Expansion of Food & Beverages Industry Driving Coding and Marking Systems Market
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Apart from the above-mentioned factors, the surging requirement for coding and marking systems in the automotive industry is also contributing toward their booming sales across the globe. These systems are extensively used in the automobile sector for coding anti-counterfeit labels or part numbers on vehicle components for preventing the sales of counterfeit parts. Additionally, as per the Automotive Aftermarket Suppliers Association (AASA), the global automotive industry records losses amounting to nearly $12.0 billion every year, because of counterfeit products.
Thus, in order to tackle the rising threat of counterfeiting, automotive manufacturers are increasingly using scannable invisible anti-counterfeiting printing inks and barcodes, thereby fueling the demand for coding and marking systems. Due to these factors, the global coding and marking systems market is growing explosively. The market revenue is predicted to rise from $3,832.4 million in 2019 to $7,469.6 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 6.4% between 2020 and 2030.
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Globally, the coding and marking systems market will demonstrate the highest growth rate in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This will be due to the implementation of stringent government regulations, surging export of packaged food products, and the rising prevalence of piracy and counterfeiting in almost every industry. For example, the China Food and Drug Administration (CFDA) enacted labeling regulations for pre-packaged foods in 2011.
Hence, it can be said without any hesitation that the sales of coding and marking systems will soar in the coming years, primarily because of their growing usage in the pharmaceutical, food & beverage, and cosmetic industries around the world.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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