NEW YORK, Feb. 21, 2022 /PRNewswire/ -- The Indian coding and marking systems market value is set to increase to $127.6 million by 2030 from an estimated $42.7 million in 2021, at a CAGR of over 12% during 2021–2030, says P&S Intelligence. The key reason behind it would be the rapid growth of the food and beverage industry, where these machines are a government mandate. Therefore, the rising demand for packaged food and beverages, as a result of India's growing economy, is pushing up the demand for coding and marking systems.
This demand was further highlighted during the COVID-19 pandemic, which drove the sale of packaged and pre-cooked food. With people forced indoors, the footfall at grocery shops decreased, and online orders for food and beverage items rose, thereby propelling the requirement for high-quality packaging. The government mandates the proper labeling of all such products with the ingredient list, manufacturing and expiry dates, nutrient information, and manufacturer details.
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Key Findings of India Coding and Marking Systems Market Report
- The actual coding and marking systems witness higher sales compared to the software because of their wide usage in a range of industries, including FMCG, pharmaceuticals, chemicals, automotive, and electrical & electronics.
- Most Indian coding and marking systems market end users prefer printers based on the continuous inkjet technology, as it enables high-speed printing, can work on virtually any material for long hours, has minimum servicing requirements, and is cost-effective.
- FMCG companies are the largest users of coding and marking systems and software because of the stringent government mandates on them to provide explicit product details on the packaging.
- Users are now shifting to digital technologies from analog ones because digital printing solutions enable high-volume printing at high speeds.
- The manufacturing sector is a lucrative opportunity area for Indian coding and marking systems market players as the production machinery and its individual components are now being extensively coded for tracking and tracing purposes.
- Moreover, the Indian government is taking numerous initiatives to boost the domestic manufacturing of FMCG and pharma products, electronics, and automobiles, all of which require proper coding and marking.
Encouraged by the growth of various industries in the country, printer companies are expanding their manufacturing output and product portfolio. For instance, Markem-Imaje Group (a Dover Corporation subsidiary) inaugurated a new office and factory in Bhiwadi, Rajasthan, in November 2020. The complex houses printer and printing ink production facilities, sampling centers, and laboratories.
Browse detailed report on India Coding and Marking Systems Market Growth and Demand Forecast to 2030
Similarly, Domino Printing Sciences plc, a key Indian coding and marking systems market player, introduced a UV-curable black ink for the food and beverage industry in April 2020. The UV97BK ink complies with the safety standards implemented on food packaging and works with inkjet printers, the most-popular of all coding and marking systems in the country currently. Other key companies in the industry are Danaher Corporation, Control Print Limited, RYNAN Technologies Pte Ltd., Hitachi Ltd., and Kishu Giken Kogyo Co. Ltd.
India Coding and Marking Systems Market Segmentation Analysis
Based on Offering
- Software Solution
Based on Systems
- Continuous inkjet
- Thermal Transfer Overprinting (TTO)
- Thermal inkjet
- Drop on Demand (DoD)
- Print and apply labeling
- Laser coding and marking
Based on End User
- Engine parts
- Transmission and steering parts
- Suspension and braking parts
- Electrical parts
- Fast-Moving Consumer Goods
- Personal care products
- White goods
- House care products
- Electrical and Electronics
- Chemicals and agrochemicals
- Small pouches/packaging chemicals
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SOURCE P&S Intelligence