Vibrant economic changes in the APAC region are expected to drive the global coding and marking market.
Arizton’s recent research report on the global coding and marking market provides a detailed analysis of market segmentation by technology (primary package coding and secondary and tertiary package coding), end-user (food & beverages, healthcare, electrical & electronics, chemicals & construction, automotive & aerospace, and others), product mix (equipment, consumables, and spare parts & aftermarket), and geography (APAC, North America, Western Europe, Latin America, MEA, and Central & Eastern Europe).
The global coding and marking market is likely to reach over $7.5 billion by 2024, growing at a CAGR of around 7% during 2018−2024.
The globalization of supply chain processes has resulted in the loss of visibility, control, adulteration, misrepresentation, product counterfeiting and diversion challenges among others. The coding and marking process, in simple terms, involves the imprinting of information upon products and their packaging in order to enable efficient tracking and tracing throughout the supply/distribution chain and avoid products counterfeiting and adulteration.
The global coding and marking market is divided into four major segments - technology, end-use, product mix, and geography.
The food & beverages segment holds the largest share in the end-user segment
The food and beverage industry was the largest end-user segment in 2018, with a share of over 45%. The pre-packed snack industry is growing at a tremendous rate worldwide and is characterized by low margins and high volumes. TTO, TIJ, CIJ, and laser are the most widely used coding and marking technologies in the industry. Currently, the share of the grocery channel for all packaged products in the US holds above 40%. This further provides increased opportunities for food and beverage vendors. Factors such as product serialization, traceability, and identification hold key across the food and beverage sector. The availability of beverage products in plastic, glass, tetra pack, aluminum cans, and bottles tends to generate diverse opportunities for coding and marking vendors.
The laser coding and marking technology segment is expected to increase its market share significantly
The laser coding and marking market witnessed the second largest growth in 2018. The presence of code permanence and clear codes is the main reason for the high share of laser coding solutions. Also, these solutions are environment friendly as they are free from consumables such as ink, thereby decreasing maintenance. A laser printer uses a laser system to etch on the product surface. The surface is vaporized to achieve a permanent mark. Videojet Technologies, a coding, marking and labeling solutions provider, offers CO2 laser marking devices and Videojet 3430 laser marking devices. Coding and marking performed by laser technology lasts longer than other printing technology.
The APAC region witnessed the highest incremental growth in the coding and marking market in 2018
The global coding and marking market is witnessing growth due to high importance of providing product information, specifications of print, standards such as ISI in India, FDA in the US, and Directive 2011/62/EU of the European Union Traceability importance by printing information such as date of manufacture, expiry, shift numbers, batch numbers, counterfeit prevention, real-time data, and operational quality control information. APAC is expected to emerge as the largest potential market for coding and marking vendors due to rapid economic development, increase in disposable incomes, and rise in the number of middle-income families in this region.
According to the World Bank, the number of urban households in the APAC region is expected to rise by 68% from 2010 to 2030. The urbanization of developing countries in APAC is expected to bolster demand for food and beverage products and healthcare provisions thereby, driving the demand for coding and marking equipment during the forecast period.
Danaher, Dover, Brother Industries, and Hitachi Industrial Equipment Systems, and ITW are identified as the prominent vendors in the global coding and marking market.
The complete overview of the latest market research report on the global coding and marking market is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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