The Indian coding and marking systems market generated a revenue of $42.0 million in 2017 and is anticipated to be valued at $70.6 million by 2023, registering a CAGR of 9.0% during the forecast period (2018–2023). The factors driving the growth of the market are the expansion of the manufacturing and packaging industries and the rising use of coding and marking systems across the country.
Coding and marking systems are used to print details, such as price, batch number, and manufacturing and expiry dates, on the product packing or covering. Coding and labeling permit the tracking and identification of the product through various phases of the manufacturing process. For easy understanding, the Indian coding and marking systems market has been segmented by technology and end user. On the basis of technology, the sector is classified into thermal transfer overprinting, thermal inkjet, continuous inkjet, drop on demand, laser coding and making, print and apply labelers, and others.
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Out of these, the continuous inkjet technology is predicted to grow the fastest in the Indian coding and marking systems market during the forecast period, at a CAGR of 9.0%. The reason for such progress would be the various advantages offered by the technology to coding and marking systems. The technology helps the system run for long hours, which minimizes the costs related to early services. In addition, it allows for faster drying of the ink, which makes it an ideal choice for marking and coding fast-moving products.
Now, talking about the end user segment of the Indian coding and marking systems market, it is classified into food and beverages, automotive and aerospace, chemical, electrical and electronics, and others. In 2017, food and beverages led the domain with over 55.0% sales volume and 45.0% revenue share. Due to the increase in the awareness of consumers on product knowledge, such as that related to ingredients, and manufacturing and expiry dates, industry players have been impelled to provide it on product labels, thereby increasing the demand for such systems.
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In the coming years, the Indian coding and marking systems market is expected to witness tremendous growth due to the expanding food and beverages industry. According to a prominent market player, coding and marking is extremely important in the present times owing to its traceability factor. For instance, in case of a product recall, a printed batch number makes it easy to identify the specific batch.
Furthermore, an expansion in the manufacturing and packaging sectors and the growing use of such systems across the nation are helping the Indian coding and marking systems market prosper. Due to the expanding flexible packaging sector and growing use of innovative packaging solutions, the country’s packaging industry is progressing. The rise in the demand for packaging is because of consumers’ choice for lightweight packaging solutions and long-shelf life products.
Hence, as long as the demand for packaging with accurate product information increases owing to consumer awareness, the Indian coding and marking system market will grow.
This post was originally published on Technology Trend