As per the research, the global 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.
As per the findings of research, the global 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.
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.
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.
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.
News Courtesy: P&S Market Research