Asia-Pacific and Europe to Contribute Around 70% to the Global Coding and Marking Market by 2023
Oct 4, 2017
The global Coding and Marking market is projected to reach $5,310.5 million by 2023, growing at a CAGR of 9.4% during the forecast period (2017 – 2023).
New York, United States - October 4, 2017 /MarketersMedia/ —
coding and marking market is expected to grow from $2,879.9 million in 2016 to $5,310.5 million by 2023. The rapidly growing food and beverages and healthcare industry especially in emerging economies of India, China, Brazil is generating significant demand for coding and marking. Different software and coders are designed to create a different mark for every product, which makes them easy to track during transportation. The technically-advanced products are likely to attract manufacturing and packaging companies thus fuel growth in the market. Modern inkjet and laser coders are designed to carry a large amount of information such as lot number, date code and sequential coding based on a unique serial number, which is recorded in a secure database. Wide range of styles and character sizes can be used and changed easily during the coding and marking process.
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coding and marking market has been segmented into end-use, technology, and region. In 2016, coding market for food and beverages accounted for the largest share in global coding and marking market. On the other hand, continuous inkjet printer segment is expected to dominate the global coding and marking market on the basis of technology. Additionally, the positive growth in cosmetics, chemical and food and beverage industries is driving the packaging market across the world, which is expected to support further growth in the coding and marking market worldwide. Developing countries such as India, Brazil and China are contributing largely towards the increase in demand for coding and marking machines worldwide due to stringent government-regulations for packaging and rapid urbanization.
Asia-Pacific and Europe were the major regions in the global coding and marking market in 2016. The regions are expected to dominate the global market during the forecast period. China, India, Japan and South Korea are witnessing significant increase in the use of liquid packaging in food and beverages industry, which is driving the growth of coding and marking market. Additionally, the growth in the pharmaceutical market in Asia-Pacific has spurred growth in the pharmaceutical packaging and coding and market. Growth in the disposable incomes of people in European countries, rise in demand for convenience food and increasing awareness of packaged food among consumers drive the growth of the European fresh food packaging market, which is supporting positive growth in the European coding and marking market.
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The rising demand from the food and beverage, pharmaceutical and cosmetic industries are one of the primary factors driving the market. These industries capture the major market due to high demand at the customers’ end. The change in the lifestyle is directly impacting the buying decisions of the customers. For the packaging industry, trends such as rising sales of packaged food, bottled water, fruit juice and milk drink have driven the global packaging and coding and marking market.
The coding and marking market is majorly dominated by tier 1 and tier 2 players having presence across the globe. Some of the major players involved include Danaher Corporation, ID Technology LLC, Inkjet, Inc., Hitachi Industrial Equipment Systems Co., Ltd., and Dover Corporation.
Partnership-collaboration and strategic new product launch have been the major recent developments in the global coding and marking market. For instance, Panasonic Electric Works U.K. agreed to jointly work with Overprint Packaging Ltd. for supplying and installing their range of Sunx Laser Marking Systems in April 2016. Further, in September 2016, ID Technology launched new ci5000 series range of CIJ printers. The model series includes the ci5200, ci5300, ci5500 and ci5650 models.
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