of the words and designs on the label. "Text" refers specifically to the words, what they are and maybe the font, but not the arrangement. So it depends on what you want. Either or both could be correct. In your question, "need want" is redundant. It may be a typing error, but you should use either need or want, not both.

I think layout is correct as layout itself consists of print technic, color ink, font, size (W,H)... Maybe, you should send for vendor AI file then they will follow your requestment