The "Global Coding & Marking Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering. The Global Coding & Marking Market was valued at USD 6.37 Bi...
Autore: Business Wire
DUBLIN: The "Global Coding & Marking Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Coding & Marking Market was valued at USD 6.37 Billion in 2023, and is expected to reach USD 10.45 Billion by 2029, rising at a CAGR of 8.60%.
The global coding and marking market is characterized by intense competition and fragmentation, with numerous players offering diverse products and solutions. Companies compete for market share by emphasizing product excellence, innovation, customer support, and pricing to set themselves apart. While some major players in the global coding and marking market, such as Danaher Corporation, Dover Corporation, Domino Printing Sciences, Hitachi Industrial Equipment Systems, and ID Technology, dominate the landscape, smaller competitors like Squid Ink Manufacturing, REA Elektronik, and Linx Printing Technologies also play significant roles.
These smaller firms often focus on specific market niches or specialized applications, leveraging unique features and capabilities to compete effectively. Furthermore, the adoption rate of coding and marking services among end-users worldwide has been impressive. As a result of increased demand, the industry has witnessed the entry of many vendors that provide coding and marking tools at lower prices. Competition among these companies has intensified, introducing many innovative and advanced solutions.
APAC dominated the global coding and marking market share, accounting for over 31% of the global market share in 2023. APAC is expected to witness significant growth in the coding & marking market due to the rising population and increasing demand for packaged products in countries like China and India. The growth of e-commerce and online retailing in the region is also expected to contribute to the demand for coding & marking systems. Also, the urbanization of developing countries in APAC is expected to bolster the demand for food and beverage products and healthcare provisions, thus driving the demand for coding and marking equipment during the forecast period. While Japan and China are the major markets for coding and marking equipment, countries like India are expected to witness high demand due to improved quality of life.
North America is a significant coding and marking market with various applications in different industries, such as F&B, pharmaceutical, and packaging. The North American market is highly developed and has many large multinational manufacturing companies operating in industries like F&B and pharmaceutical. PepsiCo, Nestle, and Quaker are large F&B companies in North America.
Pfizer and Novartis are examples of pharmaceutical companies operating in North America. These industries have coding and marking requirements to label their manufactured products. Furthermore, Latin America and the Middle East & Africa are also expected to witness substantial growth in the coding and marking market due to the increasing demand for product traceability and safety, particularly in the F&B industry.
MARKET TRENDS & OPPORTUNITIES
Growing Demand for Laser Coding
Laser coding is one of the recent developments in the global coding and marking market, and the technology has witnessed a sharp rise in demand, largely due to its properties and feasibility across various end-user industry applications. For instance, laser coding solutions are gaining popularity across the end-user industries, such as cosmetics, personal care, F&B, and automotive. A key reason for this growth in popularity is the ability of laser coding to remain permanent and of higher quality than its peer coding and marking solutions.
Over the last few years, global coding and marking vendors have introduced various laser marking solutions. This is also attributed to the fact that laser coding and marking is one of the best ways to adhere to regulatory standards while maintaining packaging demands. Since a packaged product must undergo a series of processes in a supply chain that tests its marking durability, it is relevant for the marking to remain substantially strong throughout the process. Laser marking has shown positive signs of staying permanent, mitigating the strong challenge of product counterfeiting. This laser marking property further increases its demand and popularity when selecting the printing/marking technique type.
Increased Demand for Processed & Packaged Food
As the demand for food products increases, there is a corresponding need for reliable and efficient coding & marking solutions to ensure that these products are labeled accurately and comply with regulatory requirements. The global increase in disposable income and the rising population have driven the consumption of packaged and processed foods. Consumers preferred packaged food due to virus concerns about open and raw food products. Urbanization in India, China, and other APAC countries is expected to be rapid. In developed countries, it is expected to show a steady increase.
Most spending on packaged goods comes from urban areas; hence, consumption is expected to witness significant growth in APAC. Also, the increase in different types of packaged food has led to a greater demand for easy-to-use packaging products with an easy-to-print surface to enable product differentiation in stores. This, in turn, has boosted the global coding and marking market growth. Furthermore, food safety and traceability regulations have become more stringent recently, particularly in developed countries. This has driven the need for accurate and reliable coding & marking on food packaging.
INDUSTRY RESTRAINTS
Operational Errors & High Cost
Errors due to human negligence or mistakes can often dent the profits of manufacturers and vendors. Humans are considered accountable for over 69% of product coding errors. This is a significant challenge across end-user industries that manufacturers consistently focus on. Large-scale manufacturing companies often have people working in shifts, increasing human-machine interaction. This tends to increase the scope of errors due to the time needed to master the printing machine process. Moreover, this denies companies time and resources they can use in other productive ways. The current manufacturing era demands manufacturers run the production process consistently without any hindrances.
Moreover, the need-to-meet on-demand production requires manufacturers to have sufficient resources, time, and money to run the production all year. Companies in end-user industries, especially F&B and automotive, desire to attain zero human error. Considering the strong shift of global manufacturing toward Industry 4.0, the scope for human error has to be minimized to gain a competitive edge over rivals. With the coding and marking market being highly competitive, vendors are expected to deliver innovative solutions to resolve issues related to human errors and their consequences.
KEY QUESTIONS ANSWERED
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 564 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $6.37 Billion |
| Forecasted Market Value (USD) by 2029 | $10.45 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Industry Overview
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
Key Company Profiles
Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/le7c5d
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Fonte: Business Wire