Coding and Marking Market Projected To Grow At A CAGR Of 5.84% During The Forecast Period 2020 To 2025

Stringent regulations and adoption of automation technology in industries is anticipated to boost the Coding & marking market during the forecast period 2020-2025. Coding and Marking Market size was valued at $6,099.57 million in 2019, and it is estimated to grow at a CAGR of 5.84% during 2020-2025. 

The Coding & marking market is growing at a significant rate owing to increase in adoption of laser coding and marking technology in food and beverage, packaging and other industries drive the market. Increase in innovations, modification in regulatory standards, and increased adoption of automation technologies in industries is set to drive the coding & marking market.

The COVID-19 pandemic in recent times has led to the shutdown of many industries across the world. Due to this, there has been decline in coding and marking market growth in 2020.  Many governments across the world have imposed stringent regulation to use authorized equipment. With the restart of industries, many industries including food and beverage, pharmaceutical and others have been adopting coding and marking machinery owing to stringent regulations and modifications in it. Coding and marking play crucial role in accurately identifying products. With growing serialization’s focus due to industry regulations, coding and marking have become even more important to ensure a correct code on every product. The market value for coding and marking was $6,099.57 million in 2019 in and it is also estimated that the market value reach to $8,124.98 million by 2025. Moreover, the demand for adoption of advanced based technologies and investments on automation technology in various industries set to propel the coding and marking market. 

Asia-Pacific (APAC) holds a major share of coding and marking due to the high adoption of coding and marking market in industrial and retail sector in countries such as China, India, South Korea and others. The presence of robust manufacturing industries including automotive, construction, chemicals, defense and aerospace is to boost the demand for sophisticated equipment in the global market thereby, rising the demand for coding and marking market. The government of this region has been taking active measures and have been formulating and implementing technologically advanced packaging methods for products under trade. This has enabled manufacturers to trace their products throughout the supply chain, and recall the product as and when required, track production and match replacement parts in this region. These are key factors in the growth of the Coding and Marking market. Furthermore, higher penetration of new technology in packaging is set to drive the market for coding and marking in the country in coming future. The market growth in the region is due to the rapid upsurge of the food and beverage industry, increasing demand for packaged products and implementation of several stringent rules portrayed by the government agencies in various countries of this region.

Governments across the world have been introducing new regulations pertaining to packaging and labelling. This is compelling many packaging companies to make significant investments in coding and marking equipment in order to comply with the regulations and avoid penalties. Several companies are integrating advanced technologies such as Data Matrix in order to identify and efficiently track products across industries such as food and beverage, healthcare, pharmaceutical and others. This is poised to drive the market growth. Many governments across the world are implementing stringent regulations with respect to packaging and labelling. In 2018, the Food Safety and Standards Authority of India (FSSAI) mandated the labelling of allergens and vegetarian and non-vegetarian logos for packaged foods in the form of a barcode or a Global Trade Identification Number (GTIN).  According to this regulation, it has been mandated that to display red color coding on front of the pack labels of packaged food products that have high fat, high sugar and high salt content levels. This has resulted in adoption of coding and marking equipment in industries which set to push the market growth.

Growing need for product traceability is set to drive the coding and marking market. Counterfeiting and proven authenticity of a product is especially prominent in the pharmaceutical industry. Coding and Marking assists pharmaceutical companies in authenticating their products.  Coding enables consumers, retailers, and others along the supply chain to determine if product owners can trace their goods throughout the supply chain using serialization codes and barcodes and this further boost the market growth.

In 2020, Domino Printing Sciences plc announced the launch of X630i, its first digital inkjet product offering for corrugated materials. Along with this automated inkjet printing solution, the company will also launch a new ink set based on the novel water-based ink technology. 

In October 2019, ATD Ltd had launched its new range of thermal inkjet printers, the IP2000 online printer and HC2000 handheld coder. Increase in research and development activities for the development of advanced products drive the market.

The major companies in the Coding & marking market include Danaher Corporation, Inkjet Inc, Diagraph Group, Matthews International Corporation, Dover Corporation, Overprint Packaging Ltd, Domino Printing Sciences Plc, ProMach Inc and others. In 2019, Markem-Imahe which is a subsidiary of Dover Corporation had launched expansion of Colos mark and read camera and software that assists manufacturers tailor code verification to best suit application needs. Development of printers with advanced technologies drive the coding and marking market.