India Coding and Marking Systems Market Growth Scenario and Market Perspective with Study of Top Players & Revenue to Significant Growth Forecasts By 2024

In 2018, the Indian coding and marking systems market attained a value of $45.8 million and is predicted to generate $77.0 million in 2024, registering a 9.0% CAGR during the forecast period (2019-2024). In terms of end user, the food & beverage industry accounted for the major share, more than 55.0%. of the market in 2018, as the strict regulatory rules in the country regarding traceability and safety have mandated proper labeling of nutrition facts, manufacturer details, manufacturing date, and ingredient list on the primary and secondary packages of food and beverage items.

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When technology is taken into consideration, the continuous inkjet category dominated the Indian coding and marking systems market in 2018, both in terms of value and volume. The reason for this is that continuous inkjet offers several benefits, including cost effectiveness, ability to run for long hours with requiring minimum servicing, and ability to print character on virtually any material. Because of these benefits, the utilization of these printers is increasing in the aerospace and food & beverages sectors. The category is further projected to grow at the fastest pace during the forecast period.

The expanding packaging and manufacturing industries is a major driving factor of the Indian coding and marking systems market. The Indian packaging industry is witnessing growth due to the rising utilization of advanced packaging and expanding flexible packaging market. This is because of the growing middle-class population and changing rural markets in the country. In addition to this, the expansion of the e-commerce domain is providing huge growth potential for retailing is also leading to the growth of the packaging industry, which is further driving the market.

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A key trend being witnessed in the Indian coding and marking systems market is the replacement of analog technologies with digital coding solutions. Traditionally, the coding and marking requirements were taken care of by analog technologies in the Indian manufacturing and processing sector. However, in the recent years, due to the rising complexity in coding ad marking requirements for product packaging and the availability of digital coding and marking systems, the situation has changed. For instance, continuous inkjet printers are being preferred over manual systems by the users for printing on bottles and packages.

The Indian coding and marking systems market is consolidated in nature, with a few players holding a major share of the market. Some of the major players operating in the market are Danaher Corporation, Domino Printing Sciences plc, Control Print Limited, and Dover Corporation.

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This release was published on openPR.