The Indian coding and marking systems market value is set to increase to $127.6 million by 2030 from an estimated $42.7 million in 2021, at a CAGR of over 12% during 2021–2030, says P&S Intelligence. The key reason behind it would be the rapid growth of the food and beverage industry, where these machines are a government mandate. Therefore, the rising demand for packaged food and beverages, as a result of India’s growing economy, is pushing up the demand for coding and marking systems.
This demand was further highlighted during the COVID-19 pandemic, which drove the sale of packaged and pre-cooked food. With people forced indoors, the footfall at grocery shops decreased, and online orders for food and beverage items rose, thereby propelling the requirement for high-quality packaging. The government mandates the proper labeling of all such products with the ingredient list, manufacturing and expiry dates, nutrient information, and manufacturer details.
Key Findings of India Coding and Marking Systems Market Report
The actual coding and marking systems witness higher sales compared to the software because of their wide usage in a range of industries, including FMCG, pharmaceuticals, chemicals, automotive, and electrical & electronics.
Most Indian coding and marking systems market end users prefer printers based on the continuous inkjet technology, as it enables high-speed printing, can work on virtually any material for long hours, has minimum servicing requirements, and is cost-effective.
FMCG companies are the largest users of coding and marking systems and software because of the stringent government mandates on them to provide explicit product details on the packaging.
Users are now shifting to digital technologies from analog ones because digital printing solutions enable high-volume printing at high speeds.
The manufacturing sector is a lucrative opportunity area for Indian coding and marking systems market players as the production machinery and its individual components are now being extensively coded for tracking and tracing purposes.
Moreover, the Indian government is taking numerous initiatives to boost the domestic manufacturing of FMCG and pharma products, electronics, and automobiles, all of which require proper coding and marking.
Encouraged by the growth of various industries in the country, printer companies are expanding their manufacturing output and product portfolio. For instance, Markem-Imaje Group (a Dover Corporation subsidiary) inaugurated a new office and factory in Bhiwadi, Rajasthan, in November 2020. The complex houses printer and printing ink production facilities, sampling centers, and laboratories.
Browse detailed report on India Coding and Marking Systems Market Growth and Demand Forecast to 2030
Similarly, Domino Printing Sciences plc, a key Indian coding and marking systems market player, introduced a UV-curable black ink for the food and beverage industry in April 2020. The UV97BK ink complies with the safety standards implemented on food packaging and works with inkjet printers, the most-popular of all coding and marking systems in the country currently. Other key companies in the industry are Danaher Corporation, Control Print Limited, RYNAN Technologies Pte Ltd., Hitachi Ltd., and Kishu Giken Kogyo Co. Ltd.
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Coding and Marking Systems Market – The global coding and marking systems market generated a revenue of $3,832.4 million in 2019 and is predicted to attain a valuation of $7,469.6 million by 2030. Furthermore, the market would advance at a CAGR of 6.4% between 2020 and 2030.
Coding and Marking Systems Market in U.S. – The biggest trend presently being witnessed in the U.S. coding and marking systems market is the rising popularity of digital printing solutions over the conventional techniques. This is mainly ascribed to the fact that digital printing solutions, including continuous inkjet, have the ability to provide printing of millions of characters by using only a liter of ink.
Coding and Marking Systems Market in Turkey – As per numerous reports, 20% of the contribution to the Turkish GDP is made by the food and beverage industry. Moreover, the government plans to significantly boost its food output by 2023, to take the industry’s contribution to the GDP to $150 billion. This would mean heavy investments in farming, food processing facilities, warehouses, and logistics networks. This translates into an enormous growth potential for the Turkish coding and marking systems market, as these systems are a necessity at food processing factories.
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Source :https://www.prnewswire.com/news-releases/india-coding-and-marking-systems-market-revenue-to-surpass-127-6-million-by-2030–says-ps-intelligence-301486278.html
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