Coding and Marking Systems Market in India To Witness CAGR of 9.8% during 2020–2030

The surging requirement for making products traceable is fueling the demand for coding and marking systems in India. Moreover, the growing public awareness about the importance of mentioning drug information on the package, soaring popularity of blister packaging, and mushrooming use of packaging for ensuring safety, especially in the pharmaceutical industry, according to government regulations, are propelling the demand for coding and marking systems in the country. For example, the Food Safety Standards Authority of India (FSSAI) issued a regulation called the Food Safety and Standards (Organic Foods) Regulations in 2017.

This regulation came into effect on July 1, 2018. As per this regulation, manufacturers must print the ‘Jaivik Bharat” logo on their products. As coding and marking systems are extensively used in the manufacturing and packaging industries in India, the expansion of these industries is pushing up their sales in the country. The packaging industry is booming because of the soaring usage of innovative packaging methods such as flexible packaging, primarily due to the increasing requirements of the middle-class populace in the country.

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Additionally, the growth of the e-commerce industry, on account of the rising internet penetration and increasing usage of smartphones, is also creating lucrative growth opportunities for the players operating in the Indian coding and marking systems market, thereby fueling the expansion of the market. As a result, the market revenue is predicted to rise from $49.8 million in 2019 to $136.5 million by 2030, while the market will exhibit a CAGR of 9.8% from 2020 to 2030.

Thermal transfer overprinting (TTO), thermal inkjet, drop on demand (DoD), continuous inkjet, print and apply labeling, and laser coding and marking are the most widely used types of coding and marking technologies in India. Out of these, the popularity of the inkjet technology was found to be the highest in the country in 2019. Continuous inkjet printers provide various benefits such as the ability to print characters on almost every material, run for several hours without requiring servicing, greater cost-effectiveness, and high-speed printing.

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Depending on end user, the Indian coding and marking systems market is classified into electrical and electronics, food and beverage, automotive and aerospace, healthcare, and chemical. Amongst these, the food and beverage category will demonstrate the fastest growth in the market in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the enactment of strict government regulations regarding product traceability and safety in the country. These regulations mandate the citing of information such as the manufacturing date of the product, ingredient list, nutritional facts, and other manufacturer details on the packaging.

Hence, it is safe to say that the sales of coding and marking systems will surge sharply in India in the forthcoming years, primarily because of the expansion of the packaging, manufacturing, and e-commerce industries in the country.

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About P&S Intelligence

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.

This release was published on openPR.